Triggers for purchase of the Isle of Man Gambling License
The Isle of Man belongs to the Great Britain and is governed by its laws, and this is why gambling on the island is regulated and controlled by a special commission. The Isle of Man online gambling license is considered to be prestigious, and this jurisdiction has gained a high reputation during many years of its existence. Therefore, the number of businessmen who decide to buy Isle of Man casino license and to obtain an online casino license in the state increases.
You should remember that every firm which conducts business in any country must have a permit for its work, and when it comes to casinos, an online casino license acts as such a permit. It enables businessmen to carry out gambling activities within the territory where the gambling company registration procedure has been passed.
Today, experienced gaming companies offer operators worldwide to buy Isle of Man casino license as an exclusive service. Thus, through the cooperation with Casino Market, you will have your questions answered at any time and to discuss different issues on the casino licensing procedure, to get a line on offshore jurisdictions, and also to buy turnkey casino with license.
If you want to know how to obtain casino license, you should remember that your second step is to look more closely at laws of the described country and to meticulously fulfill its requirements, because, despite such favorable terms, the government has s right to impose sanctions for the slightest breach of law, revoke a permit and even convict of a criminal offence.
As in any other offshore zone, statutory enactments are aimed at the advancement of the described sphere of action, and authorities do the gambling company registration procedure willingly, because it brings money to the treasury. Government of every offshore zone is ministerial to the elaboration of the casino business in every way and creates comfortable conditions for enterpreneurs to run their business.
The Gambling Commission (GSC) started it work in 1962, so it has decades of experience, and its activities satisfies all requirements of an international gambling market.
After the appearance and the growth of the Internet, the island's legislative bodies have effected changes in laws related to a casino business and have taken a ply on online gambling, and the reviewing committee has began to issue licenses, thus controlling not only land-based casinos, but also gambling establishments on the Internet. Sixteen years ago the Isle of Man was the first who has adopted the Gambling Act and issued a gaming license.
Currently, the GSC exercises control and regulates land-based and online gambling establishments, live casinos, virtual sports betting, bookmakers’ facilities and all kinds of gambling in the country's territory. It tracks suspicious bets and gambling violations and protects interests of gamblers. The Isle of Man online gambling license imposes great responsibility on its owner in respect of honesty of his operation at the market.
The incorporation on the Isle of Man allows companies to conduct their activities under free conditions, collect benefits from the authorities and not to pay heavy taxes. Moreover, such companies become European and international, and can be included in the EU zone (it receives a tax identification number). Thanks to a high reputation of the described jurisdiction, casino owners can count on respect and mutual trust of both partners and clients, and it also possible for them to enter into contractual relationships with major European brands and holdings. And most importantly, operators are provided with abundant scope for carrying out your activity legally and transparently, without being afraid of any sanctions (so long as you comply with the legislation).
Who can become a licensee:
- land-based and Internet casinos;
- gambling halls with slot machines and poker clubs;
- lotteries on the Internet and recreational facilities;
- sports bets and mutuels;
- rates on stock exchanges (including telephone exchanges);
- competitions and peer-to-peer games;
- virtual sports;
- financial rates "Forex".
Operators must remember that if they want to obtain a permit in this state, they should be ready to perform a lot of actions, such as collection of standard-issue certificates, sending an application for a permit and so on. Nevertheless, financial soundness is among the main conditions for any businessman who wishes to buy Isle of Man casino license, and if the required amount of money is too much for you, it is better to wait until you find it.
It is also necessary for businessmen to have an office in the country, and the abidance by the term is strictly controlled by the regulatory body of the Isle of Man. The reason for this severity is the emergence of virtual companies that were founded for money laundering and advertising in the UK.
In any case, after you have passed the gambling company registration procedure, it will be necessary to comply with all points of laws – in fact, no matter how loyal is the regulatory body, it keeps order strictly (especially in the matter of gambling) and punishes those who violate the law.
The GSC grants two types of certificates of authorization: a general permit for all possible games and a sublicense. The first one allows you to launch gambling establishments, and the second document is designed for casinos that were launched under the name of major sponsoring companies.
