Written by FirmEU
Nowadays, if you want to play poker, blackjack, or just plain old roulette, everything is available on the internet. You must have stumbled upon the many advertisements by online gambling companies scoured throughout the internet. iGaming has become a major trend and instead of wasting your money on these platforms, how would it sound to become an owner of an (online) casino with an appropriate gaming license with which you will reap rewards instead of losing them?
The first step in acquiring the gaming license is to open a limited liability company in Curaçao. The documentation required to open this online casino company is similar to company registration in many other jurisdictions. An exemption on this is that a utility bill no older than 1 month is needed for an address registered in Curaçao. Because of this having either a physical office in Curaçao or a resident director is mandatory.
Before the Gambling Authorities issue a gaming license to a casino, they require a detailed description of the gambling business, its data and financial reports, auditing information, a description of games and their systems, and more.
Not only does having a gaming license affirm that the players know that you operate a legitimate site and that payouts and safety are guaranteed, but it is also needed in the process of buying legal (gambling) software from producers and integrating payment systems like credit cards, crypto, etc.
The Curaçao gaming license is especially attractive due to being very obtainable (2-4 weeks) and cheaper than other gaming licenses (Malta/UK).
Some of the main advantages of having a Curaçao license is that Curacao-registered online casinos are registered in the territory of Curaçao. This means that you will have to pay up to 2% income tax and a 6% sales tax. Overall income there is no additional VAT. Also, there are no limits on withdrawing dividends.
Another form of online casino raising in popularity worldwide is the crypto casino. These casinos allow their users to use cryptocurrency as currency during their gambling activities. The good part is that for this type of casino, you do not require any other different gaming license however the company does have to be in line with the regulator’s crypto guidelines.
Another thing worth noting is that Curacao-licensed crypto casinos are not allowed to act as an exchange or a financial services authority, and they are not allowed to change a virtual currency such as Bitcoin into fiat currency. You can, however, use a third-party payment services provider to carry out this procedure for you while staying in line with Curaçao law.
One of the biggest challenges companies active in the (I)gaming and betting industry face are C2B payments and payments across their services, affiliates, and providers. This sector is considered to be high-risk by the banking sector. FirmEU specializes in opening bank accounts for the high-risk industry. Accepting payments from your customers is a critical part of your business while making payments to affiliates keeps the customers coming, but costly and risk-averse providers are making it ever more difficult.
FirmEU has acquired solutions to alleviate some of the high-risk banking challenges our iGaming customers face, by enabling the right payments on both a C2B and B2C level.
FirmEU can help you obtain many different Gaming Licenses (B2C, B2B) for a variety of gambling activities. FirmEU can also assist with obtaining a bank account (B2C, C2B), (crypto) casino structuring, Curaçao resident director, a third-party payment service provider or simply setting up the company in Curaçao, feel free to reach out! You can contact us through our website or e-mail [email protected] or call us @ +31 (0)6 82918628.
Our team is happy to help!
30 November 2023