Entrepreneurs and startups looking to branch out into online gambling might be hesitant once they see the red tape behind it. One of the most important decisions a new operator needs to make is to choose an adequate License. Around 450 operators have put their trust in the Curacao License. But what makes it a good choice? And is it the right solution for startups?
Let’s go through some of its advantages and find out why startups might not want to look any further than this gambling jurisdiction.
Benefits of a Curacao Gaming License
It’s hard to deny the convenience and its one-size-fits-all nature since the Curacao gaming License is known to be among the most accessible ones. For starters, it has the shortest processing time. But let’s break it down even further.
Cost-Effective and Quick
The Curacao gambling License is among the most inexpensive ones out there. In addition, the process of obtaining it takes four to eight weeks. You won’t find any other jurisdiction that provides such conditions. You can get a Curacao gaming License on GBO and have an even smoother application process.
Although other jurisdictions practise handing out separate Licenses based on the games in your library, Curacao offers one License that covers all gambling activities. That means you won’t have to go through different processes if you want to have an online casino, online poker, sports betting, live games, lotto, scratch games, and games of chance on one platform.
Operators with a Curacao gambling License are not liable to pay any tax on their revenue. That means all income must be generated outside of the country to benefit from this fiscal incentive. Naturally, the zero tax rule is fully compliant with international taxation practices.
Obtaining a Curacao License is the most sensible thing for startups — new operators get to test the concept, create a client base, and reinvest funds without paying a fortune. Furthermore, the startup can explore the market without taking a financial hit. It’s a perfect pick if you’re just dipping your toes in the iGaming industry.
Important Facts to Know
Before applying for a License, you should get answers to some commonly asked questions. Grab your pen and take notes!
- How much does a Curacao License cost? — €21,900 per year + 6% sales tax.
- How long is the process of obtaining a License? — Approximately six weeks.
- Where can you operate with a Curacao gaming license? — In almost all countries, except for Curacao itself, Belize, the USA, the UK, and some Asian and European countries.
- What does the License package include? — Corporate structuring, License application, and Curacao company incorporation, including the required EU contracting company.
- What is a sub-License? — A sub-License includes multiple gambling activities, which is why it’s also named the one-size-fits-all License.
- What does the ongoing maintenance include? — Annual reports, renewal fees, compliance reports, and other matters. Over time, it will also include expanding the business description, adding additional payment accounts, incorporating other Licenses into your portfolio, etc.
Is It Really Startup-Friendly?
Yes, it is. Testing a new concept is often a calculated risk. Therefore, startups and young entrepreneurs should opt for a low-cost jurisdiction, like Curacao, that won’t take a lot out of them. A Curacao gambling License is a great option to test out the waters.
Furthermore, there’s little bureaucracy and paperwork to obtain. Plus, it is a great choice if you’re strapped for time and need the License sooner rather than later since the operator needs to undergo a single procedure to procure a License.
Instead of obtaining a couple of Licenses for your new business, Curacao’s sub-License is all it takes. It will be enough to cover a range of casino titles, esports, and many other games. This means that this License is significantly more convenient, particularly for startups that might want to expand their portfolio later on.
Lastly, Curacao offers some of the best fiscal incentives, with 0% payable on all online gambling revenue and a zero VAT rate. You won’t have to bother with sales tax, gross bets tax, import duties tax, and restrictions on the withdrawals of dividends.