The low cost and manageable restrictions of the Curacao casino license make it the go-to option for most operators. Obtaining a gambling license in Curacao can seem like a bureaucratic nightmare, but this article will walk you through each stage of the procedure.
Curacao’s legalization of online casinos
Curacao, a country in the Caribbean, is a part of the Netherlands. With the most experience in the iGaming sector, cutting-edge infrastructure, and favorable tax rates, it is a prime location for offshore operations. The Curacao Gaming Control Board was designated as the anti-money-laundering and counter-terrorist-financing (AML-CFT) regulator for all gaming activities in and out of Curacao in 2019, with the Ministry of Finance and Financial Intelligence Unit (FIU) having sole discretionary authority to issue master licenses. All types of gambling can be legally conducted by anyone who hold either a master or sub-license in the Dutch Caribbean island of Curacao. Only four companies have had the master license since 1996, and they all have different rules.
The new legislation establishes the Curacao Gaming Authority as an autonomous regulatory agency with the authority to grant B2C and B2B licenses to new betting firms. New license applicants must pay a €4,000 application cost and an annual license charge of €12,000. They must also designate key staff to manage things like anti-money laundering and responsible gaming.
Importance in getting a gambling license in Curacao
Analysts project continued growth for the iGaming business with ICGGAMING (เปิดเว็บพนันระบบดีที่สุด), saying that despite threats from natural disasters and economic downturns, the industry will continue to generate solid earnings for the foreseeable future. As a popular pastime that has never lost its appeal, internet gambling and sports betting will forever be a lucrative industry in which to take part.
Advantages of Possessing a Casino Permit
Having a license allows business owners to focus on running their operations without worrying about breaking the law.
Most banks and credit unions will not grant a merchant account to an online casino without proof of a valid license.
Since only the most reputable businesses are granted licenses, gamers understandably attribute a great deal of trust to casinos that have earned their patronage.
Obtaining a gaming license helps eliminate bias and promote a more open and honest gaming market.
When it comes to software and payment service providers, having a license makes your casino more appealing to work with. This is because many of these companies will not collaborate with operators who do not have a license.
What’s the deal with Curacao?
Curacao is just one of several jurisdictions with regulatory bodies offering license services, but there are certain key reasons why you should prioritize it:
- No more than one sublicense
- includes all forms of gaming
- less expensive than in several other regions
- Six weeks is the average time frame for obtaining a license.
- Coincident with the rise of cryptocurrency,
- acceptable from compliant businesses
- cheap taxes
- 0% tax on business income, 2% on capital gains
- Easily simplified
- than in other jurisdictions’ processes
Obtaining a Curacao gaming license: how do you get it?
The license process in Curacao may be simpler than in some other countries, but it is far from perfect. There are very specific conditions that must be met, and failing to do so could result in a lot of wasted time and energy. The procedures for obtaining a license in Curacao are as follows:
- Form a Company in the Tax Haven of Curacao
- Collect all required documentation.
- Please apply and remit the appropriate fee.
- About six weeks of waiting is required.
- Get started running your virtual casino.
The site will be reviewed by the technical compliance team of the holder of the master license before final approval is given. This means that while the domain name, server, and platform do not have to be completed at the time of application, they must be in place before a license may be granted.
How much do Curacao gambling licenses cost (in taxes and fees)?
The affordable Curacao online gaming license is a major perk. Although the cost of a license varies from one jurisdiction to the next, in general it is less expensive than in those jurisdictions where a master license is required. The incorporation of a Curacao-based company, the hiring of a local representative for the first year, the rental of an office space for the purposes of domiciliation and administration, and the purchase of a local Internet service provider for the sake of compliance backups are all potential additional expenses beyond the initial application price.
The extremely cheap taxes are one of the main draws of Curacao as a destination for online casino companies. Aside from the initial application and renewal costs, the 2% net gains tax is the only monetary responsibility operators have in Curacao. This is in stark contrast to other jurisdictions, where operators may be obliged to pay a laundry list of additional taxes and fees.
There are a number of variables that affect how much the license will ultimately cost. It is recommended that operators seek out professional guidance in order to determine the most cost-effective pricing structure, and a number of services exist to do just that.