How to Get Gambling Permission: Jurisdiction Features
One can grow a gambling business and obtain a steady income only in case of working within the legal framework. Besides, a license increases the venue’s credibility among players. Where to get permission for gambling businesses? What are the types of such documents?
What is required to establish
a casino? Legal provisions
Licenses are considered to be the only opportunity to start your own activity in a lawful manner and avoid blocking and user distrust. To establish a casino, you should perform the following actions:
- develop a gambling website;
- choose a provider and acquire software;
- buy and integrate games;
- add payment systems;
- arrange marketing promotion.
License acquisition is the most important and challenging process. Casino operations can be blocked without the document, and the permission by reliable jurisdictions attracts more customers.
Offshore states issuing similar licenses aim to provide appropriate gambling conditions. In particular, to reduce tax rates and the total cost of the document (in comparison with the EU). Popular regions include Gibraltar, Malta, and Curacao.
Why is it profitable to buy
offshore casino permissions?
Offshore states frequently receive main income from gambling license sales. Therefore, making alluring conditions is favorable to them. What do companies get when purchasing such documents? What are the advantages?
- An international status.
- The EU tax identification number and permission for operating in the EU countries.
- The reputation of a reliable operator among partners and clients.
To buy a proper license allowing online gambling, you should thoroughly examine all the offshore terms and price policy: tax rates, document requirements, and special features of the local law. It will help you to calculate preparation time and plan the company’s budget.
Requirements for offshore
Almost all offshore states demand a resident status from at least one of the co-founders. Packages of documents required to process a gambling license are pretty large and can differ in small nuances depending on the state.
Here is a basic list of necessary papers:
- copies of founders’ passports;
- company details;
- a bank account;
- confirmation of the real office;
- gambling software information;
- a security system and active payments.
It is better to explore sets of requirements along with professional lawyers who can promptly prepare the essential package of papers and whip them into shape. Take into account that after gaining the offshore license, the gambling website will have to comply with the local laws.
The best jurisdictions
for gambling businesses
There are several offshore zones whose licenses are beneficial and prestigious. Let’s focus on some of them given the requirements and tax rates.
Curacao. An autonomy with loyal conditions for gambling businesses. The region has a status of EU member, but with reduced tax rates. It is one of the top offshores granting licenses for operations even in the USA. Documents are available to all companies fulfilling the stipulated conditions regardless of the country of business registration.
The requirements are not tough. The document is provided in 2-4 weeks in case of correct execution and payment of all fees. It is a fast and relatively cheap procedure: the license can cost on the average $34,000; the tax rate is 8%.
Belize. The cheapest gambling license: $18,000. It is prolonged only once per year. What should be mentioned first off is that its license does not permit gambling business operations in the country, which is a common practice for offshores.
The requirements to operators are reasonable: operators should register an international company in Belize, provide a bank statement, and open a casino reserve fund. Note: one of the founders should be a resident.
Gibraltar. A complicated offshore in terms of licensing conditions, but this region is considered to be a high-status reliable jurisdiction. Gibraltar belongs to the UK territories and has its own legal regulations. Save for casinos and online resources, it also issues licenses for betting shops and gaming software developers.
The requirements to operators include experience in the market and one of the authoritative licenses. Other critical aspects are the amount of money on the company’s account and the availability of at least an approximate business plan. These requirements are not easy, but the high ranking of Gibraltar licenses is worth doing. Moreover, it can boast the lowest profit tax: only 1%. The license is inexpensive as well: between $30,000 and $70,000 for five years.
permission in Ukraine
According to the new law on gambling business legalization in Ukraine, casino and online gambling resource activities will be permitted. The following businesses are subject to licensing:
- betting shops;
- online betting shops;
- slot machine halls;
- poker clubs and online poker.
Gambling operations will be controlled by the special committee on the development and regulation of gambling, consisting of seven people. This authorized body will be also responsible for annual licenses. The licensing price depends on each type of gambling and different regions. Land-based casinos in Kyiv will have to pay 9000 minimum national living wages per year and betting shops – 6000.
You will be able to discover more about the specific nature of the Ukrainian gambling market after legalization at Ukrainian Gaming Week 2020, a specified event to be held in Kyiv on April 15-16.