Isle of Man Gambling License

The country’s legislation establishes requirements for the need to obtain a license for the right to conduct gambling business, both standard establishments and online casinos, therefore, obtaining a gambling license on the Isle of Man is a necessary procedure for carrying out gambling activities.

Without a document of the established form, it will not be possible to work in a legal and legally protected field, at any time the casino may be subject to closure with the imposition of penalties. Currently, there are companies that provide license acquisition services.

Eternity Law International is a full range of services for documenting a license, with preliminary free consultation on issues of interest in jurisdiction.

License: Obtained rights
When registering a license, the company is guaranteed to receive:

  • legal, recognized status;
  • reputation and trusting relationships of partners, players;
  • can guarantee the safety of customers;
  • the possibility of expanding services through the conclusion of agreements in the field of gambling is provided;
  • conducting transactions legally.

 

Business legalization provides transparency of financial transactions, the ability to enter into contractual relations with bookmakers, lottery establishments, etc.

Formalization: start

Obtaining a license is a rather painstaking task that requires increased attention. You must first familiarize yourself with the conditions of different countries, since many jurisdictions are quite loyal to jurisdictions with offshore licenses. Initially, you need to obtain the following information:

  • contingent of players;
  • full license cost;
  • the amount of tax payments;
  • constant and one-time payments;
  • restrictions.

Supervision Commission

The Commission for Supervision of the Legalization of the Gambling Business was established back in the 60s. She was mainly engaged in the control of the work of establishments, rates, gambling. Ensured the safety of the players, timely payments.

In 2001, a law was officially passed on the need to license online casinos.

At the moment, on the Isle of Man, the regulation on gaming through the Internet system is being observed, controlled by a special commission.

Functions of the supervisory commission:

  • granting a license upon application;
  • compliance with the requirements of the law;
  • regulation of the relationship between the consumer and the owner of the casino: consideration of complaints, statements.

Possibilities provided by the license

As mentioned above, the Isle of Man has a regulatory authority (GSC) that grants a license and accordingly legalizes:

  • standard gambling establishments, halls, attractions;
  • online casinos, lotteries, virtual games, sports and other tournaments;
  • work of betting organizations (bookmakers, sweepstakes);
  • exchange and financial rates.

Is it worth getting a gambling license on the Isle of Man?

Today the island is governed by United Kingdom legislation. Economically and politically stable country, providing loyal conditions for the formation of a casino, quick obtaining of the appropriate license.

The possibility of starting and phased development is provided, namely the registration of a general or sub-license. The sublicense provides an opportunity to work under the logo of recognizable, stable casinos.

As you can see, it is profitable to register and work in the gambling industry on the Isle of Man, since the UK is focused on loyal relationships that contribute to the development of casinos, incl. online, where a small package of documents is enough to launch the network.

Requirements for issuing a license

The supervisory authority GSC puts forward certain requirements for registration of a license:

  • registration to be carried out exclusively on the Isle of Man;
  • have a founding body that appoints two directors;
  • managers must be residents;
  • obligatory opening of bank accounts on the island.

Great Britain expects the owner of the enterprise to actually conduct business on the territory of the Isle of Man. The supervisory authority pays special attention to this factor, periodically conducting checks for the provision of reliable data.

When filling out an application during the consideration period, the applicant pays the stipulated state fee. More about taxation:

  • Income tax is – 1.5%, provided that the gross income is not more than twenty thousand pounds sterling per year;
  • turnover tax – 0.5% if the annual income is up to forty thousand pounds per year;
  • income tax over forty thousand pounds sterling per year – 0.1%;
  • for bookmakers and sweepstakes – 15% of the profits.

A package of documents for registration

Certain requirements are imposed for registration of licenses. In particular, on the Isle of Man, you must provide:

  • copies of identity documents (passport) of the constituent structure of shareholders;
  • a copy of the Charter of the enterprise, taking into account the decision of the constituent assembly on assigning the status, name to the company
  • bank receipts and other documents confirming the opening of an account, certified by a notary;
  • business plan with graphs of income, investments, ways of development;
  • provision of receipts for payment of state fees.

More information about the commission’s requirements can be found on the official GSC website.

Quickly issue and legalize

Eternity Law International provides services for obtaining and purchasing a license for an online casino, quickly and guaranteed to draw up the necessary documentation. Our lawyers will advise on further work in the gambling business. We are ready to assist in business development, acquisition of an operating casino.

 

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