Gaming license Curacao
Rosloto offers its customers to open a casino with a Curacao gaming license at an affordable price. Start your project in this tax jurisdiction without your personal presence in the shortest possible time. We have vast experience of working with legal offshore zones. Our company always strives for the best result. This article is aimed to clarify the advantages of such a solution and help you understand why the gambling license Curacao is so profitable.
Features of Curacao Jurisdiction
The Caribbean island is a self-governing territory within the Kingdom of the Netherlands. Such a fact allowed this territory to become part of the EU. At the same time, it has a simplified taxation system and low tax rates compared to European countries.
The economic attractiveness of the territory was developed historically. A group of Netherlands Antilles was discovered by Dutch sailors that were moving from the European continent to South Africa. Therefore, trade relations have always flourished here due to loyal tax rates.
The beginning of the 90s was marked by the active development of offshore zones. However, the gambling commission Curacao (Curacao eGaming Association, CIGA) began to issue permits for gambling activity only in 2001. Each Curacao casino license must be approved by the Curacao Justice Department.
The Commission combines several basic functions, such as legislative direction, licensing, and some regulatory tasks. The CIGA organizational structure has 30 different branches and subsidiaries for performing all these assignments.
Why is it Profitable to Buy Curacao Online Casino License
The Curacao gaming license has the following advantages:
- Efficiency. A simplified procedure is provided here. Therefore, you can open a casino with a Curacao gaming license in just 1 month, under favourable conditions.
- Simplicity. The received document is valid for all types of gambling (online casino, betting, organization of poker tournaments, and other gambling games).
- Prestige. Curacao gaming license may increase the loyalty and trust of your partners and customers.
- Low taxes. The island is part of a special economic zone (E-zone) with a simplified taxation system. There is no VAT, sales tax, or other deductions, which can take the lion's share of the operator’s budget.
- Stability. From this point of view, Curacao is an ideal option. The economic policy of the territory is defined for decades ahead, and it is fixed at the legislative level. For example, the jurisdiction is protected from changes until 2026.
- A good selection of related services. IT business and infrastructure are well-developed here. The territory offers many additional options for casinos, for example, the rental of private servers and other equipment, financial and legal consulting, assistance in launching a gambling project, and other services.
- Unlimited withdrawal of dividends, royalties, and interest. This is an excellent condition for business owners and beneficiaries of companies.
What Type of License is Better to Purchase
There are two types of Curacao casino permissions:
- Master License is the main type of document, which is quite challenging to obtain. Therefore, only about a dozen entities have such a Curacao online casino license in their arsenal.
- A sublicense of Curacao has almost the same tools as the main document. One of the main differences lies in the fact that license holders cannot sublicense third parties.
Businessmen are interested in the second type of gambling license Curacao. It can be obtained quite easily and quickly without overpaying fabulous amounts. The only thing that needs to be done is to pay an additional fee to the owner of the Master License.
Essential Steps for Obtaining Permission
Despite the relatively simple licensing procedure, a businessman needs to go through several necessary steps.
Business Registration in E-zone
All created companies have the prefix N.V. or Naamloze vennootschap, which is equivalent to a limited liability company.
Registration is preceded by an approval letter from the government. It is enough to prove the legitimacy of the business and the focus of e-commerce in favour of customers outside Curacao (the provision of gambling services to local residents is prohibited by law). At this stage, it is necessary to open a commercial account in a bank located on the isle.
Successful fulfilment of all these requirements will make it possible to apply for preferential taxation. It is 2% of income. This amount is meager compared to American or European rates.
Preparing an Application and Sending it to CIGA
All documents must be translated into English and notarized:
- A package of documents must be sent to the authorized body. They must contain true information confirming the legitimacy of the business and all its founders. Therefore, such essential documents as a certificate of criminal record, passport details, CVs, and recommendations must be provided for each shareholder and beneficiary of the company.
- Technical and economic documentation is a special part of the application. It must include contracts of software suppliers, confirmation of the domain purchase, server rental agreement, a detailed description of all the company's business processes. The legality of the origin of funds contributed as share capital also needs to be proved.
The consideration of the application may take up to 30 working days.
