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Benefits of a Curacao license for gambling companies in 2022 – Yogonet International
In his latest column for Yogonet, iGaming industry consultant Ron Mendelson shares insights on why the island of Curacao is a good choice for operators. In his analysis, the expert provides a list of the various benefits of acquiring a Gaming License there.
The Curacao Gaming Control Board is one of the biggest gambling license issuers in the world, and it remains popular among startups and established names alike. If you are considering a foray into the iGaming sector, the Curacao gambling license should be at the top of your list. Offering a quick and efficient setup time, low fees, a welcoming local environment, and flexibility in multiple markets, it is a firm favorite with savvy gambling entrepreneurs- and this is why!
Wide reach
As the Curacao license is an offshore one, it brings with it a number of benefits. These include the fact it can be acquired in addition to a national one elsewhere, giving you a chance to expand or on its own. With a Curacao license, you can target audiences worldwide rather than just those on your doorstep. The only places you cannot offer your services when you have a Curacao license are within Curacao itself, the UK, the US, Germany, the Netherlands, and Belize. Outside of those, the world is your oyster.
Only one license
Some jurisdictions require you to apply for multiple licenses depending on what kind of games you will offer. Others require individual licenses for any high-level individual within your company. This can see costs rise as well as needing more manpower in terms of paperwork and administration. But in Curacao, there is just one application process and one license. With that in hand, you are free to offer the full spectrum of gambling games and carry out any Online Gambling service provision activities from within Curacao.
Fiscal benefits
When you have a Curacao Online Gambling license, the Curacao Gaming Control Board defines 0% corporate tax and gambling revenue tax as long as it is generated outside Curacao. There are also a number of double taxation treaties in place, so be sure to check those before you get set up. The fiscal regulations in Curacao are beneficial for business as they allow the maximum reinvestment of profits while also being in line with international law and best practices.
Quick and easy setup
Some iGaming jurisdictions have long, drawn-out, and complex application processes that require months to complete. This is not the case with Curacao. The Online Gambling authorities know that time is money, and as a response, they have created a licensing process that is quick, efficient, and relatively straightforward. Of course, there are documents to file and forms to fill in, but compared with some European licenses, the process is much easier. If you submit all documents on time and correctly, the process can take as little as two days! Of course, it is wise to partner with Fast Offshore to apply for you, thus ensuring the process is completed quickly and without any eros that could possibly lead to delays.
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To get set up, you will need the following:
Certified Copies of passport
Original or certified copy of a utility bill
Police clearance certificate
Resume
Original banker’s reference showing a minimum of a two-year relationship
Original professional letter of reference from an accountant or lawyer showing a minimum of a two-year relationship
Details of software, including the copy(ies) of software agreements and 3rd party certification of the RNG application and its fairness
Proof of domain ownership
Copies of Terms & Conditions which must include underage gaming policy, responsible gaming policies, and player KYC policy
Welcoming authorities
Curacao is considered a highly welcoming jurisdiction for Online Gambling operators. The authorities are used to working with iGaming companies and understand the importance the sector has for the local economy. As a result, they have created a regulatory framework that facilities business growth and encourages businesses to startup there. Furthermore, there is a stable economic and political environment and a broad network of local service providers that can cater to every requirement. This makes it the perfect jurisdiction for both startups and established companies.
Low administrative burden
As mentioned, the authorities have worked hard to create a welcoming environment for Online Gambling operators. This includes keeping the administrative burden at a low level. For example, not only is the set-up process easy, but renewals and ongoing obligations are not as intense as in some other jurisdictions. Of course, you are expected to align with various laws and compliance standards, but this is not such a burden as it can be elsewhere.
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