Curaçao gaming license
The state is regarded as one of the most attractive locations for the industry thanks to its affordability, moderate taxation rate, and achievable regulatory requirements. The key source of income and overall GDP is tourism, thanks to the warm climate and favorable geographical position. Other typical commercial activities are international logistics, trade, and oil refining. Gaming, although not so obvious, still plays a significant role. This state of modest size occupies a high rating. More internet sweepstakes and other entertainment operators choose the island as a home for their business. The history of official games of fortune here is the longest in the world.
The industry began to develop actively 30 years ago. The government decided to take control of the sector and issued the Ordinance on Offshore Games of Hazard decree. In 1996, the first Curacao gambling license was distributed. The procedure of obtaining permits was simple, and low taxes and the development of modern infrastructure of the island gave additional attractiveness. After a short time, it has become a well-known offshore center and the most sought-after place for virtual casinos.
Despite the apparent simplicity, state authorities seriously control the area. The control board ensures that casinos are not involved in money lavation, terrorist funding, and other law-breaking. Also, the sphere is under the close attention of financial intelligence and the treasury department.
Advantages of the Curaçao licensing
All service providers must operate by law. However, this is not possible in all jurisdictions. On this island, it is not only legal but relatively affordable. After registering, one doesn’t have to worry about blocks of the site. Also, the Curacao gaming license is not divided by classes of actions; it is a universal document allowing you to conduct any activity.
Being a part of The Netherlands, it is acknowledged in Europe and considered quite respectable. This means access to wide markets and clients from all over the globe. Many choose the country because of the simple signup procedure. Also, the application process takes place quickly, and the regulator does not impose special requirements on the company’s financial transactions. A small income tax is another nice bonus.
Requirements to acquire a Curaçao gaming patent
To work in web betting, one needs to meet certain parameters. The essential condition is that a legal entity must be incorporated on the island by the law. A standard package of documents applies. You need to come up with an original name and submit a passport of the proprietor and managers. If wanted, a nominal representative may perform the director’s functions. The nominee’s name will be published in the state registry to maintain the owner’s anonymity. You also need a sub-national representative and secretary of the institution, legal address, and office (substance requirements).
The company must provide a registered domain, a complete list and description of games, and rules for using the site (terms and conditions, customer policies). The rules for using the site must be clear to all users. Before placing a bet, the user must be aware of the dangers of games. Underage persons must not be allowed to participate in any cash games.
Servers can be anywhere, but you must place at least one server with backup copies of user and transaction data on the island with an authorized provider. Thus, the government controls all holders of the Curacao license. Company owners are responsible for screening their customers. The organization must implement anti-money laundering and crime-financing operations. The online gaming system must undergo an annual audit. All software must pass RNG certificate compliance.
The permit is issued for one year and is subject to renewal upon payment of an annual fee. Some individuals will lose a permit if they are on the sanctions list or residents of the United States or the Netherlands Archipelago under eighteen.
The cost of a license in Curaçao
The total price consists of the following integral elements: incorporation of an in-country organization, nominee director services, and corporate and merchant accounts in a European bank. It’s worth noting that the renewal of the company and Curacao license gambling is paid annually. Please contact us for a detailed calculation. Starting your internet enterprise in this country will be cheaper than in other popular jurisdictions.
Types of gaming patents in Curaçao
There are two types of permits: the main license and the sublicense. The first is valid for 5 years; the other has no validity period. There are some differences between the two, although the fundamental rights of game operators are the same.
The master permit allows you to operate electronic games and sell authorization certificates to third parties. In this case, all the conditions for the main document will be transferred to the subcontractor. The Department of Justice issues master permits. How difficult it is to get them is clear from their number; only four firms have had them since the project launch. Moreover, the Curacao gaming license cost is higher than the sublicense.
Therefore, market players often receive the second type. It grants all the same rights to web betting activities, but simultaneously, delegating authority and generating sub-permits is impossible.
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Why is the Curaçao registration ideal for startups?
Most novice entrepreneurs who start developing their internet lotteries business consider classic locations such as UK or Malta. These countries enjoy an excellent reputation in the industry but simultaneously have a high price and a tough certification process. We recommend considering this jurisdiction for startups to test new platforms and minimize risks. The first reason is a truly high-quality service at low expenditures. Curacao gambling license cost is three times cheaper than in the UK. The most important thing for a startup is profitability. This will be tough to accomplish with the high value of permits.
The national regulator’s requirements are feasible. All papers are easy to prepare and incorporate an LLC; you do not need to visit the country in person. You can settle all administrative issues with the help of a localized representative.
This is a good opportunity for a test run. After the first year of operation, you can revise the business plan and transfer the business to another jurisdiction if necessary. If you want to start quickly, this is another plus in favor of Curaçao. Applications are processed here much faster than anywhere else.
In addition, a single certificate provides you with a choice in the types of business activities. You can open an online or offline playing house, install slot machines or create a virtual playing room. If you want to add extra services later, you do not have to get additional permissions. Therefore, you can expand your portfolio indefinitely.
