Ron Mendelson is the Director of Costa-Rica based International Business & Corporate Services consultancy firm, Fast Offshore. With over 24 years of real-world experience in iGaming Licensing and Payments, Regulatory Compliance, Tax-Efficient Corporate Structuring, Incubator and other Hedge Fund Licenses, Blockchain and Cryptocurrency related services, he advises a number of international clients on their business needs in the Americas, Europe, and beyond.
Picking the right jurisdiction for your online gambling company is one of the most important decisions you will make when it comes to getting started. It will define how much you need to invest, what rules you must abide by, how much tax you pay and even whom you can target your services. If the Isle of Man is on your radar, iGaming industry consultant Ron Mendelson lists in his latest column for Yogonet some reasons you should consider seriously.
It is highly reputable.
The Isle of Man online gambling license is among the most respected and reputable worldwide. Its reputation is based on a combination of rigorous application and ongoing maintenance requirements and an experienced and extensive history in the sector. Those that acquire an Isle of Man online gambling license can enjoy a sterling reputation, as well as confidence from customers and service providers alike. Anyone who knows that you hold the Isle of Man license will understand that you are a serious, ethical, and extremely professional operator. In terms of your customers, this can be a massive boost for them and make them much more likely to gamble with you and spend more money.
It is tax efficient
When you start an iGaming company in the Isle of Man, you also enjoy some tremendous fiscal incentives. The island has a very competitive fiscal framework with a corporate tax rate of zero. This means that any revenue generated outside the territory by the iGaming company is not required to pay income tax. There are, however, other taxes to pay, such as the gaming tax, but the rate is low. Operators will pay between 0.1% and 1.5% of all their gross gaming yield rather than the total turnover. In addition, those holding a license will also enjoy zero capital gains tax.
In terms of infrastructure, the Isle of Man has it all. The island enjoys super efficient internet, mobile coverage and phone lines, a quick and efficient corporate legal system, functioning and fair courts, and plenty of great service providers. Due to its long history with iGaming, you can work with local data centres, game providers, payment services, marketing and affiliate agencies and everything in between. Al professionals are familiar with the gambling sector, and you will find everything you need, to a super high standard, in one place. This makes running your business super straightforward and includes partnering with Fast Offshore, and you cannot go wrong!
Close EU and UK links
The Isle of Man is a self-governing British dependence between England and Ireland. It has never been and is not a part of the UK or the European Union and does not have any representation in London or Brussels. It has its government, parliament and laws, but its people are British citizens, and the head of state is the King of England. While this might sound confusing, it is nothing to worry about. Instead, its relationship with the UK brings many benefits, not to mention the association with one of the world’s leading financial players. While the UK is also not a member of the EU, the Isle of Man does have a special relationship with the bloc, as defined by Protocol 3 of the UK’s accession treaty. That said, it does not receive or give any funding to the bloc, nor is it represented in European Parliament, but it trades with EEA countries easily.
It is simple
The gambling company registration process is relatively straightforward as long as you have the right corporate partner helping you. While it is more complex than some other jurisdictions, with guidance, it will not negatively impact you. There is just one license to apply for and the entire process, as long as your documents are submitted in order and on time, takes between 12-16 weeks. Requirements include a clean criminal record, passport copies, bank references, proof of address, games, a business plan, a certified RNG, software details, target market information, and local servers, amongst others. We will tell you precisely what you need to submit before checking them and ensuring everything is in line before we apply. We can also take care of all ongoing corporate maintenance per your wishes and requirements.
Value for money
The cost is also higher than in some other jurisdictions, but it comes with the added benefits we mentioned. The best approach is to tell us what you need, and we will break down the cost for everything and present you with a transparent quote. At Fast Offshore, we offer custom solutions and turnkey packages to suit your needs, each with complete transparency and professionalism. In other words, we will never charge you for something you do not need.
For all your corporate, business, fintech, gaming, and payment needs, Fast Offshore is here to help. We have been experts and leaders in the field for over 25 years (and counting), and our experience is unparalleled. For professional and transparent assistance every step of the way, contact us today and let us guide you.