icking the perfect jurisdiction for your startup online gambling business can be tricky. There are lots of things to consider including licensing costs, tax, stability, and the overall business environment. As an entrepreneur with a lot of things on your plate, it can be tough knowing what to look for and where. An increasing number of jurisdictions are offering licensing, but the benefits and stakes vary considerably.
For small businesses and entrepreneurs looking for a cost-effective, fast, and reputable online gambling licensing option, Curacao is the obvious choice. Over the last few years, we have worked with several brilliant, young, and tech-savvy entrepreneurs to open their eSports, online casino, and other online gambling businesses successfully. If you are a startup, looking for an operational home here is all you need to know about the Curacao license.
Why you need a license
Anyone wishing to operate any kind of online gambling platform is required to hold a license. This license must be issued by the authority of the jurisdiction where the platform is located. Holding a license is a legal requirement and it also allows you to open settlement accounts, use third-party payment processors, and contracting with game providers. In addition to this, you will gain credibility and trust with your customers.
Curacao requirements for an online gambling license
Each license issuer has different requirements for those wishing to hold a license for an online gambling company.
In Curacao, applicants are required to provide a police clearance certificate, various identification documents, and a utility bill. They should also present a banker’s reference and a professional letter of reference from an accountant or lawyer. These are to show that you are a person of proper conduct and are fit to carry out your operations.
Applicants are also required to provide proof of domain ownership, responsible gaming policies, AML policies, and copies of all software agreements. Details of the third-party random number generator certificate are also required to be submitted.
Curacao has been issuing online gambling licenses since 1996, making it one of the first jurisdictions to do so. The licensing authority offers one license which covers all kinds of online gambling. It also includes service providers, software providers, and those supplying products to online casinos, slots, sports betting, eSports betting, lottery, and games of skill and chance.
This makes applying for a license relatively easy as there is only one application process to complete. For those setting up their first business, this is especially important as it gives you more time to focus on other business matters.
Ease of acquiring a Curacao license
Curacao is one of the easiest places to get an online gambling license. You only need to apply for one license and the process is straightforward. The amount of paperwork is limited, and the license can be issued in as little as two business days if everything is in order.
As a startup or entrepreneur, this is great news. You can be up and running in just a few short weeks.
Once the license is in hand, maintaining it is also relatively stress-free. You are required to keep financial records, adhere to fair gaming, responsible gaming policies, and ensure your company description of activities is up to date.
Different jurisdictions have different cost structures for licensing processes. Curacao is one of the most cost-effective licenses available. Providers such as Fast Offshore offer turnkey packages, tailored to the client's needs and all for a fixed fee. This includes setting up corporate structures, accounts, payment processors, and the whole license application process.
Annual fees and renewals are also low, and most importantly, there are no surprises a year or two down the line.
For first-time operators, this means that a larger chunk of capital can be spent on marketing, product development, and the website, rather than licenses and other corporate matters.
Online gambling operators in Curacao can enjoy a 0% VAT rate and 0% on corporate revenue. This is much lower than competing jurisdictions, yet it still adheres to international rules. This is also a big benefit for small businesses and startups who may be conscious of saving money.
Keeping costs low during the set-up phase and the first years of operation are integral to success for smaller enterprises. The funds that are saved can be ploughed back into the business or used to apply for additional licenses in the future.
Curacao is a stable and thriving economy. It has an extensive history in working with startups and entrepreneurs that has translated into a modern and compliant environment. Its legal system operates under Dutch law and it has strong ties with Europe and EU Member States. Its workforce is multilingual, educated, and experienced in iGaming and financial services.
For innovative entrepreneurs looking for a new license or their first license, Curacao is an excellent choice.