The taxing regime is pleasantly good. The VAT rate is zero, and the income assessment is only 2%. Import duties and sales are nontaxable and no restrictions on dividend withdrawals. Therefore, this is the best option for a novice startup.
Procedure for obtaining a betting registration
Before starting activities, you must fulfill several licensing requirements like the following:
- register a topical legal entity;
- draw up commercial, financial, and marketing plans;
- provide reports with accounting data and audit information;
- render a clear description of all games;
- implement AML procedures for each player;
- pass RNG software certification.
A prerequisite is that one of the directors must be a resident of this country. If you do not meet this requirement, the state authority may withdraw the application for the gambling license in Curacao.
Also, all investors and individuals involved in the management must be in good standing. They must provide certificates of no criminal prosecution, proof of a clean credit history of the holder and employees, and pass an identity check. The regulator may request bank statements to understand whether an organization has sufficient resources to conduct a full-fledged business.
Required documents
The list of papers includes the standard set needed for incorporating a foreign establishment:
- Data about the owner (short professional biography), their passport, and proof of address. If several founders are involved in the management (limited liability partnership), everyone must provide the appropriate package of papers.
- All responsible people must confirm that they do not have a criminal record and provide certificates of good conduct from their country of residence.
- The organization must purchase (not rent) an internet domain hosting an internet gaming house.
- It is also necessary to provide a list of software for all games, including a description of the mechanism for paying out winnings.
- Prepare the website’s terms of use, customer policies, and client validation AML protocols.
You must apostille and translate all written communications into English.
Obtaining a Curacao online gaming license must be carried out within the framework of the law. Among other things, the following key conditions must be met. The first step is to register a company with a domestic legal address. As already mentioned, the firm must have a minimum of one resident director and hire a local agent. To incorporate, you need at least one founder; there are no requirements for authorized capital. Next, it is important to collect the full package of required papers and pay enrollment fees. Application review can take up to 6 weeks. Before the approved authorization is issued, the Technical Compliance Team of the main permit holder will check the domain name and the hosting platform.
Reviews
Thanks to Fintech Harbor lawyers, I got a registration for online parimutuel betting even faster than I thought. We collected all copies within two weeks. We had a few follow-up video calls, and then the guys just took care of all the paperwork to let me focus on the commerce. It was very efficient and professional.
Highly recommend this firm in the field of fintech law and e-games. It is hard to find professionals that have both deep knowledge and a modern approach. Our group organizes sports wagering, and lately, we’ve decided to launch virtual fruit machines. We’ve been working with Fintech Harbor for some time, so we have no doubt entrusted them with the legal support of a new business direction.
FAQ
How much is the Curaçao gaming business tax?
The profits of enterprises in this country are subject to assessment at a rate of 22%. Nevertheless, casino hubs established in special economic zones have special preferences. The preferential rate for those who receive an online gambling license Curacao before 2026 is only 2% of the profit. There are also no restrictions on receiving dividends, and no additional levies.
The taxification rate applies to net income (not turnover) plus the yearly renewal. Compared to other jurisdictions, this is one of the most financially beneficial. It is worth remembering the additional costs of establishing a legal entity in this country, the services of a local representative or attorney representing the firm’s interests before state authorities, domiciliation, and paying administrative charges. Fees may vary depending on the requirements, but in any case, they stay the lowest. In addition, all owners must use a national internet service provider for file and database backups to ensure regulatory oversight.
The taxification rate applies to net income (not turnover) plus the yearly renewal. Compared to other jurisdictions, this is one of the most financially beneficial. It is worth remembering the additional costs of establishing a legal entity in this country, the services of a local representative or attorney representing the firm’s interests before state authorities, domiciliation, and paying administrative charges. Fees may vary depending on the requirements, but in any case, they stay the lowest. In addition, all owners must use a national internet service provider for file and database backups to ensure regulatory oversight.
What does a gaming license do?
In addition to traditional payment instruments, one can perform cryptocurrency exchange transactions. If you have an official work permit, your online gaming establishment becomes more attractive to developers and suppliers of software and payment schemes because many of them refuse to collaborate with uncertified agencies.
What are the advantages of the permit?
The main feature of Curaçao over similar permits in other jurisdictions is its versatility. There is no division depending on the kind of game. It can be absolutely anything, sports betting, slots, lottery, casino, bingo, web poker, and many other e-game activities. For example, in Malta, you need a separate permit for each type of activity.
Moreover, the country has a relatively simple application procedure and a minimum list of documents from the regulator. But the gaming Curacao license allows you to work in all territories where it is not directly forbidden by law, except for the United States of America, France, Holland, Great Britain, Australia, and Curaçao itself. Today, more than 70% of all virtual gambling dens operate under this credential.
Moreover, the country has a relatively simple application procedure and a minimum list of documents from the regulator. But the gaming Curacao license allows you to work in all territories where it is not directly forbidden by law, except for the United States of America, France, Holland, Great Britain, Australia, and Curaçao itself. Today, more than 70% of all virtual gambling dens operate under this credential.
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