The choice of jurisdiction determines how the project will develop and what requirements it must adhere to. Curacao is one of the most prestigious areas for permitting gambling. This is due to the favorable political and economic environment, the loyal attitude of the authorities, and taxation, which is why most investors seek to receive a Curacao gambling license. Today, we want to give you more useful information on this issue.
Benefits of this area
If people receive a permit in this area, they will have a lot of the following advantages that will contribute to the effective development of their projects.
Short time and inexpensive processing
The application process takes a short time, at most 1.5 months. It is worth noting that the state fee will cost only 4,500 US dollars (Malta – 25,000 euros, Kahnawake – 40,000 US dollars, Panama – 41,000 US dollars).
You can quickly receive papers; you have to fulfill several simple demands. The procedure here involves simple designs that are possible in other countries.
Single permit for all types of gaming activities
Permitting here is characterized by the issuance of a single charge, regardless of the chosen type of activity:
- online gaming platform;
- sports betting;
- lotteries and drawings;
- software development;
- other activities related to gaming.
Thus, only one document is issued for any activity. It is very convenient during registration, saving costs and time.
Quick start for beginners
Thanks to the short period and low registration cost, it will be much easier for beginning participants to launch their businesses. Saving money will allow you to use your funds to develop gambling projects, technical equipment, and advertising. All this will enable us to become a worthy competitor to similar firms.
This area offers preferential taxation for the projects: low tax rates and the ability to exclude tax for a specific type of income. For example, no VAT allows you to profit significantly more than in other areas. Corporation tax is only 2% of profits, the lowest tax in such business.
Types of permits
This area provides 2 permits: a master and a sublicense. Obtaining an essential permit is very difficult and is owned by only 4 companies. The Ministry issued this document for 5 years. The primary ticket has a broader range – it allows you to issue sublicenses and earn passive income from your permits.
The holders of the primary permit issue the sublicense, and its term will be similar to the basic license based on which the sublicense was issued. It is much easier and faster to obtain such a permit. In addition, it has the advantage of providing you with the established infrastructure of a primary permit holder and technical support from experienced operators. It will make it easier to start a gaming business.
The leading difference between these documents is that the owner of the base permit has the right to issue sublicenses. These permits are almost identical to the types of activities in this sector.
This section will look at the basic demands for receiving documents here. First, you will need to register your business and, along with submitting your application, prepare the required package of papers. You must provide a list of games and include a “Rules of Use” section on the website. You must also create the domain and use at least one local server.
Developing and implementing an AML program in the firm’s activities is essential. It will protect you from financial scammers. To ensure the fairness of the games, you need to obtain a certificate. Such measures will attract more gamblers to your gaming platform.
New permitting rules
Please note that an update to the gambling system may come into effect from the beginning of 2024. These innovations were the minister’s decision. There may also be changes to some demands and stricter regulations to ensure security and combat AML . Operators will receive new permits: B2C and B2B. Licensed platforms will be given a transition period of 1.5 years, during which they will have to adapt to the new demands and reissue their current permit.
In addition, there will be new requirements for management personnel – not at least three persons of management must be residents of this area. Checks on the origin of the legality of the source of capital will also be tightened. All these measures can increase the time it takes to obtain a gaming permit. Also, a mandatory rule will be a real office within the jurisdiction and strict control over the payment of winnings. All new demands are aimed at ensuring an increased level of security and fairness in games.
Having fulfilled all the demands of the Regulator, you will be able to obtain the legal right to engage in the gaming project and enter the international gaming market, thereby expanding the scope of your activities.