CalvinAyre.com says – The Philippines is a unique and highly valuable gaming license to hold as it’s the sole license available to companies who want to do business in the highly lucrative Asian Gaming Market. A license with First Cayagan is worth the price of admission.
South East Asia is the home to what has come to be recognized as the world’s most favorable jurisdictions for licensing and regulation of iGaming – the Philippines. Seated in the heart of the iGaming industry’s fastest growing market, Asia, means that it’s at the forefront of the globe’s online gambling industry. Investment in high-speed internet and state of the art infrastructure shows how serious they are about the industry. It’s attracting many of the world’s best gambling companies come here to do business.
Setting up a firm in this jurisdiction is more expensive than other options but there is a favorable enough tax system for overseas firms and the rewards at the end will make the initial fees seem very small. Player and fraud protections are something that is taken very seriously and there is exceptional provision for firms that decide to set up here. This includes being able to set up a dedicated network centre/hub using their state of the art servers and meaning that you are able to offer the best service in the best location.
Type of Company Entity Available for iGaming Firms:
Any limited company can become a CEZA registered enterprise.
Corporation Tax Rate:
Four to six-year income tax holiday (four year for non-pioneer firms and six for pioneers.) A special tax rate of 5% on gross income in lieu of national and local taxes. Foreign corporations also receive tax credits.
Additional Gaming Tax Rate:
Under the Restrictive Interactive Gaming License there is a tax of US$48,000 for the first year and then $60,000 for every year that it’s renewed for the first sporting event offered. This is paid up front.
Minimum Share Capital for an iGaming Company:
None
Security Requirements/Indemnity for Players Deposits:
Adequate funding must be maintained to pay all current obligations. Winnings and account balances will be paid promptly and on demand.
LICENSE FEE:
Full license: (covers e-casino and sports book):
New application includes a fee of US$40,000 (includes non-refundable US$15,000 deposit upon submission and $25,000 that will be refunded if application is unsuccessful).
Gaming levy is 2% of gross win per month from e-casino operations.
Additional US$48,000 per annum for sports book operations payable upon issuance of license
Renewal fee: US$40,000
US$15,000 of the Renewal Fee maybe offset against the gaming levy payable each year.
Gaming levy of 2% of gross win per month from e-casino operations
US$60,000 per annum for sports book operations payable upon issuance of license
RESTRICTIVE INTERACTIVE GAMING LICENSE (sports betting):
New application includes a fee of US$26,000 payable on submission of application. US$18,000 of the fee is refundable if application is unsuccessful.
US$3,500 probity cost is chargeable per application.
For every additional sporting event a fee of US$2,000 is payable per year.
Upon renewal you pay a fee of US$15,000 payable on submission of the documentary requirements necessary for renewal.
US$ 60,000 per annum for Restrictive Interactive Gaming Tax payable up front upon the renewal of the license.
License Duration:
12 months
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
Online gaming industry operators are able to set up a network operation centre/hub with First Cagayan’s internet server and take advantage of the country’s high-speed services of up to DS3 capabilities.
Software Testing Requirements:
All software must be able to run on the network operation centre/hub and be designed to ensure complete privacy and confidentiality.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
All banking and financial affairs will be conducted in accordance with generally accepted standards of recognized international banking institutions. Transaction reporting will comply with guidelines defined by the regulator.
Anti-Money Laundering Policy for iGaming Firms:
All licensees will have controls in place to detect and eliminate fraud
Restrictions on Jurisdictions from which you can take Wagers:
Bets can only be accepted from offshore players and only on offshore sporting events. No bets to be accepted from Filipino residents or on sporting events in the Philippines.
Contact Details of Government Department or Regulator:
Contact Person:
Address: First Cagayan Leisure and Resort Corporation
26th Floor West Tower, Philippine Stock Exchange Center
Exchange Road, Ortigas Center, Pasig City
Philippines 1605
Phone Number: (632) 638-55-56
Website: http://www.firstcagayan.com/html/home.php
Email: [email protected]
