Setting up a gambling company is not the easy task. First you need to check whether it is allowed legally in your country of residence. If not, then you need to look for other alternatives.
Setting up a gambling company is not the easy task. First you need to check whether it is allowed legally in your country of residence. If not, then you need to look for other alternatives. There are lots of countries which offer to have the gambling company running from their soil. You need to look out for the setting up cost and other conditions like tax you need pay and tax incentives if anything offered by the host country etc before you come to conclusion. There are lots of cheap options available around the world and some countries where the rules are very easy to fulfill.
Compliances to Be Done For Starting Gambling Company
Malta is not the cheapest hosting option available but it is one of attractive jurisdiction to get the gambling license. To begin with, you have to wait for four to six months to get the Malta Gambling License once you start the process. Also, please be aware there is 18% VAT tax you need to pay on your earnings in Malta. There are four types of gambling license available in Malta namely, Class 1, class 2, class 3 and Class 4. Basically, it based on type of gambling you want to have there. Class 1 is a remote gaming license which allows you to run gambling games like casinos and online lotteries. Class 2 allows to have fixed odds betting and Class 3 allows games like poker and P2P gaming.
To avoid delays, clients need to undergo pre application process together with the Malta Gambling authorities. It is one of most rigorous process to come out. First, they will check all the information related to financing and management of the business. Once it is done, they will run the integrity check with the national and international regulatory bodies and law enforcement agencies. Once they are satisfied with this, next thing they do is do in depth study into the business proposal including the viability of the business. They expect the proposal to include investment plan, marketing and distribution strategies and growth targets. Next check will be on your operational procedures. They will check all the statutory documents, rules of the games, how you plan to distribute the winnings to players, rules and conditions of the game, game architecture etc. Once they are satisfied with everything they will invite the client to setup the gaming environment within 60 days. Within 60 days they will conduct external compliance audit in which they check up the live settings with that proposed in the documents. Once the audit is done, they will issue the license for 5 years. There will be third party audit in the first and third year of operations.