Why Should I Choose Curacao to Get a License: One of the Cheapest Permits

Many investors opt for Curacao to open a gambling business. This decision is influenced by loyal requirements, low taxation, a short permitting period, and one of the world’s best reputations in the field. But for the activities of a company, you need the cheapest online gambling license and follow the rules.

Types of Permits and Regulation

Curacao has excellent conditions for business: developed infrastructure and political and economic stability. Since 1993, the National Gambling Ordinance has been approved, making online casinos legal. But already in 1996, the state began to permit companies.

The CGCB (Gaming Control Board) is the regulatory body for combating money laundering. The Ministry of Finance of Curacao and the FIU regulate gambling.

Curacao issues two classes of permits:

• Master Gambling, which is issued one-time by the Ministry of Justice and is valid for 5 years;
• Sub-license is issued by the owner of the Master Gambling permit, and its validity does not expire as long as the primary permit is valid, thanks to which it was obtained.

Since 1996, there have been only 4 Master permit holders in Curacao. Therefore, operators planning to engage in the business legally will only be able to obtain a Sublicense from one of the four Master permit holders.

Why is It Profitable to Open a Business in Curacao?

Statistics show that every year the gambling industry in Curacao is snowballing. It is due to many positive aspects that affect the development of the business in this jurisdiction:

• favorable stable environment;
• ensuring security through strict requirements and current legislation;
• high reputation among gamblers all over the world;
• attracts many leading game providers;
• no corporate tax and a small tax on net profit – 2%;
• inexpensive and fast licensing (1 – 1.5 months).

All these advantages make Curacao an advanced jurisdiction for starting a gambling business.

What is Required to Permit?

To obtain a Sublicense, you must meet several requirements. First of all, you need to register an organization in Curacao and prepare a package of documents required for obtaining Curacao license: an application, a copy of a passport, a resume and letters of recommendation from a bank, a paper of no criminal record, utility bills (received no earlier than 3 months from the date of application for the Sublicense). The terms of consideration of the submitted package of documents will depend on the holder of the Master License. Therefore, it is recommended to prepare all documents carefully and without errors because the slightest inaccuracy may lead to refusal to obtain a Sublicense.

After that, you must pay the state licensing fee and wait for a response to your application. In case of a positive result, your company will be issued a Sublicense.

Please note that a special commission will thoroughly inspect the gaming platform for compliance with technical and operational requirements and full readiness to provide services to gamblers. This commission will be sent to your company by the owner of the Master License.

Licensing costs may vary depending on which of the 4 Master License holders you will receive the Sub-License from.

Is It Possible to Update the Legislation for the Gambling Business?

In 2023, it is planned to introduce new legislation into force, which will completely change the process of licensing the gambling business.

It is planned to form a new CGA Regulator based on the Curacao Gambling Authority instead of the CGCB. This Regulator will issue two stand-alone B2C and B2B licenses instead of Sublicenses. Organizations that have been licensed under the previous requirements will be able to be licensed under the new legislation. For such re-registration, companies will be given 1.5 years. Therefore, organizations with a Sublicense find it easier to reconfigure their gambling business per new requirements than those who only plan to launch it.

An organization applying for a new license must pay a state fee of 4,000 euros. Moreover, it will be necessary to pay an annual license fee of 12,000 euros. It is also planned to introduce new taxation for the gambling business.

It is necessary to appoint responsible persons for compliance with control over illegal money transfers (of AML officers) and to provide fair games.

Be attentive to changes in the legislation in the gambling business in Curacao. Currently, Curacao is the best choice for starting a gambling business; thanks to that, you can quickly begin to provide gaming platform services for a small investment.