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 and apply for the Curacao gaming license. 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 gaming 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 game providers.
Despite the apparent simplicity, state authorities seriously control the area. The control board ensures that gaming operators are not involved in money laundering, terrorist funding, and other law-breaking. Also, the sphere is under the close attention of financial intelligence and the treasury department.
Benefits of obtaining a Curaçao gaming license
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 betting 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 get a Curaçao Gaming license
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 gambling 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.
Cost and Fees
The Curacao gaming license register cost 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 gaming license is paid annually. To acquire a Curacao gaming license, please contact us for a detailed calculation. Starting your internet enterprise in this country will be cheaper than in other popular jurisdictions.
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Procedure for obtaining a license
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 Curacao gaming license application. 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.
Documents for obtaining a gambling license
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.
Curacao gaming license services 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. Curacao gaming license 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.
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FAQ
What are the Taxes and Responsibilities for Obtaining a Gaming License in Curacao?
The taxes for owners of Curacao gaming license are predicted to be a small income tax and requires compliance with anti-money laundering and crime-financing regulations. Responsibilities of obtaining Curacao gaming license includes having a legal entity on the island, a resident director, and fulfilling AML procedures.
License Terms and Conditions for Curacao Gaming License?
The Curacao gaming license is issued for one year and after this year must be renewed annually. The license allows all gaming activities such as casino games, poker, betting, lottery, B2B activities. It also requires adherence to AML standards, annual audits, and RNG certification.
Compliance and Reporting of Curacao Gaming License?
License owners are responsible for implementing AML procedures, conducting annual audits, and ensuring RNG software compliance. The government monitors compliance, requiring detailed reports on accounting and game descriptions.
