In 2012 Jersey developed the most progressive remote gambling legislation in the world today; this was passed into law in 2013. The industry has had a presence on the island since 2005 and as a technologically advanced nation it’s an attraction destination for many. It has the disadvantage of being relatively new to the market but this is remedied by the fact they’re able to offer 0% corporation and gaming tax rates. It also means they can learn from where other jurisdiction have gone wrong in the past.
With the removal of the UK whitelist in November 2014, it has created an opportunity for Jersey to become a jurisdiction for companies to licence their Operations. The changes to UK laws have made Jersey a relevant jurisdiction that is now operating on a level playing field. Jersey now aims to become the premier, Tier One regulated eGaming jurisdiction.
Type of Company Entity Available for iGaming Firms:
Public and Private
Corporation Tax Rate:
0%
Additional Gaming Tax Rate:
None
Minimum Share Capital for an iGaming Company:
None stated but the company must prove liquidity
Security Requirements/Indemnity for Players Deposits:
Any funds held on behalf of a customer must not be used by the operator to pay any creditors of the operator or any holding company or subsidiary and must be refunded to the customer on request.
Licence Fee:
Initial fee of £5,000 that increases by further tranches of £5,000 depending on the complexity of the business
Full or general operators license
A platform provider (B2B) Licence Fee (5 year) of £10,000 per annum
A full remote gambling (B2C) Licence Fee (5 year) of £15,000 per annum
Licence Duration:
Five years
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
Technology is very advanced on the island and telecommunications are said to be “superb”.
Software Testing Requirements:
Applicants must be able to prove the adequacy of all systems in relation to iGaming. Must be tested by an independent testing house accredited by the JGC.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
Accounts must be produced on a yearly basis to determine license fees. The regulator has the power to estimate the annual yield if they’re suspicious of tactics being used to lower the fee paid.
Anti-Money Laundering Policy for iGaming Firms:
Demonstrable measure to be taken to prevent money laundering, drug trafficking or terrorist funding.
Restrictions on Jurisdictions from which you can take Wagers:
Any country in which the firm is allowed to operate.
Contact Details of Government Department or Regulator:
Jersey Gambling Commission
4th Floor, Osprey House
5-7 Old Street
St Helier
Jersey
JE2 3RG
Website: www.jgc.je
Email: [email protected]
