The New Curacao Gaming License: Requirements, Costs, Countries, and Process
In recent years, Curacao has emerged as a prominent player in the online gambling industry due to its flexible regulatory framework and attractive tax incentives. The Curacao Gaming Control Board, which regulates online gaming on the island, introduced a new gaming license in a bid to enhance its reputation and offer a more robust framework for operators. This article delves into the details of the new Curacao gaming license, exploring its requirements, costs, eligible countries, and the application process.
New Curacao Gaming License Requirements
1. Corporate Entity
Applicants for the new Curacao gaming license must establish a legal corporate entity in Curacao. This entity will be the operator’s base of operations and must adhere to local laws and regulations.
2. Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations
Operators must implement robust AML and KYC procedures to prevent money laundering and ensure the legitimacy of their customers. Compliance with international standards is crucial.
3. Technical Requirements
Operators must meet specific technical requirements to ensure fair and secure gaming. This includes the use of certified software and hardware, as well as regular audits and testing.
4. Responsible Gaming Measures
The new license mandates operators to implement responsible gaming measures, including self-exclusion programs and age verification processes.
New Curacao Gaming License Costs
The cost of obtaining a Curacao gaming license varies depending on the type of license and the services required. It is about USD 80,000 per annum
As of the latest information available, the fees include:
1. Application Fee
The application fee can range from $6,000
2. License Fee
The annual license fee varies, with the most common type of license costing around $40,000 per year.
3. Compliance and Renewal Fees
Operators must pay ongoing fees for compliance and license renewal, which can range from $1,500 to $6,500 annually.
It’s important to note that these costs are subject to change, so potential licensees should verify the latest fee structure with the Curacao Gaming Control Board.
New Curacao Gaming License Countries
The new Curacao gaming license is accessible to operators worldwide, making it a popular choice for online gaming companies looking for a global reach. There are no specific country restrictions for obtaining a Curacao gaming license.
New Curacao Gaming License Process
Obtaining a Curacao gaming license involves several steps:
1. Preparing Documentation
Operators must gather and submit the necessary documentation, including corporate documents, AML/KYC policies, technical information, and financial records.
2. Application Submission
Applicants submit their documents to the Curacao Gaming Control Board, along with the required fees.
3. Due Diligence
The Gaming Control Board conducts due diligence checks on the applicant and their business.
4. License Issuance
Once approved, the license is issued, and the operator can legally offer online gaming services.
5. Ongoing Compliance
Operators must maintain compliance with Curacao gaming regulations and undergo regular audits and inspections.
FAQs about the New Curacao Gaming License
1. Who can apply for a Curacao gaming license?
Any legal corporate entity can apply for a Curacao gaming license, regardless of their location.
2. How long does it take to obtain a Curacao gaming license?
The timeframe can vary, but it typically takes a few months from application submission to license issuance.
3. What types of games can be offered under a Curacao gaming license?
The license covers a wide range of games, including casino games, sports betting, and lottery.
4. Is there a minimum capital requirement to obtain a Curacao gaming license?
There is no fixed minimum capital requirement, but operators must demonstrate financial stability.
5. Can I operate in regulated markets with a Curacao license?
Operators must comply with the laws of the jurisdictions in which they operate. Some countries may require additional licenses or approvals.
6. Are Curacao gaming licenses internationally recognized?
While Curacao licenses are not as widely recognized as those from some other jurisdictions, they are accepted in many markets and offer certain tax advantages.
7. What are the tax implications of a Curacao gaming license?
Curacao offers favorable tax rates for gaming operators, with no taxes on profits generated outside of Curacao.
8. Do I need to have a physical presence in Curacao to obtain a license?
While a physical presence is not mandatory, you must establish a legal corporate entity in Curacao.
9. What is the cost of license renewal?
License renewal fees about $20,000.
10. How can I verify the authenticity of a Curacao gaming license?
You can verify the authenticity of a Curacao gaming license by checking the official website of the Curacao Gaming Control Board or contacting them directly.
