Gambling license is the prime document for each gaming company. Operating virtual casinos without a permit is illegal and risky. License is a key to running a legitimate business with the ability to attract audiences from different locations, build partnerships with other companies, grow and increase revenue. In some jurisdictions it’s enough to obtain just one full permit, which allows operators to offer all gaming services. In others, it’s needed to get several licenses for different games and also permits for key persons in the corporate structure. There is no simple answer to the question of what jurisdiction is the best for license acquisition, you always need to choose according to your business case. Nonetheless, many gaming operators pay attention to the Curaçao gambling license and there are a lot of reasons why they do it. Let’s consider the conditions and advantages of obtaining an island state’s permit in detail.
How and why to get a license of Curaçao
Curaçao is an island state in the Caribbean Sea, which is also part of the Netherlands. Curaçao has positive business conditions and a low taxation rate that encourage the development of different industries and attract investors. The gambling sphere is no exception.
It is difficult to overestimate how much gaming businesses with any corporate structure need a license. There are numerous reasons why running a platform with a permit is the best decision and here are the most crucial ones:
- Operating an unlicensed gaming company is ILLEGAL and can lead to fines;
- A license gives gaming operators an opportunity to use popular payment systems and to buy official games (usually developers don’t want to collaborate with illegal internet casinos);
- Licensed platforms inspire much more trust among the audience.
The Curaçao gaming license is valuable and respectable. Moreover, the license application procedure in this country is transparent and straightforward and license fees are not high, which makes the jurisdiction very popular among gaming operators. Nonetheless, applicants still have to face the bureaucratic process of preparing mandatory documentation and confirming their business corresponds to the local laws. However, overall, it’s widely considered to be worth the effort.
Types of Curaçao gambling license
Curaçao issues the following permits:
This permit is issued by Curaçao’s Minister of Justice and is valid for five years. There are only 4 such licenses in Curaçao, since this document is not for ordinary gaming businesses’ owners. All operators who want to launch an iGaming platform can only apply for a sub-license.
This permit is issued by the master license holders. The number of issued documents is unlimited. The duration of this type of gambling license is the same as the duration of the main license.
Both permits are universal and allow providing all gaming services. That means you don’t need to waste your time and money to get several permits for different online games.
Let’s take a closer look at the Curaçao egaming licensing and the license application algorithm.
Who issues Curaçao online gambling licenses?
Curaçao permits became available to operators in 1996. Currently, the island is the largest offshore area, where an impressive number of licenses are issued annually. But who issues them?
The Ministry of Justice of Curaçao acts as a gaming regulator and only the Minister of Justice is authorized to issue master licenses. Owners of those permits, for their part, issue sub-licenses. Keep reading to learn about all the advantages/disadvantages, expenses, and peculiarities of getting a Curaçao gambling license.
Requirements of getting a license
To obtain a Curaçao gaming license operators must comply with all the established requirements. Local governments very strictly control compliance with these rules.
It should be noted that the set of requirements will be slightly different in each case. The list below contains the basic and common rules.
- In Curaçao company registration is a mandatory condition;
- Operator should provide info about the corporate structure of the enterprise;
- The presence of a local representative is needed;
- Applicant must provide games and their rules to the commission;
- The rules for using the platform and info about the gaming addiction must be available for everyone on the website;
- At least one server should be located on the island;
- Compliance with the AML and KYC policy is mandatory;
- Identification and registration of each natural person whose knowledge and experience is necessary for the proper operation of the site. This is about the ultimate beneficial owner and other Key individuals;
- Technical audit of each used system (including software) is needed;
- Gaming operators must have an RNG Certificate;
- Applicants must not be the minors or the citizens of the United States or the Netherlands Antilles;
- Before submitting an application it’s needed to pay license fees.
What documents do you need to collect before applying for a Curaçao gaming license?
- Application for the license
- Proofs of no criminal record (for all key individuals and stakeholders)
- Confirmation of the Curaçao company registration
- Providing confirmation of payment of utility bills for the last three months
- Letter of recommendation from the bank
- Confirmation of residential address
- Info about corporate structure and key employees
- Contact Information
- Confirmation of payment of license fees
Unlike the main licenses issued by the Minister of Justice, sub licenses are issued by different operators and due to it the required documentation packs can differ. Wherein, even a small inaccuracy in documentation or lack of some important data can become a fatal mistake for the applicant. That’s why thousands of gaming operators prefer to start their journey with the help of professionals. Contact LicensingAid to get detailed info about the Curaçao license application procedure and get a detailed algorithm for legalizing your gaming company.
How much does the Curaçao gaming license cost?
Expenses of getting a Curaçao gaming license are significantly lower than in other locations. Moreover, you are not obliged to buy a permit for different gaming services and worry about a separate casino or betting license Curaçao cost; you can pay for the all-in-one permit and offer any variety of virtual gambling types.
There is no fixed amount of the license application fee in Curaçao. The cost of getting a sub-license always depends on the holder of the main permit, issued by the Minister of Justice. This operator is able to independently register Curaçao license costs for his sub-licensees.
Besides the application price, the operator should pay the company and trademark registration commissions, local company representative fees, legal representation and domiciliation fees, administrative fees, etc.
Another reason why operators choose Curaçao to legalize their gaming businesses is a soft taxes policy and low rates. Virtual casinos which are registered in the e-zone are tax-free aside from a 2% tax on net profits.
How long do you need to wait for the Curaçao license?
Usually, the licensing procedure in Curaçao takes an average of six weeks. The review period can be extended if the regulator requests missing (or additional) documents.
What audience does the Curaçao license cover?
Currently, in many countries, gambling is still in the so-called “gray zone”. In some jurisdictions iGaming is strictly prohibited, in others it is not illegal, but the legislation is vague and poor. These countries, of course, do not issue gambling permits, but, fortunately, there is a way to attract players from such places absolutely legally. Getting an offshore license is key and a Curaçao company license is one of the best options.
The local permit allows engaging players from the whole world, excluding several locations. So what places are not covered by the Curaçao gaming license? Countries like Curaçao, Belize, the UK, the US, Germany, France and the Netherlands are prohibited for the local operators. It means that the island state’s license holders can’t provide gaming services to the citizens of those jurisdictions.
Pros and cons of holding a Curaçao iGaming license?
- You can obtain the full permit for all gaming services
- Low taxation for gaming companies
- Low license fees
- Easy and transparent license application submission
- Fast consideration of the application
- The Curaçao online casino license is affordable
- Curaçao company’s ability to accept cryptocurrency
- Long period of validity
- Your permit will be issued by a master license holder whose reputation is guaranteed by the Minister of Justice of Curaçao.
- No fixed applying fee
- The Curaçao company can’t engage customers from the US and some European countries.
Why is it worth applying for the Curaçao gaming license?
The iGaming sphere is growing and blooming, it is considered one of the most profitable industries. That’s why thousands of newcomers annually come to the world of gambling. If you are among them, it is worth thinking about choosing a jurisdiction, the permit of which will guarantee the stability for your gaming company. The Curaçao legislation is pretty liberal and supports the interests of gaming businesses. Moreover, there are also very attractive licensing conditions on the island. Therefore, obtaining a Curaçao license for an online casino is an ideal option for running your platform legally.
How can LicensingAid be useful for you?
If you decide to become a Curaçao permit owner, feel free to contact LicensingAid. Our specialists can find the best solution for your gaming company. We can also help you with the preparation of documentation, filing a license application, paying of license fees and advice on all emerging issues.
- gaming businesses’ consulting;
- registration of an international corporate structure;
- licensing consulting;
- design and trademark consulting;
- turnkey casino solutions;