Gambling representatives often have to register their businesses with offshore authorities. The whole process does not take much time and promises ultimate benefits. The British Virgin Islands (BVI), Cyprus, Gibraltar and some other destinations have become one of the most attractive locations for gaming operations. The laws promise a well-regulated environment with a reasonable taxation system and a strong corporate framework.
In this article, Casino Market experts will explore the idea of using a foreign authority for launching a gambling site.
Financial Benefits
International jurisdictions often have a good tax rate, which might reach 0% in some cases. This surely helps online gaming operators to increase profits and invest more money in their businesses.
Some authorities also support company owners with clear tax regimes. For example, the BVI does not ask income fees. This happens to be a great opportunity for entrepreneurs to keep their revenues high.
Regulatory Framework
Foreign jurisdictions have legal bodies that keep the iGaming sector under control. They issue licences under strict requirements and conduct traditional audits to ensure the business's compliance with the law.
The Gibraltar Regulatory Authority (GRA) aims to create a stable environment for online gaming activities in the country. It needs operators to stick with severe rules for their safety.
The codes of conduct include:
- customer protection;
- responsible gambling;
- data security, etc.
Supportive Business Environment
Online gaming activities can be successful only when being placed in well-regulated settings. Offshore authorities have the specific infrastructure to support operators in different directions.
The BVI has a team of experts to provide banking, accounting, and legal advisory services to build gaming businesses. Meanwhile, Gibraltar has a solid telecommunication system and a qualified workforce that can help new companies manage their corporate routine.
Foreign Market Coverage
Using an offshore regulator reveals new opportunities for a gambling site. These include favourable trade contracts and tax agreements with other states, which can help operators to grow their businesses into new markets.
The BVI has signed a few treaties with such countries as the USA, China, the UK, etc. Cyprus, as a member of the European Union, has got a chance to approach the most profitable audience.
Opportunities brought by offshore agreements:
- reducing tax liability;
- accessing new markets, etc.
Launching an iGaming Business in a Foreign Jurisdiction
Knowing the rules and licensing conditions increases your chances of doing everything right and ensuring a successful start.
Crucial steps to take before referring to the specific jurisdiction:
- Research its regulatory framework.
- Check the reputation among operators.
- Estimate the cost of opening and managing an offshore company (e.g. legal fees, accounting charges, annual payments, etc).
- Explore the potential benefits of starting a foreign business (e.g. access to new markets, good tax regimes, and more).
Lots of operators decide to use an international jurisdiction to establish their gambling sites. Despite the regulatory uncertainty and reputational risks, entrepreneurs can enjoy a wide range of perks. With the proper research and analysis, it becomes possible to access a wide audience and enable a solid income in the long-term perspective.
Get in touch with Casino Market for professional guidance in starting a business and its successful running. Our specialists offer licensing assistance, games integration, management software configuring and client support.
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