Investors interested in developing a business in the gaming and gambling industry can find the most suitable conditions and attractive legal framework in Curacao. This is given by the fact that Curacao has the longest experience in the gaming industry compared to all other countries.
Curacao has legalized the gaming sector since 1993, when it adopted a law that was created to regulate this industry – the National Ordinance on Offshore Games of Hazard. Therefore, those who want to start the steps for offshore company registration in this industry have the ideal environment in Curacao.
Our consultants in offshore company incorporation can provide the necessary legal support to start a business in this industry.
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What is the Curacao gaming license?
The Curacao gaming license is a permit that must be obtained by all companies interested in developing business activities in the field or gaming/gambling. All operators must obtain the Curacao gambling license, and there aren’t any exemptions from this rule.
The main difference relies in the type of license a company must obtain. Currently, the Curacao license system provides for 2 types of licenses. Up until 2023, gaming operators were required to obtain either a master license, either a sub-license.
However, starting with 2023, the system has been modified and the authorities will issue, from now on, 2 categories of licenses as well, only that they are now known as B2C (business to client) and B2B (business to business) licenses.
Previous Curacao license holders, who were issued with master licenses or sublicenses, will be given a period of 18 months to transition from the previous licenses to the new ones, in accordance with the type of activity they develop.
What are the advantages of obtaining a Curacao gaming license?
Foreign investors who want to start the process of offshore incorporation in Curacao for a gambling business can have many advantages when choosing this business destination. Below, you can find out some of the highlights of this type of license:
- the Curacao license can be obtained in approximately 6 weeks;
- the corporate income tax is charged at a tax rate of 0%;
- companies are required to pay a tax of 2% on the net gains;
- it is also necessary to pay a registration fee of EUR 4,000;
- after that, once the company becomes operational, it is necessary to pay a license fee of EUR 12,000 on a yearly basis.
Therefore, the Curacao gambling license cost can be of minimum EUR 16,000, not including other costs, such as the ones necessary for the process of offshore company formation.
It is worth knowing that this document provides a major advantage in the sense that license holders are licensed for all types of gaming and gambling activities, in accordance with the type of permit they will qualify for.
Given the development of the crypto sector, investors should know that cryptocurrency payments are also accepted, as long as the operators comply with the necessary anti-money laundering laws currently in force.
One of the main regulators of the industry is the Curacao Gaming Control Board, which is also in charge with imposing the Anti Money Laundering laws.
Investing in the gaming industry can be very fruitful in the current context, as the sector is rapidly expanding. For example, in 2014, the industry accounted for minimum EUR 25 billion at a global level.
In 2019, it increased above EUR 50 billion, while the estimates for 2023 show that the industry will further expand, reaching more than EUR 75 billion.
What is the process of obtaining the Curacao gaming license?
One of the main matters in obtaining a license in the gaming industry is to complete the process of offshore company formation. Although this process can be seen as a straightforward one, it is still required to conduct many operations.
Therefore, obtaining specialized company formation services is highly recommended, as local specialists will know all the procedures involved and the steps investors have to follow.
During this process, it is necessary to gather all the documents required for company registration, which also implies addressing to local institutions for the purpose of obtaining various certificates and licenses.
The company representatives have to contact all the institutions involved in this process, including the institution that can issue the gaming license. Paying the registration/processing fee is another obligation of all applicants.
All legal entities must also have an offshore bank account, therefore you must also contact bank representatives for completing this procedure. It is allowed to complete this step through the services of our company formation team, therefore you do not have to directly address to a local bank.
Please know that our consultants can assist in the process of opening an offshore merchant account, which is necessary for online platforms that sell various goods or services to local and foreign clients.
What documents are necessary for the gaming license?
When you submit the application for the gaming license, you must prepare specific documentation. Please know that if you don’t provide the entire list of documents, the institutions can stop the processing of your application.
All applicants, regardless of the type of license they want to obtain, must prepare the following:
- the identity document and a copy of the passport;
- a resume;
- a utility bill that was issued in the last 3 months;
- a bank reference letter, in original.
Please mind that these documents have to be prepared following very strict rules. For instance, the copies of the identity documents have to be submitted as certified copies. Certification of documents is a common method that is also used during the process of offshore company formation.
Considering that the Curacao gaming license is issued for online gaming businesses, the company’s representatives must present information concerning the domain name that they have purchased for the online platform (proof of ownership is required).
They must also present details concerning the software they use, along with details concerning the rules and regulations for gaming activities (know-your-customer policies, gaming activities addressed solely to adult players, etc.).
It is mandatory that the documentation is prepared in English. All documents must have a date/signature that is not older than 90 days at the moment when the application file is submitted.
Our team can also present the conditions you must fulfill if you want to obtain an offshore merchant account for your business.
Preparing paperwork is one of the most crucial matters when setting up a company in a foreign country, as many procedures have to be followed as such and sometimes, foreigners are unaware of certain procedures and this can lead to the delay of the overall process.
The same can apply when opening an offshore bank account, as each bank can have its internal policies regarding the minimum conditions imposed to foreign businessmen or foreigners who want to set up an account for personal purposes.
Therefore, we invite you to send any inquiry you may have to our team, who can help you in obtaining gaming licenses and any other licenses and permits for your business, depending on the business field. You can rely on us if you want to open an overseas bank account as well.
Curacao gambling can have many other advantages, including that the issuance of a Curacao gaming license is a straightforward procedure. Our consultants can help you learn more about the process.