The Importance of a Licensed Company in the Gaming Industry
The Role of Licensing in Enhancing Credibility and Trust in Gaming Ventures
When embarking on a gaming project, undergoing a company licensing process is a critical step that can extend over several months. Opting for a licensed status not only bolsters trust among clients and payment institutions but also significantly boosts the company’s reputation within the industry. Currently, the Curacao gambling license stands as the most sought-after license in the gaming world.
Why Choose a Curacao Gambling License?
There are multiple advantages to obtaining a Curacao gambling license, making it an appealing option for many in the gaming sector:
- Simplified Application Process: The application procedure for a Curacao license is straightforward, enabling swift acquisition provided all necessary documents are correctly completed and submitted in a timely manner.
- Affordable Investment Requirement: The Curacao gambling license doesn’t demand substantial investments, lowering the barrier to entry for gaming startups, particularly those operating on limited budgets.
- Remote Acquisition Possibility: The entire process of obtaining a Curacao license, including company incorporation and document preparation (license application, accompanying documents, personal declarations for Key Persons, and operator company forms), can be completed remotely.
- Favorable Tax System: Under Curacao’s jurisdiction, gambling companies enjoy tax benefits such as exemption from tax on gross gambling income, no VAT, and a low 2% rate on net profits.
- Cryptocurrency Acceptance: License holders have the official capacity to accept cryptocurrencies from players, expanding their payment options.
Upcoming Changes to the Curacao Gambling License
While the Curacao license has long been favored for its cost-effectiveness, simplicity, and broad coverage, it is undergoing gradual changes:
- Transition to Curacao Gaming Authority: The responsibility for issuing licenses is expected to shift to the Curacao Gaming Authority, which will become the sole regulator for B2C and B2B operators. As of now, Master Licensors can issue and renew sublicenses until November 2024.
- Mandatory Game Certification: Platforms and games will require certification from an international laboratory.
- Heightened Applicant Requirements: Applicants will face more stringent requirements.
- Increased Operational Costs: The cost of operation is likely to rise due to heightened compliance demands, the necessity to verify UBO and Key Persons, and the increased costs of nominee director services.
These impending regulations will apply to all renewed licenses, anticipated to enhance the license’s reputation and its perception among banks and PSPs.
Conclusion: Seeking Alternative Licensing Jurisdictions
These developments are prompting operators to explore alternative jurisdictions offering more accessible entry options. Stay tuned for our next article, where we delve deeper into these alternatives.