Licensing Cost
After analysing all the requirements for the applicant and the stages of obtaining permission, you can calculate the approximate amount of investment.
Company registration in Curacao (NOOGH)
The cost includes:
- registration fee (as well as notary expenses);
- commission of the Central Bank;
- FIU registration;
- Chamber of Commerce fee.
Documents that are necessary for company registration:
- verified copy of the UBO passport;
- certified utility bill (not older than 3 months);
- letter of recommendation from the bank;
- CV;
- certificate of no criminal record;
- the properly signed enclosed acceptance form.
Acquisition of a Gambling Permit (NOOGH)
- At the moment, the new LOK legislation has not been adopted in Curacao, and therefore, all licences are issued in accordance with NOOGH.
- The NOOGH legislation does not separate B2B and B2C licences and only offers operational permits without any division into categories (before the LOK comes into force)
- Fees according to the current legislation — NOOGH.
This amount does not take into account the cost of gambling content, the integration of payment modules, and marketing promotion. However, you do not need to worry. Statistics confirm that all expenses are paid back in the first year of the company operating.
Important Changes in Gambling Legislation in 2023
In November 2022, at the annual SiGMA Europe Summit, the Minister of Finance of Curacao Javier Francisco Antonio Silvania, announced that the government plans to update the gambling regulatory framework. A little later, at the ICE conference in London (in February 2023), the ministry presented a key action plan aimed at modernising the legislation.
The regulatory changes are expected to come into effect in Q3 2023.
At the moment, the Ministry of Finance has adopted a draft version of the bill and sent it to the Social Economic Council (SER) for approval. Then, the document must be approved by the Council of Advice (RVA) and the Parliament of Curacao.
The main reasons for innovations are as follows:
- The global trend towards tightening control over the gambling field. The regulatory framework of the island has not changed for more than 20 years. At the same time, the development of the gambling industry has gone far ahead.
- The desire to streamline the work of operators. The planned changes will minimally concern the fiscal burden on businesses (taxes will remain the lowest in the field). However, the verification of final beneficiaries (final beneficiaries) will be taken more seriously.
- New challenges for the gambling market. First, it applies to cryptocurrency. Its use is not prohibited in Curacao. In the new version of the law, the authorities promise to take this issue more seriously. For example, they plan to streamline the acceptance of crypto payments or the operation of NFT casinos.
What Awaits Operators in 2023
The text of the bill is not yet available to the public. However, the Curacao government issued several press releases addressing key changes in the field.
The Reorganisation of the Gambling Regulator
The Curacao Gaming Authority (CGA) will be responsible for registering licences and monitoring the activities of their holders.
The CGA will be responsible for issuing:
- permits;
- recommendations;
- warnings;
- fines;
- performance requirements.
In addition, the regulator will be able to revoke the permit if the licensee fails to fulfil its obligations (for example, not checking the age of a gambling site’s visitors).
New Types of Permissions
The legislation implies the elimination of the old system of licences (Master Licence and Sublicense). Instead, two versions of documents will appear:
- B2C licence. This permit lets operators work with players and betters. It is allowed to accept bets on sports, organise lottery draws and poker tournaments, and manage online casinos with slot machines.
- B2B licence. The document is aimed at manufacturers of gambling software — entertainment solutions, gambling platforms, security systems, etc. In the first two years after the adoption of the law, the presence of a B2B permit will be optional. Then, it will become mandatory for all providers. In addition, owners of B2C licences will be able to buy program products only from companies approved by the local regulator.
The Requirements for Applicants
The conditions for obtaining a licence will not change a lot. The government will strengthen control over the security of monetary transactions and information about investors and beneficiaries of iGaming projects.
