Aspiring entrepreneurs and start-ups look for ways to start online gambling businesses worldwide. Curacao has become a paradise for them having more than 450 licensed online gambling operators working under its jurisdiction. But how did Curacao become one of the most popular gambling destinations in the world?
Curacao gambling brief history
Curacao became one of the first places in the world that created legislation for regulating the online gambling market in 1993. A few years later, the government initiated the Gaming License Authority to monitor and supervise licensed gaming operators in the gambling industry. Once the license was issued in Curacao, the popularity of the place grew and by 2001, the Curacao Internet Gaming Association was formed that looked after gaming operators and code of conduct.
Presently, Curacao is one of the biggest online gambling registration holders worldwide because licensing is affordable in Curacao and can be made easily. An online gambling license is associated with Curacao’s strong telecommunication infrastructure, financial sector and economic stability making the jurisdiction an ultimate choice for many gambling startups globally. This place is in fact home to many well-established gambling organizations operating under Curacao’s jurisdiction for several years.
Why is the Curacao gambling license ideal for startups?
When developing a new online gambling license, people have to consider geographical factors such as local laws and jurisdiction that supports gambling license. Many gamblers may think that destination like Malta is a good option for a gaming license. However, gaining a license in Malta is comparatively costly, complex and time-talking.
Curacao has been a favourite choice of many, particularly for new entrepreneurs and start-ups that test a new platform after going through a risky process. The low-cost licensing and time-efficient process makes Curacao gambling license availability a smooth process. Once you acquire the license, you may decide upon where to use them or whether an additional license will be required to run elsewhere in the world.
Why should you consider Curacao Gambling License over the others?
Acquiring a Curacao gambling license offers various benefits to the operators or the license holders. The benefits include both levitative support and financial benefits. You will find the below-mentioned advantages if you apply for an online gambling license in Curacao.
The license acquiring process is cost-effective and fast
For new startups, one of the hurdles they have to face is the time taken by the jurisdiction to grant a license. However, Curacao gambling jurisdiction is quite fast in it and once the applicant submits desired documents, the license is released in a very short span. However, the documents submitted must be up-to-date and notarized as required. In a few cases, the application may take just two business days once the documents are been submitted. This makes Curacao an ideal choice for startups who seek to become a profitable institutions as soon as possible. Apart from it, the application process is very cost-effective as is the maintenance cost.
Hassle-free paper work
In many countries, a gambling license application usually takes a lot of time and paperwork alongside supporting documents that are usually costly. Fortunately, Curacao’s jurisdiction requirements are a lot easier and hassle-free with limited bureaucracy. This makes Curacao the fastest and easiest jurisdiction to offer gambling licenses because of the simple process and quick government response.
One license scheme
If you search about different countries gambling jurisdictions and licenses, you will find that many require add-on permits for different games. This means, that if you apply for a casino game or online betting, you may have to undergo several licensing processes for multiple choices. But Curacao does not require it as it follows a very different approach. The online gambling license in Curacao covers almost every sort of game mentioned in the jurisdiction. This means, that gaming operators or gambling service providers having different games such as sports betting, casino, lotto or live games can get covered with one single license. This makes the entire licensing procedure simple, flexible and cost-effective as operators can diversify their portfolio with changing market demands.
Tax benefits
While talking about license and jurisdiction, we cannot overlook tax regimes at all since obtaining a license is a one-time scenario but taxation is a lifetime process. The good news is, that Curacao gambling licensees are not liable to pay any taxes to the government on their revenue. Although income from foreign sources is subject to taxation as per applicable laws, the jurisdiction allows tax-free operation for gambling practices.
How to get a Curacao gambling license?
- To get a Curacao gambling license, you have to find a registered company in the state.
- A local representative will be required for licensing.
- The gambling game or number of games on your site, along with the applicable gaming rules, must be described.
- Provide jurisdiction with the domain name and ownership under which the license will be issued.
- You will require at least one physical server of the company in the jurisdiction.
- AML procedure will be implemented for every player
- A technical audit will be made of every game in your system, including the gaming software.
- Present the software certification.
- And, lastly, refusal to permit players under 18, United States, Netherlands and Antilles residents.
How do establish a physical company for a Curacao gambling license?
For obtaining a gambling license in Curacao, you must have a local limited liability company that is individualized and named in Latin transcription. The company must describe the real activities of the company and must not be false. According to the law, the company registered address should be in the e-zone and registered under the chamber of commerce. You can appoint a local agent representative who can manage the company afterwards in Curacao if you belong to another country.
Curacao Gambling License Update as of July 2022
Although Curacao has been one of the best gambling destinations worldwide owing to its easy gambling license application, things are changing as the country authorities are planning to put new regulations and gaming authority.
With new gambling regulations, the gambling community will have to report to the Curacao Gaming Authority which will be liable to issue new licenses. This is because the government plans to make revenues out of its flourishing business by applying fees to every license. Even the existing ones will be put under the new system and may get a certain time to convert their sub-license into the new transitional license.
The government also plans to make agreements with foreign regulatory bodies to ensure responsible gaming and prevent operators from targeting certain jurisdictions where gambling is prohibited. The licenses can now get provoked if the operators do not adhere to the gambling industry standards or operate as mentioned in gambling jurisdiction. While many measures have been applied, new startups and companies may still get gambling licenses easily but need to follow the gambling laws more carefully than before.
