Isle of Man online casinos licenses
In this jurisdiction, the Gambling Supervision Commission began issuing licenses to online casinos in 2001. This was the world's first licensing case for an online project, so this jurisdiction had enough time to become one of the most popular on the market. The island releases universal licenses for all types of the gambling business. It is attractive to all licensed casinos because it is happily accepted in the offices of any software developer. This is the reason for the huge demand on the services and complicated rules for getting the registration. This is how the mechanism regulates competition. The control commission sets the following requirements:
- The company must be registered on the island. If you decide to get a license in this jurisdiction, then the entire start-up of the company should be carried out here;
- Registration of customers (players) must occur on the island. In practice, this means placing servers in this jurisdiction;
- Availability of bank accounts in a local financial institution;
- The company must hire a resident of the Isle of Man.
The regulator of the jurisdiction of the island closely monitors the work of operators. Representatives ensure that the rights of players are strictly protected. The tool evaluates from which regions the traffic comes from. The entry on the market on average costs 50-60 thousand pounds per year, which is not the easiest offer among the gambling regions. Anyway, the costs are effective for many businesses. The cost of the process includes such elements:
- £ 35 thousand - for the use of a license per year;
- With a gross income of up to £ 20 million, the tax will be 1.5% of the profits per year;
- If gross income is in the range of £ 20–40 million, the tax is 0.5% of revenue, per year;
- Income over £ 40 million is taxed at a rate of 0.1% of profits per year;
- 15% of the player’s pool taxes are paid by the owners of the sweepstakes;
- 15% of the profits paid by bookmakers.
Jurisdiction allows operators to get a sub-license, which costs much less - around £ 5000. Such a document may issue a full license holder. The Isle of Man is a popular jurisdiction for obtaining an online license. As in Curacao, the operator can get a full license or a sub-license. A full licensed casino is registering in the local gambling commission, while the sublicense is issued by the owners of a full license. Not all types of gambling require licensing. No permission is required for the national lottery of the United Kingdom and the island, for those who already have a license for a casino, for example. The company must have at least two local directors. Corporate tax is 0%, but operators cannot accept rates from the island residents.Concluding
Since 2001, this jurisdiction has begun to issue licenses to online casinos. Over the past three to four years, the regulatory framework has been completely improved, which has led to the fact that a large number of partners around the world work with it. Features of obtaining a license on the Isle of Man are as follows:
- Gambling is not divided into subtypes. This means that whether you want to register an online casino or a bookmaker, you need to submit a ingle package of documents;
- The possibility of obtaining sublicenses and the ability to work on behalf of some large brand. In the future, you can count on a separate operation if you wish to disconnect;
- The legislation used is British, therefore belonging to the European community and makes it possible to use structured and controlled rules;
- Registration time on average is two months.;
- Registration Fees are £ 1,000 and must be paid for filing documents;
- There are no established norms about the capital;
- The annual renewal of a license is 35 thousand pounds, and sublicenses cost 5 thousand pounds;
- The company must have two directors and an authorized resident acting as the representative.
As you can see, the jurisdiction is more developed for big players and offers useful tax rates for them. For small players, it makes sense to find some cheaper jurisdiction, such as Costa Rica.