Gibraltar gambling license
A license for a gambling business in Gibraltar is a mandatory requirement for those who wish to open a gambling business in the country, despite the fact that this offshore is ranked in the UK. Gibraltar has built a solid reputation in the gambling licensing industry and has been popular with gambling authorities worldwide since the 90s.
A large number of gambling operators operate on the island, which is the main economic sector of the region.
Advantages of the legal framework
Based on the requirements of the main Law (Gambling Act 2005), it is necessary to have a Gibraltar license.
The authorities strictly monitor the impeccable reputation of their state and clearly monitor that license holders provide their services in strict accordance with the issued license and legislation. Among the main advantages of jurisdiction are the following:
- stability of the economic and political sector;
- 1% tax on gambling turnover;
- reputation of the country;
- vast experience in the gambling business;
- Gibraltar is included in the “white list” of countries;
- no mandatory down payment;
- no VAT;
- a member of the European Union with all rights;
- is not subject to the jurisdiction of the UK regarding the taxation system;
- available to open merchant accounts.
It is not easy to get a license in Gibraltar. The issuing authority will examine applications from only verified companies with a proven, stable cash base that will provide a realistic business plan.
What types of licenses exist in the state
- bookmaker intermediary;
- for holding lotteries;
- on gaming machines;
- gambling business for the operator;
- at online casinos;
- bookmaker license Gibraltar.
Prerequisites for opening a license
- The operator is obliged to provide a diagram showing information about the activities of the company, owners and main counterparties, a business plan. Evidence of the opening of other licenses, to roll over the financial component and experience in the company’s gambling activities.
- The company must have sufficient funding to be able to settle all liabilities to customers and the solvency of payments on current transactions.
- The operator is solely responsible for the veracity of the information and advertising provided, and must also provide a guarantee.
- An audit is mandatory every year.
- The operator’s obligations include obtaining complete information about clients: full name, date of birth, address of residence.
- Payment of income tax at a rate of 1% (not less than 85 thousand GBR, but not exceeding 425 thousand GBR).
Among other things, the operator performs testing and certification of all gambling games that will be offered. The procedure takes place in accordance with all the norms and requirements of Gibraltar. Eternity Law International specialists will fully advise how to obtain a license. In our company, you can issue all the necessary documents remotely.