Gibraltar Gambling License: how to receive it
In case you decide to run a business in your country or somewhere else, you will first of all have to secure approval for it or your business will be extralegal. Such a document is also needed for owners of a gambling establishment, and this document is an online casino license. To date, the most popular one is the Gibraltar online gambling license.
Unlawful activities in any state may cause a need for paying a huge fine and people can even be indicted. Many experts in the field of gambling are positive about the fact that to buy Gibraltar casino license is not as simple as it seems, but if you have it, your business is going to be safe, reliable and transparent.
Now we will talk about the rules that you have to follow in order to purchase a license in Gibraltar and explain why it is better to employ Casino Market services. Managers of the firm are well aware of all specifications and standards of this jurisdiction, and its lawyers have profound knowledge of casino licensing and will provide you with free consultations.
Who issues a gaming license and to whom it can be granted
If the idea of obtaining an online casino license has crossed your mind, your first step is to contact one of jurisdictions, which are situated in offshore zones. Why these authorities? Because they favor gambling and often do not even collect taxes from operators, because any gambling company registration brings additional funds to the state budget.
Typically, in such countries the economy is not very developed, and international companies (including casinos) boost the coffers with payments for consideration of a casino licensing inquiry, and also with funds that operators pay for such licenses.
In Alderney, Curacao, the Isle of Man and Gibraltar gambling is allowed, and special authorities issue licenses willingly. Although, licensees should initially fulfill all their requirements.
Here we are going to talk about how to buy Gibraltar casino license. This country is one of the regions of Great Britain, and its entire territory is a rock on a small bandbox of the Iberian Peninsula.
Like many offshore zones, Gibraltar is thinly peopled (30,000 citizens), occupies a small territory, is included in the European Union and has its own independent legislation.
However, despite such a tiny area and a small population, the country maintains a political equilibrium and tranquility, it has no wars and revolutions, and its commission, which deals with casino licensing of foreign brands, is considered prestigious and popular.
For a long time (from the late 90's) Gibraltar issued gambling licenses on a free order. However, since 2005, there appeared a law, which purpose was to regulate and control the gambling business, and the casino licensing procedure. The law was called the Gambling Act.
Key Points Of Licensing Process In Gibraltar
The acquisition of a license in this jurisdiction automatically gives companies a right for preferential taxation, a prestigious status of an international brand and also popularity. Business owners can be sure that their current and potential partners will treat them with respect and willingly enter into partnerships, as the Gibraltar Casino Licensing Department is considered to be a very serious jurisdiction, which is respected in all countries.
Moreover, it is known that not all companies can count on the gaming license, because authorities strictly monitor the reliability and respectability of every customer.
The Commission also takes into account several factors:
- how long does the company work in the gaming industry;
- transparency of financial activities;
- honesty and integrity of business cooperation;
- financial soundness;
- successfulness of the market activity.
It is more likely that the certificate will be given to the firm, which is already working at the market and has a successful experience in this field. Young and inexperienced brands do not have good chances. Nevertheless, the latter can still obtain a permit, but only if respected experts, the management team of a large gambling holding or other serious guarantors pass word for them.
If the integrity and transparency of a business can’t be proven by provided documents or the Commission has any suspicions, the company will not receive a license.
Such demands indicate the reliability and security of Gibraltar's business relations and its high global stature.
We should also mention that other jurisdictions may have different rules: several of them simply issue a gambling license, and others grant licenses for all kinds of activities. The Gibraltar Department refers to the last type. Here you can obtain a permit for each kind of gambling: online casinos, slot machines, gambling halls, lotteries, poker rooms and so on.
Besides the above mentioned documents, there are also so-called "intermediate" or "intermediary" licenses for companies that supply software and numerous programs, which operators need for doing their business.
Few Words About Gambling Tax Policy in Gibraltar
It is important to say that almost always commissions need to be paid for consideration of the package of documents. But in Gibraltar you will be able to file an application without any fees. As we have already mentioned, taxes here are minimal and they are only 1% of profits – such situation can be seen not in every offshore country.
