The company influences such types of services as international tax administration, asset protection, registration of foreign companies and their maintenance, etc.
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It is necessary to register a local company, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.
The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.
The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.
The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.
Office rent is not mandatory, but having one will significantly increase your chances of obtaining a license. We will select a budget option that meets the requirements.
It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.
It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.
The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.
The full-fledged operation of an online casino implies the obligatory availability of a gaming license. This document ensures the financial stability of the business and security for the owner and the company, as well as allows the legal development of gaming projects and the provision of appropriate services to customers.
A gaming license gives the owner permission to do business in the gambling industry. At the same time, it is valid not only for online casinos but also for a variety of lotteries, bingo, options trading, online bookmaker services, and so on.
Each country has a special regulatory body. It develops certain requirements and conditions to be met by each operator. A gaming license will be granted only if the regulatory body confirms compliance with all the requirements. Otherwise, the license will be denied.
As a rule, the requirements refer to the functionality of the presented casino games, the availability of a detailed business plan, AML policy with regard to local and international legislation, and a detailed description of the business activity, but they are not limited to them. That is, licensing requirements can vary greatly in each country, so it is more difficult to get a permit for gambling activities in some jurisdictions. Once a gambling license has been obtained and a company has begun operating, companies face additional requirements, such as maintaining and presenting financial records and company audits.
Today, any company that runs a gambling business must be legalized. Otherwise, even activities with minor violations will be subject to serious penalties. Therefore, a gaming license is essential for all companies operating in the gambling industry.
If you need a gaming license, it can refer to one of four levels of gambling regulation. Each one refers to a specific country:
In countries where gambling is allowed, relevant regulators provide that gaming license. If no regulators control the activity in the territory of the target state, it is possible to get gaming license in offshore jurisdictions and then conduct your business in the country you are interested in. However, in the case of the states where gambling is prohibited or requires a local permit, conducting activities with a foreign license may lead to undesirable consequences.
An online gambling license allows companies to set up full-fledged legal activities:
Each country has regulations and requirements that business owners must meet to get a gaming license: online casinos must meet all the conditions; otherwise, the regulatory authorities can revoke the license. It is impossible to list them all since the requirements may vary from country to country. However, some rules and regulations are common to most jurisdictions.
For example, every provider must have a Responsible Gaming policy to comply with the requirements of the Anti-Gambling Law. In addition, a Random Number Generator certificate must be published on the site, which confirms the fairness of the online games presented.
However, before posting such information, accepting payments from players, and offering other services, the online casino operator must be licensed.
Regardless of the chosen jurisdiction, all companies must meet certain conditions. They are largely similar to the requirements for legal entities operating in the banking sector:
If you are interested in a gaming license, one of the main conditions for obtaining it is the absence of suspicion of illegal activity. If the regulatory authorities have such doubts, the license will be denied even without reviewing the application.
Online gambling is regulated differently, as well as the licensing requirements differ from jurisdiction to jurisdiction. For a clear example, we can compare the requirements and conditions for obtaining a gambling license in four European countries: Latvia, Estonia, the UK, and Malta.
Latvia
In this country, the regulatory body is the Lotteries and Gambling Supervision Inspectorate. The regulator sets certain requirements for those who may be granted a gaming license: gambling activities are possible only if the majority of directors are residents of the country.
There are several types of gambling licenses in Latvia, depending on the types of games and the site where the services are provided. It is possible to get one license, but it will allow the business owner to offer any games to customers.
There are some basic conditions required for licensing:
A gaming license is granted by the Lotteries and Gaming Authority. Once licensed, the regulator carefully monitors compliance with the rules and requirements of local law.
There are four classes of gambling licenses in Malta:
In addition, gambling licenses in Malta are subject to tax, the rates of which depend on the type of license and its validity. Bookmakers must pay 0.5% of profits, while Class 3 and Class 4 licenses — 5%.
For licensing in Malta, you must prepare certain documents. The list may vary, but the minimum required are:
In Estonia, the Tax and Customs Board is responsible for the control of the gambling business. Its tasks include the licensing of companies and their compliance with the requirements and legislative norms.
Since in this state, it is possible to open not only online casinos but also offline establishments, the regulator grants two types of licenses:
To conduct and organize gambling
To open a gambling establishment.
A gaming license in Estonia will be granted only if the company owner can provide evidence of the facilities. In addition, it is mandatory to comply with the requirements for the authorized capital.
Please contact our managers for the list of required documents and the cost of the license fee as these figures often change and depend on various factors, such as the type of gambling.
In the UK, the gambling business is developing quite dynamically. Online gambling, as well as land-based gambling establishments, is popular in this state. In all cases, a gaming license is required, as well as compliance with certain requirements and conditions.
Within the state, the Gambling Commission is responsible for licensing. This body closely monitors and controls the activities of gambling companies. In case of violations of the law, there may be serious penalties, up to deprivation of the license. In this regard, operators must comply with the requirements of the law. It is also important for betting shops that take bets from customers on sports events as their activities are closely monitored by a special unit of the Commission — the SBIU.
Special attention should be paid to the cost of a gaming license: you can conduct the gambling business only if you pay for the annual renewal of the license after paying for it directly. Among other things, operators must pay a tax of 15% of gross revenue.
Gambling business owners in this country can obtain licenses:
The Gambling Act has been in force in the UK since 2005. It obliges all gambling companies to locate equipment in the territory of this state.
The cost of gambling licensing directly depends on the country you choose, the structure of the company, as well as the type of license needed to conduct a business. The same applies to the terms of licensing because they depend on the list of necessary documents, fulfillment of specific jurisdictional requirements, etc. On average, it takes from several weeks (Costa Rica) to six months (Seychelles) and more to get gaming license.
We provide comprehensive services for processing gambling licenses, preparing documents, and submitting applications and also offer consulting and legal services.
If you want to apply for a gaming license, please contact our managers for consultations. Our specialists will find a suitable jurisdiction for you or will take care of licensing an existing company in a certain country.
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