Our team of lawyers helps with all legal issues when opening an online casino or betting platform. We also provide legal services for opening bank accounts in offshore and foreign zones where gambling activities are allowed. In this material, we will discuss how to open a bank account for a gambling project and which banks will be gambling friendly.
What types of accounts are needed to run a gambling business?
To run a gaming business, it is obligatory to have a trading account to process customer transactions and a bank (current) account for holding income from the business. Any gambling business owner should have these two accounts.
Difficulties in opening a bank account
There are a number of things to consider before you open a bank account. Usually, having a bank account in a specific country is one of the gambling license requirements. Before opening a bank account, you need to research the rules of the jurisdiction where your company is registered. Often, in order to open a current account for gambling, entrepreneurs choose the following regions:
Regulation of gambling business in European countries may differ. In some countries, you will not be able to open a bank account or register a company due to the ban on gambling. However, in jurisdictions where gambling is legal, there are a lot of banks that allow online gambling, so it is possible to open accounts there.
In Asian countries gambling is often forbidden for locals. In most Asian regions gambling exists only for foreigners. It is worth bearing in mind that you can open a bank account only in the country where you have received a gambling license.
In Africa, as in most of Asian countries, you can open a bank account for gambling only in the country where a license was obtained. However, the requirements and legislation differ from jurisdiction to jurisdiction, so we advise you to consider this issue well in advance. Some jurisdictions may require a deposit, which will be used to cover future payments and tax liabilities, as well as serve as a guarantee in case of fraud.
Getting a gambling license and opening an account in an island country could be a good idea, for example, Curacao, Malta and other jurisdictions are very popular for gambling companies. However, it is worth remembering that the gambling industry is a high-risk industry, so you may encounter some problems when approaching banks.
Range of services LicensingAid provides for opening a bank account
You can contact our experts and sign up for a consultation on opening an account for gambling. LicensingAid lawyers will help you to figure out the legal requirements of the chosen country, as well as to find out what the possibilities and options for opening an account are. In addition, we provide services aimed at preparing a complex package of documents and providing legal support of the process.
What you get after opening a bank account
Only a legal entity can open a bank account for casinos. Here is a list of required documents:
- Documents for identity verification and residence.
- Documents about the company: registration documents, articles of association, company regulations, extracts, etc.
- Documents confirming the personal financial status and financial situation of the company. Integrity of receipt of money must be confirmed by certificates from the accounting department and other documents required by representatives of the bank.
- Confirmation of licensing (software, games, etc.).
- Business plan.
It is important to be aware that the documentation package may vary depending on the jurisdiction and type of the license you choose.