Moreover, in the described jurisdiction the tax legislation exerts every effort to attract gambling companies to the country. So, the amount of taxes here can’t be more than 425 thousand pounds sterling, and the minimal amount of taxes is 85 thousands. For this reason both large and small firms will willingly work under the Gibraltar online gambling license. It is especially advantageous for large companies, because their income can be very high, and the tax amount will not increase. And in such case small firms will tend to earn more money and grow their business more intensively.
The cost of a license, depending on the type of gambling, is 30-70 thousand dollars. The document itself is deemed to be valid for 5 years, after which licensees will have to pay $ 2,800 annually. These amounts are anyway far less than in Commissions of other offshore countries.
Gambling establishment with the Gibraltar online gambling license: benefits
- The document upgrades the status of a casino, which automatically enters the EU market;
- Licensees pay minimal tax subscription (1% of the profit);
- Companies which have obtained the license work without a necessity to pay VAP;
- Businessmen are protected by the Gibraltar authorities, which give them the same guarantees as domestic companies have;
- Gibraltar is not subject to economic crises and has loyal and fair laws;
- The country guarantees complete confidentiality of financial activities and personal data;
- Licensees will receive a merchant account;
- Casino owners will be provided with ideal conditions for conducting gambling activities.
Favorable terms of doing business in Gibraltar led to the fact that businessmen began to choose this jurisdiction more and more often, and major companies and operators began to move their business to this offshore zone.
According to statistics, in 2013, twenty five new Internet casinos have appeared in Gibraltar, which led to the quantity input of employees in the gambling sphere: an amount of new workplaces has reached 25,000 thousands. Currently, the situation is quite favorable – both for Gibraltar and for gambling companies that continue to come to this country.
Requirements For Obtaining An Online Casino License
The Commission sets strict requirements for potential licensees. This is particularly true for the financial part: for the purpose of boosting the coffers with taxes, the state tends to attract prosperous gamblers to the market. The described license is granted to those entrepreneurs who are able to conduct a profitable business.
We would like to offer you brief information on the documents that need to be submitted to the Commission, if you want to obtain a permit.
What documents are required to be submitted:
- verifiable information on the brand’s founders (full name, place of residence, e-mail address);
- scans of all pages of passports of directors, employees and shareholders;
- documents that confirm the existence of the company's settlement account;
- certificates from banks, certified by a notary, on the account activity and availability;
- data on a web resource, which is able to bring profit;
- characteristics of the gambling software and all related programs, as well as the results of their audit;
- personal recommendations received from financial experts from the state where the brand carries out its activity.
You can buy Gibraltar casino license only once you have made a comprehensive business plan, which must contain the following information:
- What the company does and its main priorities.
- Underlying premises in achieving goals and objectives of the company.
- Characteristics of every game (principles of games, their main characters and factors that can bring profit).
- Title and description of financial services including fees that are collected from users by each payment system.
- Confirmation of transparency during financial transactions.
- Analytical characteristics of the company's projected profitability (expenses and revenues).
- Verifiable information on partners (their financial and economic soundness, reputation in the gambling market) and cooperation with them (examples of contracts).
Online casino license: source of income
The Gibraltar online gambling license enables any company to freely enter the European market with their business, to develop it, and also to forge partnerships with new major partners.
Democratic legislation and authorities that guarantee a comprehensive support to owners of a casino business play an important role while carrying out activity in Gibraltar. Thanks to a loyal system of taxation and stable regulation, all entrepreneurs who have obtained an online casino license will be able to expand their business and rise to higher level.
Primarily, the Commission that deals with casino licensing pays attention to the financial strength and soundness of an applicant, and, of course, to his desire to grow his business. Therefore, when drawing up a development scheme of an Internet casino, you should be scrupulous about these issues and write up the ways that will help your company to bring profit.
As you can see, this seems profitable to buy Gibraltar casino license, but it is quite difficult: a lot of background papers need to be prepared before filing an application. Moreover, you are surely going to pass through inspections of commissions in your native country, the necessity to file applications correctly, which requires additional costs, because you will address experts of various fields.
Experts recommend those businessmen, who would like to learn how to get a casino license, to enquire with Casino Market. Its specialists will be glad to help you in purchasing a license on the territory of Gibraltar. Also its experts have scrutinized all issues connected to gaming licenses and the gambling company registration in offshore jurisdictions. Here you can even buy turnkey casino with license and get profit soon thereafter.