Thus, the Isle of Man online gambling license is a permit for the incorporation without the division into classes and subclasses: Internet gambling establishments, poker rooms, lotteries and live casinos all together. Therefore, potential licensees need to send to the jurisdiction only one package of documents.
Sublicense is necessary for those companies that run their business under the name of a big gaming company. This is about a franchise, which is bought by new casinos, which do not have a base of players, enough experience to run an independent business and funds for promotion.
How to get a gambling license for casino and what documents you are going to prepare for the gambling company registration procedure:
- copies (or scans) of all pages of passports, which belong to the company’s owners;
- copies of constitutional documents and the firm’s contracts with managers;
- complete information on the brand: its name, goals and objectives, principles of work;
- complete information on the gambling establishment: a description of software and all games: data on their developer, titles, rules and the description of a gameplay;
- availability indicator of the existence of the firm’s office (confirmations of lease payments or payments for housing and communal services);
- expertise of the software equipment performed by an independent auditor;
- technical characteristics and principles of a winning probability;
- list of all installed payment systems, the size of fees and the speed of transactions;
- documentary confirmation of the presence of an operating account with the account activity and a certain amount of money on such an account (the confirmation should be notarized);
- the availability of a strong security system;
- working principles of the technical support, and the confirmation of its competence;
- recommendations written by financial experts and economists that prove the financial soundness and successfulness of the brand;
- detailed business plan that will specify the calculations for all business dimensions: IT-sphere, management, accounts division, promotion and so on.
The master list of requirements includes:
- compulsory registration of a legal entity in accordance with laws;
- putting on the staff (appointment) of at least 2 managers;
- opening of an operating account;
- a body responsible for the company’s business must be a resident of the state.
As you may remember, there are no taxes in offshore zones, or they are minimal and incomparable with any other taxation system. However, there are always various mandatory payments – if they were not, then what is the point for supervisory committees and countries themselves to work with new companies?
The amount of assignment to the Isle of Man's budget mostly depends on revenues of the gambling establishment – the more they are, the less the percent of revenues is paid to the government budget. This approach becomes a stimulating factor for its development in the country.
The amount of taxes in the country can be judged by the following statistics:
- If the firm has over £40 million annually as a profit, taxes on its activities will be only 0.1% of this amount.
- Revenues of £ 20-40 million oblige casino owners to pay 0.5% of the received sum to the treasury.
- Even the "smallest" income - 20 million or less - means the necessity to pay taxes the amount of which is equivalent to only 1.5% of revenues.
- Mutuel pays 15% of players' bets.
- Bookmakers give the treasury 15% of their income as well.
Future licensees should be ready to deliver a compulsory payment – a fee for consideration of provided documents which costs £1000, and for the renewal of a permit licensees will pay £ 30 000. The sublicense will cost £ 5,000, and the same amount will be charged by the Commission for its renewal.
Before you plan any actions or even buy turnkey casino with license, we offer you to analyze the international market for being able to find the most acceptable option for your business. In fact, except for the country we are talking about, there are many more offshore jurisdictions, such as Curacao, Belize, Kahnawake and others.
It is worth choosing a jurisdiction for the gambling company registration very carefully, because we can say that all countries are very profitable for running a gambling business, but they all have different requirements and different cost of license. You need to take into account your financial situation, target audience, opportunities and geographical factors. The cost of permits varies from 15,000 to 100,000 thousand euro, so it is worth thinking: the price range is wide, and an online casino license will still earn its keep during first years of work.
Also you must pay attention to the rules for filing documents, which can be found on the site of every jurisdiction. Of course, the document volume is quite impressive, and this may be difficult to collect it independently. Experts advise a very good value: to make use of services of famous gaming brands that offer to buy turnkey casino with license. Thus, specialists of Casino Market will consult you on the issues related to development and promotion of Internet casino for free, and explain how to get a casino license. The provider's list of services also includes an online casino license of the jurisdiction considered in this article.