How to get a Gibraltar gambling license
In order to legally conduct gambling business, entrepreneurs seek to obtain a license confirming the legality of their work. Gibraltar gambling license has become one of the most sought-after permits, providing state guarantees and comfortable conditions for work.
Peculiarities of jurisdiction
The issuing of permits for gambling activities on the island, which is a part of Great Britain, began in the late 90s of the last century. In 2005, the rules of issuing Gibraltar gambling license were brought in line with modern realities.
Gibraltar belongs to offshore zones, but it has a stable economic and political situation and is a country with an impeccable reputation. All types of gambling activities are subject to licensing:
- bookmakers and their intermediaries;
- gambling operators;
- slot machines and lotteries;
- online casinos.
If a company intends to work in several areas of gambling, several licenses will have to be obtained. The Licensing Department is in charge of issuing permits, and a special commission controls the work of licensees.
Gibraltar's gambling license offers a number of advantages for gambling:
- the country is part of the EU and opens its doors to the European market;
- gambling legislation has been perfected and is independent of British legislation;
- the state provides guarantees and promotes development;
- soft taxation and no value added tax;
- You do not have to pay an initial fee when applying for a license.
Companies that meet local legal requirements and can ensure successful operations, timely payments and compliance with laws are eligible to apply.
There is one unpleasant nuance in these requirements - only those companies, which have already proved themselves with the best side in gambling, can get a license. In other words, Gibraltar gambling license is available only to experienced operators with a proven reputation, it is almost impossible for beginners to get such a permit.
Procedure for obtaining a license
Together with the application, applicants submit a number of documents confirming the legality of the business, its financial capabilities, including a business plan for the coming years, development forecasts, data on the owners and employees of the company, financial results of previous activities, etc.
The regulator imposes requirements on the advertising campaigns of licensees, controlling the accuracy of the information provided. It is prohibited to address advertising to citizens of states where gambling is illegal.
The financial capacity of the licensee must provide the necessary payments to players and be sufficient for running costs. The software must be certified by independent auditors listed as authorized in Gibraltar for this procedure.
The certificate is awarded to software that complies with approved technical specifications, guarantees security and protection of users' personal data, operates smoothly and has mechanisms for fast recovery in case of failure.
Operator's work in the jurisdiction
The licensee's activity is regulated by an approved code, in which all rules and restrictions are prescribed. In addition, companies are obliged to comply with the requirements of national and EU legislation, in particular those related to anti-money laundering.
Once a Gibraltar gambling license has been granted, the data provided by the licensee is audited annually to ensure compliance with the requirements of the regulator. Companies are required to independently monitor financial activity and provide regular reporting.
The cost of the license depends on the types and scale of activities. The term of validity of the license is 5 years. The license is renewed annually, for which a fixed fee must be paid.
License holders are obliged to remit 1% of income tax, but not less than $108 thousand and not more than $540 thousand (payment is made in pounds sterling at the exchange rate). The fixed payment range for large operators operating under a Gibraltar gambling license is very favorable, unlike the tax rates of numerous other jurisdictions. The operating conditions are the same for all gambling companies.
Conclusions
- A stable economy and politics make Gibraltar attractive for gambling.
- It opens the way to the European market.
- Serious licensing requirements, shutting out unstable and illegal market players.
- Low taxes and low permit fees.
- Incentive policies, state guarantees.
- Transparent rules for the gambling industry when complying with the requirements.
Source : https://logincasino.com/
