Features of Obtaining a License for a Casino in Belize
Belize is considered one of the most popular gambling jurisdictions in the world. A casino license issued by this regulator is the so-called mark of quality that players, partners, and large financial institutions trust. Why so? Because it is quite difficult for operators to legalize a casino in Belize since it strictly checks all potential licensees.
Gambling legislation in this country is based on the Gaming Control Act, which contains provisions that work well in world practice. Statutory documents offer such a balanced system of gambling regulation that entrepreneurs consider it a great success to register their business in the jurisdiction of Belize.
Specialists of Smart Money offer you to find out what advantages this permit gives. We are ready to help you with the preparation of documents and the acquisition of a gambling license. To order the service, just contact our manager.
Legalization of business in this country has the following advantages:
Favourable economic environment. Financial structures are actively developing in Belize, and the country itself belongs to the Caribbean where good conditions for running a business have been created. Therefore, companies from the UK, USA and Canada often choose this offshore zone.
Absence of a linguistic barrier when submitting a package of documents. Commercial correspondence with the regulator is carried on in English, so business owners have no problems with the translation and registration of papers.
Loyal attitude to gambling activity and the absence of problems with taxes. Entrepreneurs do not have to face any prohibitions and restrictions, thanks to which they are getting massive opportunities for doing business. Tax rates are minimal.
Respect of partners and software vendors. Major suppliers are happy to cooperate with any casino in Belize. Operators will have no problems with the conclusion of contracts and the connection of the licensed software from the best providers and popular payment modules.
The trust of players. Experienced gamblers only open accounts at those online casinos that were approved by reputable jurisdictions. Moreover, users are not lazy to check where and when the licenses and certificates were issued. And this is exactly the segment of gamblers that brings the greatest profit to the gambling establishment.
The Belize license is beneficial for the casino owner because it opens up many opportunities for running and scaling their business but still, there may be difficulties with its registration. Experts of Smart Money recommend you to consult with an experienced lawyer before filing an application.
The license application is filed to the Belize Gambling Control Board.
To obtain this permit, operators should:
register the firm in any town of the country and obtain the status of an international company;
have an authorized capital of at least 50 thousand dollars and open an additional account in the Central Bank of Belize;
apply for the legalization of the firm’s activities;
collect a package of necessary documents: complete information and ID cards of the company’s managers, a bank statement that confirms the opening of an account, and other financial documents;
submit fingerprints of the shareholders and certificates of no criminal record;
provide a business plan.
The Gambling Control Board strictly monitors how the casino fulfils its obligations towards players. Cash prizes must be paid immediately. If an operator runs out of funds in the bank account and he has problems with the transfer of winnings, he will need to inform the regulator about this situation at once.
Before applying for business legalization, it is worth figuring out what activities the jurisdiction regulates, what is the cost of a permit, and whether it is beneficial for you as an operator or not.
The Belize license is issued for the following types of entertainment:
gambling halls with slot machines (the area of premises and the number of units of equipment are taken into account);
land-based gambling clubs and casinos in Belize;
online projects (gaming sites with slot games, card and table entertainment, and bookmaker’s offices).
It is necessary to consider this nuance: if owners of land-based casinos can accept residents of Belize, then operators of online platforms are deprived of this opportunity, and their resources should only be available for foreign gamblers.
At the initial registration of the license for owning a casino in Belize, entrepreneurs must pay 18 thousand dollars, and the renewal of the permit will cost from 10 to 15 thousand dollars annually. However, these are not all the fees that must be paid by casino operators.
Additional contributions include:
organizational and commission fees — 5 thousand dollars;
payment for the guide's work on drawing up of documents — 500 dollars;
fees to the trade association — 5 thousand dollars.
The regulator has established a fixed percentage of revenues that operators must pay.
Annual revenues of an operator
Percentage transferred to the public treasury
Up to 15 million dollars
From 15 to 50 million dollars
Over 50 million dollars
The government is favourably disposed towards the gambling business and encourages operators with the help of low tax rates. The more the company earns, the lower is the percentage of revenues that should be paid to the budget.
From the moment of filing the application to the acquisition of a permit, it takes from 3 days to 6–8 weeks, depending on how correctly the applicant prepared the documents and whether the regulator has any questions and complaints.
An important fact is that the tax year in Belize ends on March 31st. It means that all the issued licenses are cancelled and must be renewed. Therefore, a reasonable approach is to apply for a permit at the beginning of a new tax year (in the spring or the first months of summer). Otherwise, the funds invested in the legalization of business may not pay off.
After the end of the tax year, the permit holder is given 60 days to apply for the license renewal for another 12 months.
To receive a license for owning a casino in Belize is a good solution for those operators who want to constantly develop their business, work legally, and pay a minimum tax.
Belize is a country with a favourable political and economic environment, which allows entrepreneurs to work calmly and plan the future of their projects.
Minimum tax rates and the dependence of the percentage of deductions on revenues motivate operators to develop and scale their business.
The gambling regulation in Belize is clear and transparent so that entrepreneurs can calculate costs in advance and see the prospect of their business.
Experts of Smart Money are ready to help you with the creation and implementation of the project, acquisition of a license, and purchase of software for gaming sites of any format (platforms with slot machines, live casinos, online betting shops, and bitcoin casinos).
Our company offers you to order the creation of a turnkey casino: you will receive a ready-made gambling resource with the game content, a convenient administrative system, payment modules, and affiliate programs.