In this case study, we will detail how Fast Offshore helped one of its clients open an online casino in Curacao.
How we met the client
Fast Offshore works with a large network of professional service providers such as lawyers and accountants. These professionals are international and we’re often called on to provide our expertise in jurisdictions such as Curacao, Kahnawake or Malta. It was through this network that we met our client, an iGaming entrepreneur.
Who they were
The client was a European who was looking to set up an online casino in Curacao and eSports in the future. With a decade of experience in the Maltese gambling market working with a large company, they wanted to look further afield. It was their first solo venture and not knowing much about the logistics of setting up, especially in an unfamiliar jurisdiction, they got in touch with us.
What they needed
First of all, they needed to set up a company in Curacao. They also needed a bank account, contracts with payment providers, compliance services, tax planning, and of course, the online gambling license. The client also expressed the need to have ongoing services from us in the form of maintenance and annual reporting on their behalf.
What we offered
Opening an online gambling company in Curacao is quite straightforward. They have been offering licenses since 1996 and the process is relatively low-cost and straight forward. At Fast Offshore, we often suggest Curacao as an ideal jurisdiction for start-ups. Companies can get licensed and set up here, before considering licensing elsewhere in the future. Of course, many choose to remain under a Curacao license.
We offered the client our complete turn-key Curacao Gaming License Package. Fast Offshore designed this to include everything a client would need, at a reasonable rate.
Setting up the online casino in Curacao
The first step was to incorporate the offshore license holding company and an EU contracting company. This allows the client to operate in a number of jurisdictions and engage in professional relationships with a range of other stakeholders. The best choice in the case of our client was Cyprus. The Cypriot business environment is welcoming and tech-friendly while offering great tax rates. This enabled us to develop an efficient corporate structure which is both compliant and tax-efficient.
The next step was to apply for the license itself. This takes minimal time and is relatively low cost when compared to other jurisdictions such as Malta or Isle of Man. We had the corporate entities in place, all we needed to do then was file the application and accompanying due diligence. In Curacao, there are two different kinds of license- a Master License and a Sublicense. As the government is no longer issuing Master Licenses, we filled the application and obtained the sub-license for our client.
We then set up accounts for the client. We work with a range of international payment institutions and financial institutions who cater to the iGaming world. At the same time, we negotiated deals with online gaming merchants to provide Visa and Mastercard services as well as additional alternate payment accounts. Our client decided to opt for most of the well-known providers, and to accept Bitcoin and Ether as well!
Wanting to focus on the business side and less on the corporate, they also engaged Fast Offshore to take care of ongoing maintenance. This includes compliance, contract management, filing documents with the authorities and other corporate and financial matters.
This is just one of the clients we have helped realise their dreams. In just 8 weeks, we managed to take the client from vision to reality, with minimal fuss and hassle. We have over 22 years of experience in the iGaming industry. This means we are not only experts, but we are fast, efficient, and professional too.
Our client is now up and running, taking in revenue and looking to launch their eSports platform in the next six months!
To find out how easy setting up your online casino in Curacao can be, contact us today.