Online Gambling License in the Offshore Zone: Top 5 Jurisdictions for the Gambling Business Registration
A lot of means of entertainment have appeared thanks to the technological development, and this led to the emergence of additional business lines. Online casinos, betting shops, sweepstakes, online lotteries and much more – all these online games are rapidly gaining popularity. However, like any other type of activity, the gambling business can’t function without strong legal defense and reasonable terms of taxation.
In consideration of current prohibitions and retaliatory measures, an online casino license obtained in offshore zones is becoming an ideal solution. Any jurisdiction imposes rigid requirements to licensees and keeps a tight rein in relation to its activities so that online casinos with a gambling license always enjoy players’ confidence.
The most popular offshore zones, which issue a casino gaming license, are Costa Rica, Malta, Gibraltar, Curacao, and Belize. The gambling business registration in European countries is very expensive – for a beginning entrepreneur the claimed amount of contribution is really sky-high. Therefore, today many people prefer to buy casino license in the offshore zone.
In addition to the lifting cost, authorities that deal with casino licensing impose more loyal requirements, profitable taxation system and comfortable business environment. Moreover, the online gambling license issued by offshore regulators grants exactly the same rights as any other.
Perhaps in some regions (American and European markets) operators may face the lack of trust from players, but it is not necessary to repeatedly overpay for a European license because the level of such distrust is not so critical.
Curacao received autonomy only in 2010. However, this jurisdiction creates the most favorable business climate, thereby attracting financing from all over the world. This casino offshore is ideal for online gambling establishments, as its licensees can operate in the US and the Netherlands without any issues.
The casino licensing authority excels with its individual approach to each client who has made an enquiry for the document execution. Companies can be registered in any country. The online gambling license is issued to all residents, provided that they correspond strictly to all requirements.
We should mention that if you have no problems with the gambling company registration, you may still face difficulties during the connection of payment systems. The point is that payment systems prefer to work only with companies that were domiciled (registered) in Curacao.
However, operators do not need to do something supernatural, especially in comparison with other casino licensing authorities. Generally, it is quite simple to obtain an online casino license. Licensees also receive high-quality technical support, which helps to bring a project to the international market.
The total amount of taxes is 8% of the net profit, and the VAT is 6%. Another 2% is a general tax for companies operating in Curacao e-Zone, the main rule of which is a prohibition on working with residents of Curacao.
A favorable tax policy has made Belize one of the most popular offshore zones. Today, primary source of revenue of the country are the travel industry and offshore activity. A new law that was aimed at controlling the casino business was passed in 2004.
This law has prohibited licensees of the jurisdiction from working with residents of the country. However, such bans have long ago introduced almost by every modern online casino offshore. But for the gambling business this casino gaming license is still the best option, since it requires only one tax – an annual fee for a permit.
If you want to buy casino license in Belize, you will have to pay $18 000, and the further renewal will cost $10 000 annually.
The online gambling license is issued after compliance with the following requirements:
- an operator should be the owner of an IBE and register it within the country;
- a company’s founder is required to receive the citizenship of Belize;
- a licensee needs to furnish proofs of the tax clearance by presenting documents with all data on income and expenses for three years;
- along with copies of passports, founders are required to grant their fingerprints;
- another important condition is to open a provident fund and a reserve deposit in case someone wins jackpot in a casino (if there is no more money on these accounts, licensees need to report it to the committee).
While meeting all the requirements, the online casino license is issued during business hours.
Gibraltar is a part of Great Britain, but it does not comply with its legislation. This country has managed to become a real center of online gambling, and has created in its small territory 25 companies that deal with online casinos and other gambling activity.
This may not seem such a significant achievement, but it will be recalled that there are only about 30,000 people in the country, and 2,000 of its residents are involved in the regulation of the gambling business. Some operators call Gibraltar an ideal place for the gambling business registration.
A gambling license can only be issued to a legal entity with a good reputation, which already has registered in an authoritative jurisdiction, and has a solid financial position. In extreme cases, it is possible to dispense with serious recommendations from influential experts, but it does not work on all occasions.
Also, the licensing committee requires a detailed business plan. The only tax is 1% of the net profit. This is the smallest tax rate established in offshore zones. Major gambling companies are happy to register their business in Gibraltar also because the maximum tax is £ 425,000.
As for the cost of the online gambling license, even alongside of Costa Rica and Curacao it seems small. Depending on the type of activity, the permit for five years costs $ 30-70,000. The future renewal will cost only $ 2,800 per year.
Costa Rica is one of the most in-demand zones for the gambling company registration. A fundamental term that is set by the licensing authority is the necessity to block all IP addresses of the country so that local residents can’t access the gaming site. After that, a license for data processing is issued. To avoid unnecessary problems it is better to install the casino server in the territory of Costa Rica.
Another mandatory condition is the physical presence of your company in the country's territory. In order to do it, you can hire a trusted man who will represent your interests, or establish an office. Fortunately, today there are many companies offering this service, so there should be no difficulties.
The process of casino licensing is carried out in two stages: the gambling company registration in the offshore zone and the issuance of a license, the cost of which is $ 12,000 per year.
Costa Rica has not yet developed the legislation that will regulate all the above-mentioned procedures. It makes the jurisdiction even more profitable and attractive, although for some gamblers this fact can cause distrust. Nevertheless, the casino with the Costa Rican casino gaming license can work without problems in all parts of the world.
Online casinos with licenses issued in Malta will always stand out against the background of other gambling establishments. The EU membership makes the country politically and financially stable, which has a very positive influence on the prestige of all companies registered in this jurisdiction.
The described offshore zone allows businessmen to create a legal entity with a European status, and at the same time to work with the attractive taxation system. Moreover, Maltese banks are loyal to local business and in no way restrict the financial accounts of their residents. Also, founders of gambling companies have the right to obtain a resident permit.
The tax amount for the gambling business is in no way different from the tax liability of any trading company. There is only one tax – 5-6% of the net profit. If you have a legal entity account in the Maltese bank, you will be able to connect a merchant account, which allows you to work with bank cards of clients without obstruction.
Of course, casino licensing in Malta will be much more expensive than in other Caribbean countries. But for owners of companies that are registered in Malta it will be much easier to set up an account and avoid all problems with the organization of a financial matter.
It is quite difficult to choose a good offshore bank with financial limitations. If you have a major project, perhaps it will make sense to attend various conferences and build strong business relationships with providers. It does not matter how rapid the technological development is, there is still a human factor. With the help of good fellowship it is really possible to change generally accepted rules and regulations for companies and to make them useful for your business.
We can talk about how to get a casino license for a really long time. But if you are planning a serious project, and there is an urgent need to do obtain permit, we offer you to contact Online Casino Market. Specialists of this company will assist you in dealing with all formalities quickly, and also to understand how to obtain casino license and prepare your gambling establishment so that you can purchase a license without the pink string.