Gambling Regulator : Curacao
CalvinAyre.com says – A Curacao gaming license is a decent option for new companies. The gaming company in a box solutions offered by some master licensers are very reasonable. They have a low cost of entry, low tax rate and no market restrictions. The Curacao gaming license main limitation is only sub-licenses are available, which lack that value of a direct license from the government.
Curacao, a small island nation off the north coast of Venezuela has been in the online gaming business since 1996. They offer only one type of license which covers operators and software providers of games of skill, chance and sports betting.
One of the attractive features, other than its beautiful location, is its low barrier of entry and lack of market restrictions. The government offers gaming companies a low tax rate and master licensees often offer new entrants a single out of the box gaming package which includes, a license and hosting.
Pros and cons of a Curacao Gaming License:
Gaming regulation world-wide is increasing rapidly and in direct connection, the costs to obtain and maintenance of such gaming licenses are increasing dramatically. Overall, this environments is good for online gaming business for big companies but for many small online casinos and gaming startups it can be a death strike for their operation and costs.
Being said that, the due to this increasing-regulated environments Curacao gaming license offers many advantages on one hand and disadvantages on second hand.
Pros for online gaming operators:
• Many gambling operators have chosen to make Curacao their home due to its favorable tax laws and relatively quick and inexpensive licensing procedure.
• Curacao is also attractive for the simplicity of its gambling laws. Only one license is needed for any type of gambling operation. It doesn’t matter if you run a casino, a sportsbook, or a website that does it all; one license is all that’s needed.
• The process for getting a license in Curacao is easier than dealing with other jurisdictions. Usually with compare to Europe or North America, there, there are multiple types of licenses, extremely high costs, long and complex application processes so only big, well-funded companies can try to apply for the license. If you are a start-up with relatively low budget (below 1 million USD), don’t even bother to obtain a gaming license from triple A country.
• A label of licensing is received from the regulator which can be used on your website certifying its licensing status.
• The main disadvantage is also the main advantage – easy to get, low requirements and relatively low cost. Operators are well aware that the licensing standards in Curacao less compared to licenses from other, more discerning jurisdictions.
• Curacao doesn’t intervene in disputes between players and operators. Curacao gaming commissions usually takes a hands off approach towards disputes between online casinos and their customers.
• Almost all gaming licenses that are being issued are sub-licenses, which means that a company that holds the master license is responsible and audit the gaming company (that holds a sub-license) and not the gaming commission.
• Marketing prospect – A Curacao license holder may not be allowed to access a number of prominent EU markets, North America and many other jurisdictions.
• Banking and payments options – it is not easy to open corporate bank accounts for gaming companies not matters under which gaming license they operate, all the more so for curacao jurisdiction. As you can grant the license for other jurisdiction than curacao, usually companies in various jurisdiction, you will find out that it can be almost impossible to open bank accounts in ties 1 bank across Europe.
Of course, there are plenty of safe and respectable gambling sites licensed in Curacao. It’s a safe, legal place to establish an online casino. However, casinos located in Curacao must build their own reputations the old-fashioned way. A license from Curacao isn’t the quick ticket to trust.
For more updated information please visit https://www.gbo-intl.com/egaming/curacao-gaming-license/
Type of Company Entity Available for iGaming Firms:
Limited Liability Company or a Private Limited Liability Company.
Corporation Tax Rate:
Under the tax legislation an amount of 2% of Net Profits is charged, excluding import duties and no sales tax.
Additional Gaming Tax Rate:
Minimum Share Capital for an iGaming Company:
A minimum capital amount is required for incorporation
Security Requirements/Indemnity for Players Deposits:
Security requirements or indemnity for players’ deposits are subject to the Master License holder.
The fee for a sub-license varies in practice approximately from USD$1,000 a month to USD$5,600 a month and is subject to the discretion of the Master License Holder.
The sub-license is valid for an indefinite period under a valid Master License, however, the Master License is valid for a period of five years and is automatically renewed provided conditions and requirements set by authorities are met.
Do Local Banks Process Online Gaming Transactions:
Local banks do not process gaming transactions, rather, these services are rendered to Curacao companies by renowned international gaming-friendly banks.
Bandwidth Type Available:
- 5 international fibre links
- Self-healing ring
- Fully redundant
Software Testing Requirements:
- Certification of RNG
- Minister of Justice must give approval
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
Communications between company and client, including: gaming rules, result of game and pay-out to are to be made available to Regulator or supervising authority for five years.
Anti-Money Laundering Policy for iGaming Firms:
International standards apply. Additionally all: National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Curacao Companies.
Restrictions on Jurisdictions from which you can take Wagers:
Contact Details of Government Department or Regulator:
Department of Justice of the Netherlands Antilles
Wilhelminaplein z/n, Curacao, Netherlands Antilles
Attention: Mr. Herbert Coffie