The main innovations are as follows:
| Local activity | Besides the mandatory registration in the E-zone, operators must open physical offices on the island and employ at least one full-time local worker. This may be a company director, administrator, manager, AML officer, and another employee in a key position. Within two years, the entrepreneur needs to hire two more workers. The office cannot be closed down for 5 years after obtaining a licence |
| Responsible Gambling principles | The government plans to add new mechanisms and control procedures to make the play more transparent and secure. The list of innovations includes the mandatory certification of software and the passage of an independent audit. In addition, CGA promises to provide a procedure for resolving disputes between operators and users and instructions for filing complaints about the work of online casinos |
| The Due Diligence procedure | This is a multi-level verification of individuals — shareholders of a licenced company. CGA will review applicants' sources of income and payment operations to ensure they are legitimate |
| The goAML system | The software is designed to combat various kinds of financial violations, including money laundering, sponsoring of terrorism, and transactions with individuals from the sanctions lists |
| Payment policy | The government of Curacao announced that it has been consulting with the leading banks in the jurisdiction for several months. The purpose of the negotiations is to improve communication with operators who previously had difficulties with onboarding (adapting the casino system to the requirements of local banks) |
| Cryptocurrency | As part of the updated rules, the exchange of digital assets for fiat money will be allowed. Acceptance of bets in cryptocurrency remains in question. The government of Curacao has made it clear that it is also working on this issue |
The Cost of the Licence
The price of the permit will not be known until the publication of the law. Nevertheless, the Ministry of Finance has already stated that the cost of the licence will remain competitive in comparison with other countries.
Fiscal Burden on Businesses
Curacao is appreciated by entrepreneurs for its minimal taxes. After the adoption of the bill, this feature of the jurisdiction will remain relevant.
Moreover, the authorities announced two fiscal initiatives for the gambling business:
- Sales tax. The government plans to exempt holders of B2B permits from this fee. This is a positive change, given that the main earnings of software producers will be generated through the implementation of software.
- Investment Tax Incentive. The initiative involves the exclusion of almost all taxes for 10 years. To qualify for financial benefits, a company must invest at least $3 million in the country's gambling industry and create 10 job positions.
When hiring qualified foreign experts, the operator will be able to work in expatriate mode. It is characterised by reduced wage rates in the conditions of the complete filling of the quota for local specialists.
The Process of Obtaining a Gambling Permit
The procedure for issuing a document depends on the current activities of the entrepreneur — whether the businessman is a Curacao licensee or just plans to launch an iGaming project in this jurisdiction.
The Transition to a New Licence for Active Operators
The government has provided a tax concession period for companies — 18 months from the date of signing and publication of the law.
The scheme for obtaining a new permit looks as follows:
- applying to the Curacao Gaming Authority within 90 days after the commencement of the law;
- the payment of the fee for consideration of the application;
- the submission of the document package (personal declarations of iGaming project investors, business plan, the confirmation of renting an office and hiring employees);
- the issuance of a licence pre-approval certificate;
- the provision of technical documentation (AML policies and procedures, game catalogue, conformity certificates, a project’s technical description, etc.);
- passing an interview with a compliance officer;
- the issuance of a B2B or B2C permit.
Obtaining Licences by New Operators
The procedure consists of two parts.
The actions of the entrepreneur at the first stage are as follows:
- applying to the CGA;
- the preparation and submission of a business plan and personal declarations of investors or co-founders;
- the payment of state duty;
- obtaining approval from the local regulator.
The first stage takes 8-12 weeks, depending on the completeness of the information provided. In addition, within 14 days from the date of applying to the CGA, the regulator must send a response letter and request a start-up package of documents.
Only after passing the first stage, the entrepreneur can register a legal entity in the E-zone, open a local office, and hire employees. In the second stage, it is necessary to submit a package of technical documentation and pass an interview with a CGA officer.
The registration of a Curacao licence is characterised by minimal terms. Thus, according to the draft law, the second stage of verification cannot last more than 90 days. Upon expiration of this period, the regulator is obliged to issue a full-value licence or a preliminary permit (it is valid for up to 6 months).
Where to Order a Curacao Permission
A decision to obtain a Curacao casino license can become your clear advantage. It will bring a decent profit and make your business competitive. Low taxes, ease of getting the document, and the possibility to work around the world make the legalization of casinos in Curacao extremely attractive to investors.
You can buy a ready-made online project with a Curacao casino license from Rosloto. We offer a full-fledged product that can be launched the next day.
Our experts provide a wide range of services related to licensing, for example, preparation of documentation, bank account opening, as well as assistance in registering your company, development, and rental of online slots for your business.
We propose you to contact the Rosloto team and learn more about the benefits of working with us.
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