Description: How long does it take to obtain a permit? Key points to know about permitting in this jurisdiction. Basic demands that must be met.
Duration of receiving a Curacao gaming permit
Legal gaming activities will require permitting. And the best choice would be the Curacao gaming license. This area is one of the most popular among investors due to many years of economic and political stability. Permitting will require registering a business, providing papers, and paying government fees.
General Information
There are two types of permits: Basic and Sublicense. Currently, only 4 companies hold a fundamental right, and such a document is issued only by the Ministry of Justice for 5 years. It is tough to obtain essential permission. However, getting a Sublicense will be fine if the demands are met. You will not have to renew the Sublicense because it will be automatically renewed if the Basic permit based on which it was issued is valid.
The significant advantage of obtaining a Sublicense is that the owner of the basic permit provides an established infrastructure for the gambling business and professional support (all this significantly reduces the financial costs of starting a gaming business). Also, the capabilities of such a permit do not differ from the Basic one: it can include all types of gambling. The prestige of the permit will allow it to enter the international gaming market, attracting more players.
What is required for permitting?
To obtain a permit, you must fulfill several requirements. First, people must register a business and enter their firm into a special register. Compiling the entire list of services provided and including a “Rules of Use” section on the website will be necessary. After creating the domain, you must use at least one local server. Since this area strictly monitors the gambling business, providing an AML program is essential. Periodic testing of the software will be required. In addition, it is necessary to obtain an RNG certificate, which guarantees the fairness of the outcome of games when using it.
Step-by-step guide
The business permitting process here consists of several stages that can be completed in 1-1.5 months:
Preparation of papers
In the first stage, people must collect a package of required papers. We list the most important of them:
- an application for permitting a business indicating the services provided – it is submitted to the Gambling Regulatory Council;
- ID cards of management personnel;
- developed business activity project;
- certificates of no criminal record;
- corporate documents received after company registration.
All documents provided will be carefully checked for authenticity by the relevant authorities. Therefore, this issue should be taken with full responsibility.
Compliance check
Controlling authorities will conduct special testing to determine compliance – they need to make sure that all established demands and standards of the gambling business are met. There will be a check to ensure you can manage a gambling business.
Payment of government fees
People will need to pay a state fee to receive a permit. Only after this will the process of verifying the submitted documents begin.
Solving technical issues
Register and secure your domain and configure the server to launch the gaming platform. Next, you must create a gaming platform that meets all established demands. It is worth noting that, regardless of your business type, all technical equipment and software will be checked by technical supervision specialists.
Receiving a document
People will be issued a permit if all stages are successful (complete package of documents and compliance). All aspects (AML and gaming integrity) will be the responsibility of the Basic permit holder from whom you received the Sublicense.
Benefits of this area
Permitting in this area has the following advantages:
- short period – no more than 1.5 months;
- low fee – 4500 USD;
- one document for all types of such business;
- a simple process and flexible requirements will ensure a quick start;
- taxation: there is no VAT, and corporate tax is only 2%.
Given these advantages, this area is one of the most attractive and promising.
Conclusion
Receiving a gambling permit is quite simple and can be done at minimal cost. Let’s consider that the owner of the Basic right will provide technical support and assistance in resolving legal issues. This area will be an ideal choice for permitting the business.