The new Curacao gaming license presents an appealing option for online gaming operators seeking a cost-effective and flexible regulatory environment. Understanding the requirements, costs, eligible countries, and the application process is crucial for those considering obtaining this license. As with any regulatory framework, it’s essential to stay updated on any changes or developments in the Curacao gaming industry to ensure continued compliance.
Curacao Sub-Licensee Registration Process
If you’re an operator working under a master licensor’s umbrella, you can maintain your current operations but are required to undergo registration with the Curacao Gaming Control Board (GCB).
- This registration process is exclusively available to operators who are physically based in Curaçao and are currently operating under a pre-existing license issued in accordance with the National Ordinance Offshore Online Gaming (NOOGH). Through this online portal, eligible operators can not only register themselves but also update their account information when necessary.
- To initiate the registration process, operators are expected to provide the essential details via the portal. This step is essential for the GCB to validate the legality of their establishment in Curacao and confirm that they are operating in full compliance with an existing gaming license.
- To obtain a gambling license in the jurisdiction of Curacao, you must first establish a local limited liability company (B.V. or N.V.).
Company names must be in Latin transcription and individualized. Also, company names should describe only the real activities of the company and not be misleading.
- In accordance with the requirements of the law, a company in Curacao must have a registered address in Curacao in the e-zone and be registered in the chamber of commerce. The company must also appoint a local agent representative who will manage the company in Curacao or appoint a local resident managing director in the place of the local agent.
Company Registration for Curacao Gambling License
Obtaining a gambling license in Curacao necessitates the establishment of a local limited liability company (B.V. or N.V.). The process involves several key considerations:
- Company Naming: Company names must be in Latin transcription and unique, ensuring that they accurately represent the actual activities of the company. Misleading names that do not reflect the company’s operations are not permitted.
- Registered Address: Complying with legal requirements, a company in Curacao must have a registered address within the e-zone of Curacao. The e-zone is a designated area with specific benefits for businesses.
- Chamber of Commerce Registration: Companies must be officially registered with the Curacao Chamber of Commerce. This registration process involves providing necessary business details and complying with local regulations.
- Local Agent Representative: Companies established in Curacao need to appoint a local agent representative. This representative plays a crucial role in managing the company’s affairs within Curacao, ensuring compliance with local laws and regulations.
- Alternatively, a company can opt to appoint a local resident managing director instead of a local agent representative. This individual assumes responsibility for overseeing the company’s operations within Curacao.
These requirements are essential steps in establishing a legal entity in Curacao and serve as the foundation for obtaining a gambling license. Adhering to these prerequisites is crucial for operators seeking to enter the online gambling market under Curacao’s jurisdiction.
What is the purpose of this Portal?
This Portal is intended for:
1. the application for an online gaming license pursuant to the National Ordinance on Offshore Games of Hazard (Landsverordening buitengaatse hazardspelen, P.B. 1993, no. 63) (NOOGH) by operators that wish to acquire an online gaming license directly from the Curaçao Gaming Control Board (GCB), and
2. the registration of operators, in practice, called sub licensees, that are currently offering online gaming in Curaçao on the basis of a contractual agreement with an existing license holder and that wish to acquire a Curacao online gaming license under current or future Curaçao law.
Does a registration as sub licensee automatically entail an application for a license under current or future legislation?
No. Registrations as such will not be handled as an application or request for any kind of privilege, license or authorization.
Who are considered sub licensees that may register themselves on this Portal and when will it be possible to register?
Only operators legally established in Curacao and operating under an existing license issued on the basis of the NOOGH are allowed to register themselves through this Portal and to update their account where required.
Can the GCB terminate an account?
When will it be possible to apply for an online gaming license under the NOOGH?
As of November 15, 2023, the GCB shall be accepting and processing online gaming license applications. Online gaming licenses shall be based on the current law (NOOGH) and shall be granted directly by the GCB.
Who is eligible for an online gaming license and how?
The applicant for the license must be a legal entity that has been incorporated under the laws of Curaçao and has its registered office in Curaçao.
