Thinking of opening an online casino or betting platform in Kahnawake? Here is all you need to know about the Kahnawake online gambling license.
Why do I need a license?
Do you want to run a well-respected, reputable iGaming business? To open a bank account and have agreements with merchants and payment providers? And to avoid big financial penalties and possibly prison? Then you need to get a license for all online gambling services you plan to offer. It doesn’t matter where you are located, operating on the right side of the law is always a smart move.
Governments and regulators around the world are cracking down on unregulated platforms, operating without a license is just not worth the risk. At Fast Offshore, we promote ethics and law-abiding practices as a core part of our ethos. We expect our clients to behave with integrity, and we do the same in return.
What are the requirements for a Kahnawake online gambling license?
The Kahnawake Gaming Commission is the regulatory body that issues and supervises the online gambling industry in the Mohawk Territory of Kahnawake. It provides licenses for platforms that operate online casinos, poker rooms, and sportsbooks. It does not allow license holders to offer services to players based in the United States.
Those wishing to apply for a Kahnawake gambling license must meet a number of criteria. First, they must apply for a Client Provider Authorisation. This must specify the business entity that is making the application and site URLs. Furthermore, information must also be provided on the individuals behind the entity. Each director, shareholder, and person who submits a Key Person License Application must provide sufficient KYC information and fill out the applicable documentation.
The Commission also requires descriptions of software and all games, confirmation of RNG application and fairness, and the hosting of the majority of servers in Kahnawake.
What kinds of licenses are there?
The Commission provides several kinds of licenses to B2B and B2C clients. As someone who wants to run a gaming business, you firstly need to apply for a Client Provider Authorisation. Key Person Permits must then be acquired for anyone employed by the holder of the Client Provider Authorisation. These are individuals that are providing managerial or operational functions.
Is it hard to get a Kahnawake gambling license?
The application and approval process takes between 4-8 weeks depending on full disclosure and all documents being in order. Should the application be denied, the Commission will issue a refund of $10,000. A six-month permit will then be granted after the application process is complete and approved. During this time, ongoing compliance, reviews and testing will go on. After 12 months have elapsed, the Commission does a final review of the file and decides whether to issue a second license. At this point, continuous compliance begins.
The process is. straightforward and quick when compared to some other jurisdictions. With the right professional assistance, it can be an easy and stress-free process.
What’s the cost?
The application fee must be paid to the Commission before the application is processed. It costs US $40,000 which includes the first annual licensing fee. The second fee is the Key Person License Application fee; $5000 for each person submitted.
Of course, there are other costs when applying for a gambling license and setting up the necessary structures. Fast Offshore has several turnkey packages that can be tailored to each customer’s needs. These include company formation, European contracting company formation, bank accounts, merchant accounts, and ongoing maintenance.
What about taxes?
One of the key benefits of operating an online gambling company in Kahnawake is the fact there is a 0% rate of tax. This fiscal benefit combined with low set up fees makes Kahnawake an attractive option for online gambling companies, entrepreneurs and startups.