A gaming project’s commencement is contingent upon the jurisdiction chosen. A license is required to run a gambling operation in the majority of nations. The majority of gambling establishments (around 85%) operate under a license from Curaçao or the Isle of Man, which allows them to operate in several countries throughout the globe.
Can you tell me how the aforementioned jurisdictions are beneficial? How do you choose a license? Find the answers in this new article.
Perks of offshore gaming companies
Curaçao or the Isle of Man gaming licenses are ideal for new ventures because of the transparent and easy procedure, the lenient regulation, and the low tax rates. In any case, such countries are home to reputable gaming ventures and the reason for it is:
- Problem with license resolution quickly
- Regulator that is friendly and issues licenses
- Payment solution launches went off without a hitch.
- Software developers from across the world are always happy to collaborate with licensees, including EvolutionGaming, NetEnt, Nuxgame and Microgaming.
- With this license, the business may legally run its operations in countries where gambling is not prohibited.
- Zero or minimum taxation
Differences between the Isle of Man license and the Curaçao license
Having established the shared characteristics, it is important to remember the subtle distinctions between the two offshore licenses.
- Time to Issue License
- Isle of Man: Typically around 6 months.
- Curaçao: Ranges from 1 to 2 months.
- Business Establishment Requirements
- Isle of Man: Necessitates the formation of a local company, and the appointment of two directors.
- Curaçao: The formation of a local company is also required.
- Fees
- Isle of Man: more expensive, especially taken into account price of the company support.
- Curaçao: very cost efficient (at least before upcoming changes in 2024).
- Reputation
- Isle of Man: more reputable in the world
- Curaçao: less reputable.
The jurisdictions are attractive to both novice and seasoned enterprises due to the many benefits offered by both nations. Currently (before the implementation of planned changes) obtaining gambling license in Curacao is less costly while still offering the same functions, just with fewer prohibited countries for operation. Isle of Man is more preferable for businesses to which the reputation is a matter and also it might serve as a possible alternative to Curacao after implementation of licensing regime changes there that is expected in 2024.
Obtaining a gaming license in Curaçao can be a quick and carefree process with the assistance of INTELIUMLAW. This company specializes in providing comprehensive legal services and can make the procedure of obtaining a license much easier by providing professional support at every stage.
INTELIUMLAW will also provide valuable advice on how to choose the best structure for your business and help you navigate local legal regulations, allowing you to avoid potential legal problems in the future. Thanks to their experience and knowledge of local legislation, the process of obtaining a gaming license in Curaçao will be transparent, efficient and the least time-consuming.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
