Gibraltar licenses for online casinos
A license for a gambling business here is a mandatory requirement for those who want to open an online casino. Even if this offshore company is included in the UK, the registration is still required. The island has gained a respectable reputation in the provision of licenses and has been popular among providers since the 1990s. The authorities strictly monitor the impeccable reputation of their state and strictly monitor license holders and accordance of the services with the issued license and legislation. There are such main advantages of the jurisdiction:
- Stability of the economic and political sector
- Small tax rate – only 1% on gambling
- The country's reputation
- Huge experience in gambling activities
- Appearance in the “white list” of the majority of countries
- No mandatory down payment and no VAT
- EU member with all rights
- Does not comply with the jurisdiction of the United Kingdom regarding the tax system
- Available to open merchant accounts.
The above characteristics are really attractive, thereby many players are already on the market and many others want to enter. This means that making a license in Gibraltar is not so easy. The issuing authority will only examine applications of exclusively verified companies with reputable, stable cash reserves that will provide a realistic business plan.Requirements for opening a license
The newcomer is obliged to provide a scheme, which indicates the activities of the company, the owners and the main counterparties, as well as a business plan. The company must have sufficient funding so that it can repay all obligations towards customers and be able to provide payments for current operations. The licensed casino is solely responsible for the veracity of the information and advertising provided, and must also provide a guarantee.
An audit for users is mandatory every year. The operator’s obligations include obtaining full information about customers: full name, date of birth, and address of residence. The operator will need to provide a payment of income tax at a rate of 1%, but not less than 85 thousand GBR and not more than 425 thousand GBR. This means that this market is not for small players for sure. Only huge players will get the real advantage of the small tax rate.
Among other things, the operator performs testing and certification of all online games that will be offered. The procedure takes place in accordance with all the norms and requirements of the island. Gibraltar is part of the British Kingdom, but in many aspects remains independent. This is true for the regulation of gambling. The Gibraltar license is one of the most difficult to obtain. Gibraltar is in the EU and is on the UK whitelist. Therefore, operators under this license have the right to advertise services in England, and their online casinos are considered European. There are such additional advantages to the region:
- Registration takes an average of 2 months
- No registration fees
- No start-up capital requirements
- In this state, it is easy to find specialists who will take care of your physical assets (servers, network administration, and etcetera)
- GRA issues a single license for all types of gambling
- Reputation, thanks to which it is much easier to start cooperation with partners and counterparties.
Gibraltar can be attributed to high-quality offshore. There are more difficulties in processing documents, fees are higher, but a business owner in the field of online casinos gets much more opportunities in developing. A huge number of companies are registered precisely on the island to become a member of the EU community. The state is already included in it, so any online casino can become European.