Only applicants that do the following critical activities are eligible for a license:
• Player management: registration and verification of players, and
• Funds management: engaging in financial transactions, manage players’ funds (deposit and withdrawals), and creating bonuses or other incentives.
The applicant should fill out and submit an Online Gaming License Application Form, a Business and Corporate Disclosure Form and a Personal History Disclosure Form
What will the application review for a license application process entail?
Within the handling of the license application, the GCB will focus on:
1. the integrity of the applicant, its ultimate beneficial owners, its holders of a qualifying interest, its statutory directors, its managing directors and its compliance officers;
2. the financial integrity of the applicant’s organization;
3. delivery channels and their accessibility from the players’ standpoint.
What is the purpose of this Portal?
The primary purpose of this Portal is to facilitate:
Applications for online gaming licenses in accordance with the National Ordinance on Offshore Games of Hazard (Landsverordening buitengaatse hazardspelen, P.B. 1993, no. 63) (NOOGH) by operators who seek to obtain an online gaming license directly from the Curaçao Gambling Control Board (GCB).
Registration of operators, often referred to as sub-licensees, who are currently providing online gaming services in Curaçao under contractual agreements with existing license holders. These operators aim to secure a Curacao online gaming license under the current or future laws of Curaçao.
Does registering as a sub-licensee automatically mean applying for a license under current or future legislation?
No, registering as a sub-licensee does not constitute an application or request for any form of privilege, license, or authorization.
Who qualifies as sub-licensees eligible to register on this Portal, and when can registration take place?
Only operators with legal establishments in Curacao and operating under an existing license issued based on the NOOGH are permitted to register through this Portal and update their account details when necessary.
Can the GCB terminate an account?
When can applications for an online gaming license under the NOOGH be submitted?
Starting from November 15, 2023, the GCB will accept and process online gaming license applications. These licenses will be granted directly by the GCB based on the existing law (NOOGH).
Who is eligible for an online gambling license and how can they apply?
- To be eligible for an offshore gaming license, the applicant must be a legal entity incorporated under the laws of Curaçao and have its registered office within Curaçao.
- Eligibility is limited to applicants engaged in the following critical activities:
- Player management, including player registration and verification.
- Funds management, which involves financial transactions, managing player funds (deposits and withdrawals), and creating bonuses or other incentives.
- The applicant is required to complete and submit an Online Gaming License Application Form, a Business and Corporate Disclosure Form, and a Personal History Disclosure Form.
What does the application review for a license application process involve?
During the license application evaluation, the GCB will focus on:
- Assessing the integrity of the applicant, ultimate beneficial owners, holders of qualifying interests, statutory directors, managing directors, and compliance officers.
- Evaluating the financial integrity of the applicant’s organization.
- Examining delivery channels and their accessibility from the players’ perspective.
Online Gaming License Application Forms
To initiate the application process for an online gaming license, several mandatory forms must be completed:
1. Online Gaming Application Form
This form is to be filled out by the official representative of the company and is a crucial part of the application submission.
2. Personal History Disclosure Form
Every qualifying individual associated with the company must complete this form, providing essential personal information.
3. Corporate and Business Information Form
Similar to the Online Gaming Application Form, this form should also be completed by the official representative of the company and is a fundamental requirement for application submission.
Online Gaming Resources
This section provides supplementary materials pertaining to the online gaming license application process:
1. Business Plan Submission Guidelines
When submitting the Online Gaming Application Form, it is mandatory to include a comprehensive business plan. The guidelines provided here outline the minimum requirements and expectations for the business plan.
2. Online Portal User Manual
For assistance in navigating the Online Portal, detailed instructions are available in the Online Portal User Manual. The latest version is dated 09/11/23 and offers comprehensive guidance.
3. Online Portal Authorization Letter
To streamline communication during the application processing phase, the online portal mandates the designation of a single authorized email address. This Online Portal Authorization Letter ensures that this email address serves as the sole point of contact on behalf of the applicant.