CalvinAyre.com says – Gibraltar has a couple of things going for it that make it one of the better licenses to possess in Europe. First is its location, situated on the Southern tip of Spain allows Gibraltar decent access to European talent. Next is their tax rate is quite favorable, capping out at £425,000.
As a part of the British Isles floating off the southernmost tip of Spain, this unlikely gambling industry technological powerhouse was once better known for its apes. Since 1998, it has been one of the largest iGaming jurisdictions and it hosts as many as 20 online betting and gaming firms. Employment in the sector is around 2,000 people and a number of operators speak of “the rock” as the best place to base online gaming industry operations.
Licensees pay a fee of £2000 for a license that lasts for a period of one year. Fixed odds betting operators pay around 1% of their annual turnover in tax up to an amount of £42.5m. Casino operators pay the same amount but as a percentage of gaming yield or gross profit. Tax is capped at £425,000 each year and the fact that firms don’t have to pay VAT is one big advantage of this jurisdiction.
As is standard in the regulatory industry, each company must undergo an audit every year that they keep the license and the country’s technological capabilities offer a wide-range of different bandwidth.
Type of Company Entity Available for iGaming Firms:
Any limited company may apply for the license
Corporation Tax Rate:
Available on request from the Office of Financial and Development Secretary.
Additional Gaming Tax Rate:
Fixed-odds betting operators: 1% of annual turnover up to £42.5million with gaming tax capped at £425,000 per year, with a minimum of £85,000.
Internet Casinos: 1% of gaming yield or gross profit with the same caps mentioned above.
Gibraltar registered businesses also don’t pay Value Added Tax (VAT).
Minimum Share Capital for an iGaming Company:
Available on request from the Office of Financial and Development Secretary.
Security Requirements/Indemnity for Players Deposits:
The company must control all accounts into which money is deposited and audited accounts must be produced at the end of each year. Additional information is available on request from the Office of Financial and Development Secretary.
License Fee:
£2000
License Duration:
One Year.
Do Local Banks Process Online Gaming Transactions:
Specific payment services are available in the jurisdiction.
Bandwidth Type Available:
Businesses located here can make use of readily available, resilient, and flexible bandwidth.
Software Testing Requirements:
Software must undergo testing. Further information is available on request from the Office of Financial and Development Secretary.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
Licensee must produce audited accounts to the Licensing Authority every year for the duration of the license. Accounts must be kept in accordance with the applicable law at the time. All account and filing requirements set out in the Companies Act must also be complied with.
Anti-Money Laundering Policy for iGaming Firms:
Guidelines are published every so often by the Gambling Commissioner and licensees must fully understand its obligation under the Gibraltar Criminal Justice Act.
Restrictions on Jurisdictions from which you can take Wagers:
Locations must be approved by Gibraltar
Contact Details of Government Department or Regulator:
Contact Person: Office of Financial and Development Secretary
Address: 5th Floor
The Haven
23 John Mackintosh Square
Europort, Gibraltar
Phone Number: (+350) 200072166
Email: [email protected]
