The island of Curacao is situated in the southern Carribean Sea, about 40 miles off the coast of Venezuela. A constituent of the Kingdom of the Netherlands, it is the largest of the Dutch Overseas Territories and has a population of almost 150,000 people.
As well as being situated in literal paradise, it has been a financial services hub as far back 1828 when the Central Bank of Curacao and Sint Maarten became the oldest central bank in the Western Hemisphere.Today its legal system supports a number of corporate structures and despite being considered a “tax haven” it complies with the EU Code of Conduct against harmful tax practices. It also holds a qualified intermediary status from the IRS, is an accepted OECD jurisdiction, enforces AML and CTF compliance, and is a member of the Carribean Financial Action Task Force on Money Laundering.
But what has this got to do with online gaming?
Since 1993, Curacao has enforced legislation for regulating the online gambling industry. Then in 1996, the industry got a jump start when the eGaming License Authority was created. As the jurisdiction grew in popularity, its gaming licensing structure evolved to its present state and in 2001 the Curacao Internet Gaming Association was created to ensure that all gaming operators adhere to both licensing requirements and the code of conduct.
Since then, it has grown to be one of the largest gaming registries in the world due to its manageable and affordable licensing requirements. This combined with its progressive legislative system, high-quality telecommunications infrastructure, well developed financial services industry, and its political stability mean it a jurisdiction of choice for iGaming startups, through to fully fledged international companies.
Online Gaming Licensing
If you hold a master gaming license from the Curacao government, you are able to legally conduct your iGaming business from within the country. Each application must undergo a thorough assessment that makes sure licenses are only awarded to applications that can prove they possess good financial standing and integrity.
Once a license has been issued to a gaming provider, supervision by the authorities is ongoing and ensures that the terms of the license are safeguarded for the duration of the license. Operators can also expect to undergo regular compliance audits as well.
What are the benefits?
The benefits of a Curacao Gaming License are as follows:
- The licensing process is much faster than many other jurisdictions;
- Tax rates on net profit is 2%;
- Master license holders are able to grant sub-licenses to anyone but they remain responsible for all of their activities;
- Packages are available to startups that include sub-licenses, hosting, and other services for a lower fee than doing it all alone;
- Gambling laws are simple and straightforward and only one license is needed for any type of gambling operation.
- Fast Offshore also provides guidance, and advice on a range of matters.
Why Fast Offshore?
We have been helping iGaming clients set up in Curacao for as long as their iGaming legislation has been in place, meaning we know all the ins and outs of the process. As well as our knowledge on the subject and our hands on experience, we can offer a range of packages for our customers which include incorporation of companies, managing corporate structures, optimizing tax efficiency, applying for the gambling license, and setting up payment and merchant accounts.
No matter what kind of gaming business you want to operate, regardless of size, structure, or vision, we can help you. Contact us today to find out more and to get the ball rolling.