For investors interesting in branching out into virtual poker and casinos, low-tax zones are one of the most obvious choices. The gambling license in Curacao is a turn-key option for all service providers` needs thanks to its cost-effectiveness and shortest proceeding terms. Whilst the red tape of the authorization process may seem complicated, this article will provide you with a general overview of the authorization.
Online staking and betting & law: an outlook
A Caribbean Island, Curacao is can be found in the list of the oldest gaming hubs worldwide with 450 service providers authorized. Here, this domain has become legitimate in 1993, after what the global market immediately defined the island as a highly attractive area to run a business. Given its attractive business environment and reasonable taxation rates, Curacao has not only positioned itself as a preferred offshore area but one of the world’s most regarded places for licensing casinos. In 2019, the regulator for the land-based eGaming sector expanded its powers to operate as the AMLCFT regulator for the entire e-Gambling industry.
As in the country, there is no division of betting and staking into classes, accessible is a single type of license. The term of licenses has no clear timeframe; they remain valid as long as their supervisor has legal force. Generally, since 1996, a right to issue licenses was granted to 4 institutions that, in their turn, authorize all other market participants. To solve any disputes between firms and clients, each license issuer has its guidelines, which a licensee should comply with.
Obligations for getting licensed
While the authorization here is not as daunting as in many states, it doesn’t make it hassle-free. The regulator has introduced a set of rules that have to be followed, and even the smallest fault could turn into a huge time-wasting red tape. To get a permission, it is necessary to:
- Register a firm in Curacao;
- Prepare all needed papers;
- Send an appeal and pay the fee;
- Wait 50-70 days for the final decision.
To check the eligibility of businesses, officials ask for the submission of a variety of papers. Subject to the license issuer, the packet of credentials will cover:
- Utility Bill;
- Government-issued identification document;
- Curriculum Vitae;
- Certificate of Conduct;
- Letter of recommendation;
- Operational policies.
Before providing their applications, applicants should review all of the documents and ensure everything is correct. It is important to keep in mind that even a tiny mistake in the complicated paperwork could end up in a failure.
The price of a gambling license in Curacao
Affordability is what makes this authorization in-demand. There are no established amounts necessary to be paid as each institution sets its terms, but they are not high if compared with onshore costing. Usually, it is available at 15,000-25,000 EUR.
Another thing why this country is an interesting center for casinos is its low taxing rates. While other states set up a bunch of mandatory taxes and fees, here market players enjoy a taxing rate of 2% on net capital profits with the application and renewal fees. The best thing is that these low tax rates are still within global rules meaning you are not breaching the applicable law.
A gambling license Curacao is a solid option for startups and a seal of approval for their legitimacy. To learn more about this authorization, please contact Eternity Law International for expert advice tailored to your circumstances.
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