CalvinAyre.com says – The UK license is the premier gaming license available to online gaming firms. The government is supportive of the industry, protects the players and the tax rates are reasonable considering the immense value that comes with a UK License.
Alongside the Philippines, this is the jurisdiction where iGaming industry companies want to be licensed. London has long been the centre of the online gambling world with a long history of fair regulation, technical know-how and the maturity of the market make the UK license one of the most-respected licenses to hold. You can see why firms clamor to be in the United Kingdom.
In terms of the industry, the landscape changed when the UK’s Gambling Commission set out the Gambling Act 2005. It meant that a number of different licenses were available to firms wanting to operate in the market. The sector is closely controlled and the Secretary of State for Culture, Media and Sport works closely with the licensees to make sure that nothing troublesome is going on. Fees aren’t unusually high for a respectable jurisdiction and the protection of players is on a par with the best in the world.
Type of Company Entity Available for iGaming Firms:
Limited companies
Corporation Tax Rate:
24%
Additional Gaming Tax Rate:
15% betting/remote tax rate
Minimum Share Capital for an iGaming Company:
The minimum share capital for incorporation of a UK company is £50.000 for a public limited company of which at least 25% must be paid up, but no minimum is applied to a private limited company.
Security Requirements/Indemnity for Players Deposits:
Electronic systems that record, store, process, share, transmit or retrieve sensitive customer information, eg credit/debit card details, authentication information, customer account balances
License Fee:
Remote Gambling License
Annual fees are:
Less than £0.5m – £2,933
£0.5m or greater, up to but excluding £5m – £7,169
£5m or greater, up to but excluding £25m – £11,274
£25m or greater, up to but excluding £100m – £16,551
£100m or greater, up to but excluding £250m – £26,641
£250m or greater, up to but excluding – £500m – £37,591
£500m or greater – £63,671
Remote Betting Operating License
Annual fees are:
Less than £500k – £3,188
£500k – £5m – £9,563
£5m – £25m – £13,529
£25m – £100m – £38,128
£100m-250m – £74,012
£250m – £500m – £117,746
£500m+ – £155,425
PLEASE NOTE fees may change in April 2012 subject to a proposal currently being considered
License Duration:
12 months
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
The UK Gambling Commission ensures the provision of robust, secure electronic communications infrastructure and Information Technology (IT) services.
Software Testing Requirements:
No Information Available
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
The Commission requires a range of information from operators in order to monitor compliance with gambling legislation, regulations and license conditions and codes of practice.
Anti-Money Laundering Policy for iGaming Firms:
There is a full list of AML guidelines available from the Commission that was updated in 2010.
Restrictions on Jurisdictions from which you can take Wagers:
Gambling Act 2005 gives the Secretary of State for Culture, Media and Sport the power to specify a country or place as a prohibited territory. Once specified, it will be a criminal offence to provide remote gambling services in that territory.
Contact Details of Government Department or Regulator:
Contact Person:
Address: Gambling Commission
Victoria Square House
Victoria Square
Birmingham
B2 4BP
Phone Number: 0121 230 6666
Website: http://www.gamblingcommission.gov.uk/
Email: [email protected]
