The online gaming industry is blooming yearly as more users opt to play in casinos. With the pandemic and economic instability, this form of entertainment is enjoyed by gamers. Investment opportunities arise when demand is ever-increasing and profits remain healthy.
Curacao is one of the most popular jurisdictions that offer online gaming licenses. Many entrepreneurs opt for a Curacao gaming license because of its affordability and about 450 online gambling operators. For example, you would most probably not be able to join Las Atlantis Casino and get Las Atlantis free bonus codes if they did not have the Curacao gaming license.
What Is a Curacao Gambling License?
Curacao gambling license is the ultimate choice for most businesses due to its accessibility. In addition, it’s one of the first organizations to regulate online gaming.
A registered corporation may conduct all varieties of e-gaming business operations in the territory with the aid of a Curacao gambling license, a document the island nation provides. It is an all-in-one license that is accessible and has fast processing. Curacao is a good option for startups due to its cost-efficiency and straightforward approach.
Why Do You Need a License?
According to the law, any business or entrepreneur who wants to run an online casino should be licensed. Due to being approved, they get to operate internationally. The other benefits include gaining customers’ trust, opening corporate accounts, and payment provider signups. Therefore, if you want to be in line with the law agencies, you should get a license before starting a casino.
Businesses who don’t get a license have the following drawbacks:
- First, they lose customers due to being non-reliable as clients usually play at registered casinos which are more reliable.
- They are working illegally and can be closed down by the authorities at any time.
- Operating without a license can get you heavy fines. It can lead you to have a bad reputation that no casino likes.
- Getting licensed gives you peace of mind and earns constant profits and income.
Benefits of Getting a Gaming License
Getting a gaming license before operating is essential. The following benefits are provided by becoming a licensed gaming casino.
A merchant account lets you have financial stability, and online casinos need to have one. As a license holder, applying for a merchant account is more accessible. Many finances related institutions are reluctant to open an account for a business without a license.
Without a gaming license, there is always a threat of your casino being closed down. Getting a license makes you worry-free about legal requirements.
Goodwill & Credibility
Most players opt for the casinos that are licensed. Being a license holder, you have a good flow of customers who find you reliable to put their hard-earned money into gambling.
Having a proper gaming license gives the casino credibility in front of the players. They find licensed online casinos more legit and appealing.
Many people believe the myths that all casinos don’t follow fair systems and never let you win. However, gamers happily deposit money for online slots and games with a proper license. It allows them to have a good cash-out and withdrawal experience.
6 Ultimate Curacao Gaming License Advantages
Many businesses find Curacao jurisdiction the most popular option for obtaining a license. They can have the following advantages over other permits.
1. All in one:
The Curacao gaming license allows you to run any gambling business.
Curacao is most popular because you can get it at affordable prices than other jurisdictions. VAT is also not to be paid.
3. Quick Processing:
Getting the license is fast and followed by simple and quick processing. You can get it within 4-8 weeks.
4. Easy Banking
In addition to creating IBAN accounts and other essential banking services that a current online casino needs, banks inside the EU are permitted to accept corporate customers with Curacao addresses.
There is just a 2 percent tax on net profits, while corporate income tax is zero.
6. Crypto Payments:
Crypto payments are allowed at Curacao, making it easy for certain businesses that deal in crypto.
Where Can You Operate with a Curacao Gaming License?
The incredible benefit of getting a Curacao gaming license is that you can operate online casinos internationally. With this license, you have the option to take players from countries all around the world.
Until and unless the casino’s sublicense agreement prohibits them, there is no issue in letting all the gamers from all countries play. There are some countries players from where are forbidden to play. These include the UK, USA, EU countries, and online players from Curacao.
Cost of Getting an Online Gambling License
There are three components to the costs associated with obtaining a gambling business license. These vary widely between case law and regulatory approaches.
These lead to very different regulations and cost structures for obtaining and maintaining a license.
There are two broad regulatory approaches:
1. Principle-Based Approach
This approach tends to have much higher entry costs.
2. Rules-Based Approach.
Rules-based systems have higher operating costs.
Some places like Curacao have relaxed restrictions. Elsewhere there are health warnings. The big developed markets are adept at filtering out illegal sites in favor of locally regulated sites.
3 Main Costs to Consider Before Applying for A License
For getting a license, businesses often don’t consider the following costs. These are essential that you have to pay, so look out for the following:
1. Application Process Cost
This cost is often overlooked, but it is essential to set aside a budget. The process cost highly depends upon the nature of the business and its size. The bills that you have to pay are the following:
- A legal advisory bill for the business owners’ legal paperwork.
- Cost of making a business plan that addresses safe customer funds, social responsibilities, illegal operations like money laundering, etc.
- Depending upon the jurisdictions, keep looking for laws and principles required to be fulfilled to get the license.
- Costs like site inspections, organization vetting, bank statements, etc.
- Cost of meeting the technical standards like hosting certificate and technology-related costs.
2. The License Cost
The most important is the license cost set by the state’s operating government where you want to get the license. A license in Curacao is much more affordable and easier to access than any other form.
3. Compliance Cost
When you get the license, don’t forget that there is a cost to pay yearly for retaining it. Compliance costs include the following depending on the country to country.
- Inspection teams come to you, and you pay the inspection costs.
- Certification costs for new games.
- Reporting to the regulator costs.
- Re-certification of random number generator.
Curacao Gaming License Approx Cost
The low cost of the Curacao online gaming license is one of its key benefits. The master license holder, among other things, affects the license fees, but they are typically less than in other jurisdictions.
The registration of a local company in Curacao, the first year’s local representative fees, legal office expenses, domiciliation, administration fees, and local ISP service for compliance backups can all be included in the associated costs in addition to the original application price.
The extraordinarily low taxes make Curacao so appealing to operators of online casinos. The 2% net gains tax and the application fee are the only taxes that operators must pay, unlike other jurisdictions that compile a long list of additional taxes and fees.
If you are wondering how much Curacao gaming license cost. Here is an estimate which you can see in the following table.
|COSTS||DESCRIPTION||Curacao Gaming License Fees (APPOX)|
|Corporate Services:||· Registering a company at Curacao.||$7900|
|· Acquiring EU-registered corporation for banking accounts||€3650|
|Banking Services||· Find and locate banks for the company.||€2500|
|· Setting Electronic Money Institutions to allow for receipt of PSP funds.||Mostly included.|
|· Look out for merchant accounts and payments.||Mostly included.|
The ultimate license fee may differ and relies on several variables. Numerous services exist that assist operator with the licensing procedure. It is frequently advised that they seek professional assistance to determine the price structure that is most effective for them.
Disadvantages Of the Curacao Gaming License
The few drawbacks primarily caused by the sub-license holders’ reliance on the master license holder are as follows.
- The Curacao Gambling Authority issues both master and sub-licenses for different sorts of online gaming.
- Both permit gaming companies to provide the public with a range of gambling services. Still, only a master licensee is permitted to sell sub-licenses, and the sub-validity license relies on the master license.
- A new master license cannot be obtained; master licenses are only approved at the Minister of Justice’s discretion.
- The sub-license has the same rights to conduct e-gaming operations lawfully as long as the master license is still in effect.
The Procedure for Getting a Curacao Gaming License?
Although the licensing procedure in Curacao is more straightforward than in many other countries, this does not guarantee its success.
Particular rules must be met, and even the slightest error could result in a significant loss of time and effort. The procedures for getting a license in Curacao are as follows:
Organize a company in Curacao.
Assemble the required documentation.
After all the documents are assembled, it’s time to send your application.