Curacao: A leading Gaming Jurisdiction
Updated: Sep 15
Reading the titles of news articles of the past year, has been a soul-crashing experience, from failing health systems and illness to failing economies and loss of job globally has been the predominant information that we have consumed continuously.
Reading the titles of news articles of the past year, has been a soul-crashing experience, from failing health systems and illness to failing economies and loss of job globally has been the predominant information that we have consumed continuously. While land-based betting and casinos have faced some of their worst financial quarters in history, recent studies have shown that the online gambling industry is facing and will continue to experience a rise in players and figures.
The online gambling industry has grown dramatically in recent years as a result of the introduction of new and dynamic technology. When other markets are experiencing a downturn, the iGaming industry continues to thrive since new solutions to meet client expectations are being developed on a daily basis.
At a cumulative annual growth rate (CAGR) of 10.8%, the worldwide gaming market is predicted to expand from $465.76 billion in 2020 to $516.03 billion in 2021.
Why do you need a gambling license?
All casino operators who want to run a legitimate business and convince customers that the games they offer are not rigged must obtain a gaming license. A license also signifies transparency in corporate operations, as well as the safety and credibility of the gaming software provided to clients.
Taking for granted that a license to operate is a must, an operator needs to choose a jurisdiction to apply for a license. Doing so is a taxing process as many variables need to be taken into consideration.
The reputation, licensing requirements, difficulty in application, duration of the application process, initial and annual expenditures, and taxes applied are all important aspects to consider when choosing a country. One of the most popular jurisdictions, as it ticks most vital boxes, is the Curacao gaming license.
Curacao Gaming License
The Curacao e-gaming license is one of the most widely used e-gaming licenses in the world. Due to its popularity, there are around 450 licensed and operational online gaming firms within the jurisdiction. Curacao enacted some of the world's first rules governing the internet gaming business in 1993. Currently Curacao enjoys its title as one of the leading remote gaming centres in the world. With the exception of USA, UK, Netherlands and France, a Curacao license will allow you to provide services in practically any country in the globe.
Benefits of a Curacao License
An attractive fact of Curacao as a licensing jurisdiction is that it offers one license encompassing all B2C and B2B operations.
• Poker rooms
• Sports Betting
• Sale & Distribution of API
As Curacao was one of the first jurisdictions to understand the possible growth of the online gambling industry, it was one of the first to enact laws to regulate the industry. With almost 30 years of experience in the industry, the laws of Curacao have been amended and honed to provide advantages for operators whilst adhering to transparency and safety.
Even though having one all-encompassing license simplifies the application nonetheless the application process has technical aspects that an operator needs to study, comprehend and take into account. Our team of specialists can alleviate any hurdles and assist you every step on the way, from acquiring a license to creating your bank structure.
E-Zone Net Profits Tax
One of the most advantageous reasons for choosing Curacao as your licensing jurisdiction is to obtain an E-zone permit, which allows the company to benefit from a special tax regime in which the Curacao company pays only 2% of its net income. The unique tax exemption is in effect until December 31, 2025. An E-zone permit can only be held by a Curacao company. Additionally, a Curacao licensed operator is not subject to VAT or corporate profit tax.
To obtain a Curacao license, you must first establish a business in the country's E-Zone. It means that all servers and hosting must be done in Curacao, but the company can be run from anywhere on the planet.
Furthermore, the software used by your online gaming company should be reviewed for fairness to guarantee that the results are random.
In-depth explanation of each and every step and assistance in the application process is what our team can do for you.
EU-Cyprus Payment Processing Agent
One of the biggest problems online gaming companies are facing is the processing of payments. Globally, online gambling is considered as a high-risk industry and accompanied with the fact that Curacao is usually branded “high risk”, it has become increasingly difficult for offshore enterprises in Curacao to make and take internet payments. Payment service providers frequently refuse to accept card payments from areas that require a local license.
Our team can offer a solution to this problem, through an EU-Cyprus Payment Processing Agent. A processing agent is a corporation that is a part of the structure that handles payments for the website that provides online gaming services and is paid a fee to comply with any tax regulations. Cyprus is a perfect jurisdiction for such an establishment as it is an EU member state, enjoys low tax rates and an array of payment providers to choose from.
THE CHALLENGE WHEN APPLYING FOR AN ONLINE GAMBLING LICENSE IN CURACAO
As mentioned above, one of the biggest problems online gaming companies are facing is the processing of payments. Any operator knows that online transactions for online gambling companies is one of the key components of the business and needs to run smoothly. Usually, Curacao licensed corporations are finding it difficult to make and take online payments and run into a slew of legal issues, including difficulties opening bank accounts.
Our team can offer a solution to this problem, through an EU-Cyprus Payment Processing Agent.
This is where we can help.
HOW WE CAN ASSIST WITH THE SET UP OF YOUR CURACAO ONLINE GAMING
BETCONSULTANT.CY offers a wide range of expertise in the online gambling businesses.
BETCONSULTANT.CY has developed a wide range of services to help its clients succeed in their respective industries.
Corporate strategy, licensing applications to various jurisdictions, regulatory compliance, due diligence, risk management, intellectual property, designing & marketing, opening and managing bank accounts are some of the services we provide to our clients. We are a one stop shop for the online gambling industry and for online businesses in general.
*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.
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