Are you considering an iGaming license in Malta? Getting a Malta iGaming license is no easy feat, but it is well worth it. Considered the ‘gold standard’ in the iGaming world, the license is reputable and well respected. For large companies wishing to operate in multiple jurisdictions, the Maltese gambling license is well worth the investment. But what are the requirements?
The license is issued by the Malta Gaming Authority, following the satisfaction of a number of requirements and obligations. These include due diligence, payment of fees, having a registered office in the country, and submission of a number of documents relating to your proposed operations.
Fit and proper test
The applicant(s) are required to undergo a fit and proper test and to provide evidence that they are able to conduct the gaming business. They will also be assessed as to whether they are ready and prepared from a business strategy perspective.
The MGA will carry out face to face interviews and a full evaluation of professional and career accomplishments as well as in-depth due diligence. Furthermore, they will seek to ascertain whether the applicant(s) have the statutory and operational requirements to meet the provisions laid out in Maltese iGaming law and policy. This stage of the process includes probity investigations with law enforcement agencies and national and international regulatory bodies.
Financial and business evaluation
An in-depth financial analysis is also carried out on the business plan. The plan is expected to include a detailed forecast of the operation including marketing, distribution, HR, and growth targets. The games on offer, business processes, rules, conditions, policies, and technical documentation is also scrutinized at this stage.
The company is required to submit a detailed business plan, specifications of all gaming software, and details of the hosting and servers. All hosting is required to be in Malta in order to satisfy the requirements of an iGaming license in Malta.
Licensees are subject to a minimum issued and paid-up share capital requirement. This ranges between EUR 40,000 and EUR 240,000 depending on the individual circumstances.
Due diligence documents
Each individual involved in the application process must submit a number of documents as a part of the application. These include a police conduct certificate, a notarized copy of the passport and birth certificate, original bank references, a notarized copy of a utility bill as proof of residential address and an updated CV duly signed.
Registered Office and company representatives
A company incorporated in Malta must have a registered office in the country. The company must have at least one director and a company secretary, which are subject to the MGA’s fit and proper test. Additionally, there are key positions to be fulfilled internally such as Key Compliance, Money Laundering Reporting, Network and Information Security, amongst others.
System review and compliance audit
Prior to going live, the application will be invited to implement in a technical environment. They will have 60 days to complete this. At any point within the 60 days, the applicant can request an external System Review which will audit the live environment against the application. The live version must not have differed significantly from the application, else the application process must start again.
In addition to this, a compliance audit must be carried out on the entity. Criteria set down by the MGA and local laws must be met and maintained throughout the period of the license. The MGA reserves the right to request additional audits periodically and when they deem necessary.
Issuance of iGaming license in Malta
After all of this has been completed, the MGA issues the license. Of course, the issuing of the license is also dependent on the payment of all fees and costs to the MGA and the entity assisting in the application process. The continuance of the license will also be conditional on the payment of renewal fees.
The process and requirements that must be fulfilled are tough. There is a lot of paperwork and conditions to be met, but the end result is well worth it. Fast Offshore has been working with Malta licensing since 2005 and is able to take care of the administrative burden for you.