Thinking of opening an online casino or betting platform in Curacao? Here is all you need to know about the Curacao online gambling license.
Why do I need a license?
Any entity wishing to operate an online gambling platform, of any type, must be licensed appropriately. The advantages of this are not just legal, but you will be able to open a bank account. You will also be able to engage with payment processing and settlement accounts. In addition to this, you gain credibility and trust between your clients. This is essential in a competitive market.
If you decide to operate without a license, you will be breaking the law and can have severe penalties. Your reputation will also be at risk of damage. Fast Offshore won’t work with clients that want to operate outside of applicable laws and regulations.
What are the requirements for a Curacao online gambling license?
Each jurisdiction has a completely different set of requirements for an entity wishing to set up an online gambling company.
In Curacao, you are required to provide a police clearance certificate, identification documents including passport and utility bill, and a bankers reference. In addition to this, you also need to request a professional letter of reference from a lawyer or accountant. These documents show that you are a person of fit and proper conduct and you are who you say you are.
You will also have to provide proof of domain ownership, your responsible gaming policies, AML policies, and copies of software agreements including your 3rd party random number generator certificate.
What kind of licenses are there?
Curacao has been offering an online gambling license since 1996. It was one of the first in the world to regulate the online gambling sector.
The Online Gaming License from Curacao offers one license which covers all. It covers from operators of services, software, and service providers to online casino, online slots, sports betting, eSports betting, lottery, and games of skill and chance.
Is it hard to get a Curacao online gambling license?
Curacao is one of the fastest and easiest jurisdictions to obtain a license from. You only need to apply for one license and the process is relatively straightforward. In terms of paperwork, it is limited, and a license can be issued in as little as 2 business days assuming all of your documents and the application are in order.
Once you have the license, staying up to date in terms of maintenance is easy. You need to ensure you keep financial records, ensure fairness, stick to your responsible gaming policies and keep your company activity description up to date.
Fast Offshore usually recommends the Curacao gaming license to startups and small businesses because it is cost-efficient and allows you to get started quickly.
What is the cost?
Curacao is one of the lowest cost which makes it a great choice for startups. Fast Offshore offers a Complete Turn-Key Curacao Gaming License Package for approximately 23,500 euros. This includes corporate structures, bank account opening, payment providers, and of course the license application and acquisition process. The complete package may take from 7 to 10 weeks to complete.
Annual renewal fees are also low and Fast Offshore offers a great value maintenance package for our clients. This means we take care of all obligations and corporate matters on an ongoing basis.
What about taxes?
Gaming companies operating in Curacao can enjoy a zero per cent VAT rate and 0% on corporate revenue. This is significantly lower than many other jurisdictions, yet it is still within international rules.
Fast Offshore has over 22 years of experience in online gambling and we have assisted hundreds of clients in obtaining licensing. We are here to answer your questions, give advice, and guide you through the application process. Of course, once you have the license in hand we will also provide ongoing corporate and business support. To benefit from our professional experience and expertise, contact us today!