Curacao gaming licence: advantages, procedure, cost
A gaming licence is a document which lets you organize proper functioning of your internet casino. It guarantees players the reliability of the casino and the operator its financial stability. If you have a licence, you can successfully start and develop your igaming project, be it an online casino, lottery, bingo, sports betting or a company trading binary options.
Who issues licences
Gaming licences are issued by respective state authorities, usually gambling commissions. Each country has its own. In many countries, gaming activities are somehow regulated. In countries like Ireland there are favorable conditions for gambling business, in Russia it is prohibited, in Spain you need a costly licence and in Andorra there are no regulations for the time being.
To get a licence, not only you can turn to a state authority, but also to a reselling company. It will take off all the hassle from you and save your time, since such companies have years of experience in licensing.
The Curacao licence characteristics and cost
Being a part of the Kingdom of the Netherlands, Curacao is situated not far off from Venezuela. Curacao was the first country in the world to legalize gambling. Since 1996, Curacao has been the most popular jurisdiction to run online gambling business, partly because of being a politically stable country.
Nevertheless, the main reason is great licensing conditions and affordable cost. The Curacao licence will cost you $20 000 – 25 000, for which you will get at least:
- Professional consultation
- The gaming licence itself
- Control over complying with licensing requirements
On the official website of the Curacao gambling commission, additional services are enlisted, which can be of use to an operator, for instance:
- Company formation in Curacao and the EU
- Assistance in opening bank and processing accounts
- Help in processing payments
- Servers rent
- Data storage in a data centre
- Private or public cloud
- DNS hosting
- Administrative and legal service
- Backoffice support
Companies you can order an online casino from, often offer these services. This is how an operator gets an all-in-one solution and saves his time.
The Curacao licence advantages
The Curacao jurisdiction is the most favorable option for obtaining a licence, owing to the following 4 advantages:
- One licence is enough to run any kind of gambling business
- The process of obtaining is simple
- Period of obtaining is 2 weeks
- No need to pay VAT; profit tax rate is 2%
This is why the Curacao licence has gained worldwide recognition and players’ trust.
Licence obtaining requirements
Licence obtaining requirements are developed by the Curacao regulating authority. An operator has to keep financial record, use properly functioning games and provide a thorough description of the activity of his company.
To get a licence, an operator needs to go through a simple procedure.
The licence obtaining process
Obtaining a licence comes in several steps:
- Provide an application
- Provide a detailed report concerning the point 7 of the eGaming IP licence and of the requirements compliance regulation.
- Fill in the IP application form and provide it together with all the necessary accompanying documents
- Make a payment
- In case something does not correspond to requirements, the gambling commission will provide a checklist of necessary improvements
Audits are conducted on a regular basis. In order to avoid penalties, one needs to keep in mind that all the services, domens, links etc should be in line with the commission requirements.
How to make obtaining a licence simpler
Being the process of obtaining a Curacao licence relatively easy, one can come across difficulties when dealing with it on his own. Solving these problems and the reissuance can be protracted, so if you want the licence obtaining process to be smooth and quick, contact specialists.
In addition, if you open a White Label casino, you can work under the licence of a company which has developed it, so you won’t need to get your own licence.
If you want to know more about licensing your online casino, use a free professional consultation.