Understanding Curacao’s eGaming costs more in detail
One Gaming License for all Forms of Online Gaming
A Curacao e-gaming license is a “One Size Fits All”. You can use the one license for all forms of online gaming including sports betting, bingo, poker, lottery etc. One license means one fee and huge savings for businesses dealing in multiple forms of online gaming.
The Costs for a Curacao Gaming License includes the following:
- Curacao company formation – read below for full details.
- Licensing fees (annual fees, a one-time application fee, e-zone application and annual fees).
- Hardware; local hosting and rent of server space (hardware must be owned on the island to satisfy permanent establishment requirements).
- Local company management for the first year.
- Administrative services for filing, registration of documents etc. can take 2-3 weeks.
Also, please note that you can incorporate a company in other jurisdictions, rather than Curacao AND Associate the license to the Company, for example: – incorporate a company in Belize and assign the Curacao License to it.
Applying for an online Curacao eGaming License
When applying for an eGaming license you will need to incorporate your company in Curacao with an e-zone status. Curacao companies can apply for a Curacao eGaming license as well as other companies from other jurisdictions
You will need to have hardware based in Curacao with at least your client database on the local server in order to comply with the Permanent Establishment Requirement (PE). Then you can apply for a Sub-license from a Master License holder.
Applicants will usually need to:
- Disclose their recent and past finances
- Show a business plan
- Show identification of Ultimate Beneficial Owners
- Proof of no criminal record
- Proof of enough capital and compliance with KYC policies and due diligence.
- Showing your plan to prevent underage gambling and money laundering.
There can be further requirements depending on the jurisdiction. Once you have submitted your application it is examined, and all the facts presented must be confirmed. If your application is approved, then the Justice Department grants a provisional license.
Curacao Company Formation
There are many advantages to forming an international company in Curacao especially if it is an “NV company”. NV is an acronym for the Dutch “Naamloze Vennootschap” or a public limited liability company. N.V. companies are registered with the Commercial Register of the Curacao Chamber of Commerce and Industry.
Why Choose Curacao for your Company Formation?
- Curacao has E-zones for online businesses
- The jurisdiction is gaming industry-friendly.
- The small island nation has political stability;
- Curacao has a diverse economy that welcomes foreign investment.
- Curacao’s regulations are easy to comply with in comparison with other jurisdictions.
Advantages of establishing a Curacao N.V. Company:
- A Curacao-registered N.V. company can qualify for very low taxation of about only 2-3% are the corporate tax rates. Some N.V. companies even qualify for 100% tax exemption.
- Curacao N.V. companies can be fully owned by foreigners.
- Curacao companies’ shareholders have limited liability according to their contribution to the initial share capital.
- Curacao companies have no minimum amount of share capital.
- A Curacao N.V. company can be formed by a single shareholder. That single shareholder can be the sole director.
The Requirements for forming a Curacao N.V. Company
- Articles of Association – As with most jurisdictions Curacao requires presentation of the company’s Articles of Association at the time of application for registration. However, in Curacao, unlike other jurisdictions, you can present your company’s Articles of Association in any language and they don’t have to be written according to any set format.
- Identification – You will need to submit a certified copy of your ID or passport as well as proof of residence dating back at least 3 months.
- Information about the company’s shareholders – In Curacao information about the company’s shareholders must be recorded by the authorities but remains sealed and confidential.
- Directors and Shareholders – Curacao N.V. companies can have just one shareholder. The shareholders can be of any nationality and residence. The company can have just one director (or more) and the director can be the sole shareholder. The Board of Directors can be one or two-tiered.
- Capital Requirements – For a Curacao company there is no minimum share capital amount although this can be established by the Articles of Association.
- Local Registered Agent – All Curacao N.V. companies must have a local registered agent. The local registered agent’s office can be listed as the registered office of the new N.V. company.
Restrictions when forming an N.V. Company
- The company’s name cannot include words without justification e.g. Royal; Trust Company or Bank.
- The company name must end with N.V.; C.V.; B.V.; V.O.F; Foundation or Proprietorship.
- The company must hold the appropriate license in order to deal with insurance; fund management; banking; collective investment schemes; trust management; trusteeship business provision; reinsurance or assurance.
Want to form a Curacao company? Here’s what’s needed:
A Curacao company formation can take 4-5 weeks.
These documents are required for all individuals involved (Directors, shareholders and beneficial owners):
- Notarized passport copy
- Notarized utility bill issued in the last 2 months
- Bank Reference Letter
- A Professional Reference Letter (Required only if you proceed with Curacao company
- As part of the process of a curacao company formation, you must define the directors and shareholders.
- A Curacao company requires a local co-director. Has to have at least one local director.
- A minimum of one shareholder is required, which can be corporate or individual.
- A Curacao company must submit annual financial statements and reports.
Please note that you don’t have to incorporate a curacao company in order to obtain the curacao sub-license and you can use other jurisdictions.
Depending on where your online gambling business is established and licensed, you will need the following:
An online gaming license issued by the gaming regulatory authority in the jurisdiction where your company is registered. In some jurisdictions like Malta and Curacao, a single licensing authority issues a single license covering all forms of online gaming (lottery, casino, bingo, sports betting etc.). In other jurisdictions like the UK, the gaming regulators issue a different type of license for each form of gaming; so you might even need three separate licenses.
Depending on where your target audience is located, you will need the following:
Depending on where your customers are located you may need to obtain a license from gaming regulators in several jurisdictions. You may need a license to target customers in certain jurisdictions. For example, only gaming websites holding a license from one of the whitelisted countries can target audiences in the UK and USA.
Targeting Audiences in Countries that Prohibit Online Gambling
Remote online gambling businesses licensed in a respected jurisdiction like the UK or Malta are responsible for prohibiting access to players from countries where online gaming is illegal.
If websites do not comply with these restrictions they can be fined and subject to legal action from both the licensing jurisdiction and the prohibiting countries.
By breaking the law the company’s owners, shareholders and directors can be held legally responsible. In addition to exorbitant fines, the gambling company may lose its license.
Many leading remote gaming operators implement IT structures to restrict access to players from countries where online gaming is illegal. These systems block IPs in certain locations from accessing the gaming site.
How to reach a large audience in a jurisdiction where online gambling is prohibited?
Many remote gambling companies target audiences in restricted countries by setting up a corporation in a blacklisted country like Curacao where gaming regulations are more relaxed. They can then target players in countries that restrict online gambling but not from their licensed entities.