CalvinAyre.com says – Vanuatu is an island paradise unfortunately its location in the South Pacific makes it a difficult location to operate a gaming business from. Its low tax rates can’t overcome it’s expensive technology costs.
Located in the South Pacific and just off the North East coast of Australia, Vanuatu is one of those places that you’d be happy enough with a beach house. Good news for those in the online gaming industry is that they were once of the first countries to start regulating the gambling industry when the government approved a system of licensing in 1999. The process comes under the jurisdiction of the Finance Ministry and Department of Customs and Inland Revenue through Interactive Gaming Consultants.
Consumers can be safe in the knowledge that companies regulated in this jurisdiction will have undergone stringent testing and that their information will be kept private and confidential. Monthly reporting is requested to make sure that companies remain trustworthy and that player funds are managed correctly. This attractive location is made more appealing by the low tax rates that apply to sports books and the annual fees are at the lower end of the scale. Its location is one that won’t be that attractive to European facing companies due to the distances involved and Asian facing firms have a plethora of opportunities on that continent.
Type of Company Entity Available for iGaming Firms:
Limited Companies
Corporation Tax Rate:
0.1% on fixed odds betting
Additional Gaming Tax Rate:
2.5% of gross monthly earnings
Minimum Share Capital for an iGaming Company:
N/A
Security Requirements/Indemnity for Players Deposits:
Gaming regulations state that player information is to be kept confidential and not used for purposes the player wouldn’t approve of. Every month all licensed sports books and casinos must provide a report to the government showing that player funds are managed appropriately and that their finances are in order.
License Fee:
For sports books: $35,000 application fee plus $30,000, annually.
Other operators must pay a $75,000 application fee plus $50,000 annually.
License Duration:
1 year
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
Companies pay $0.07 per MB of bandwidth that is used.
Software Testing Requirements:
Must be independently audited by an accredited company and if they start to operate before being approved the licensee is subject to a US$350,000 fine. Once accredited the system cannot be altered without prior agreement with the regulator. Random checks on software are carried out once every month to ensure that only approved versions are being operated.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
Every month licensees must provide information on the following to the government:
- The gaming systems and the money passing through bank accounts reconcile correctly;
- Games are playing and paying in accordance with their published rules;
- Player funds are managed appropriately;
- Cash, debt and equity levels are maintained at prescribed levels.
Anti-Money Laundering Policy for iGaming Firms:
No information available
Restrictions on Jurisdictions from which you can take Wagers:
No information available
Contact Details of Government Department or Regulator:
Manager, Licensing Review and Audit
PO Box 124
Port Vila
Vanuatu
Tel: +678-25243
Fax: +678-2563
Website: http://www.vanuatugovernment.gov.vu/cyberspace.html
