The gambling industry is the most fast-growing and successful business. Two years ago, the turnover of the global market has reached four hundred fifty billion dollars. According to experts, by this year, the figure will rise to four hundred ninety-five billion dollars.
It’s with good reason that gambling is known as the most stable area for investment: in this sphere, there is a constant increase in the number of players and websites.
To occupy a niche in the modern gambling market, the following actions will be required:
- Analysis of the current situation and strategising.
- Acquisition of a permit (more detailed information can be found below).
- Registration of a legal entity.
- The opening of an account, registration of a reserve fund with an international banking institution.
- Development of a website.
- Purchase of the licensed software.
- A marketing program.
To obtain a permit means to pass one of the most important steps, which give you an opportunity to conduct business transparently and legally. Such a document can significantly increase the level of trust of users and facilitate all working processes: operation at the international level, carrying out financial transactions, an ability to purchase software products from the best suppliers, payout winnings through proven payment systems, including the use of cryptocurrency.
More detailed information on how to draw up a business plan, the specifics of the project implementation from scratch, and acquisition of a permit, can be found out from specialists from Smart Money.
A permit is included in the list of requirements for almost all types of gambling activities: the registration of bookmaker’s offices and bingo halls, bets on sporting events, poker matches, lottery draws, slot machines, and blackjack.
Today, norms of the legislation of many countries recognise gambling clubs as an illegal business. To obtain a permit of an international format, you can file an application to one of the Caribbean jurisdictions (Curacao, Costa Rica, and Antigua and Barbuda Islands), Seychelles, Kahnawake (the Indian reservation in Canada), Malta, the Isle of Man, Romania, Gibraltar, Great Britain, and Belize, which now will be described in more detail.
While choosing a jurisdiction, several factors should be considered: standards of the legal acts that regulate the industry, the price for the annual renewal of a permit, requirements for a licensee, tax fees, and the reputation of the country grants this permission.
Belize is a relatively small country that has borders with Mexico and Guatemala. Located on the shores of the Caribbean, until 1981, it was ruled by the Queen of England and was a British colony. Due to the historical features, the official language of Belize is English.
This country is developing rapidly and lay claims to being the new financial centre. This jurisdiction was one of the first to consider the potential of online gambling. The law, which regulates gambling activity, was developed and implemented in 1995. The next powerful step for gambling locations was the act of Gaming Control (2000). It has given control of the entire industry to the Belize Gaming Commission. According to the data of 2004, there were more than fourteen thousand websites that provide gambling services. After that, a strict ban was adopted, which prohibited the acceptance of bets from the local population.
Nowadays, the legislation is in many respects similar to the policies of such well-known offshore zones as Costa Rica and Panama.
Belize Gambling License: the Main Types of a Permit
Within the territory of the jurisdiction, there are three types of permits: a Belize license for opening offline locations within the country, articles for the installation of gaming systems in gambling establishments (slots, poker machines, etc.) and a Belize permit for online activities.
All of them are issued for a period of one year and no matter when it was obtained, the license automatically terminates on March 31.
Belize Gambling License: the Cost of Services and the Features of Taxation
To receive a permit in Belize, you will need to pay eighteen thousand dollars. For its extension, you must pay ten thousand dollars more.
About the taxation system of the country:
- for companies whose turnover does not exceed fifteen million dollars, there is a fee in the amount of 0.07% of the total income;
- for enterprises with a turnover from fifteen to fifty million dollars, the tax is 0.06%;
- a company with a turnover of more than fifty million dollars pays a tax of 0.05%.
For more information and the calculation of the cost of tax deductions, you can contact specialists from Smart Money. Our experts will provide you with the current data and choose the most effective strategy for the development of the project and the brand at the international level.
Acquisition of a License in Belize: Basic Requirements for Founders
The procedure for obtaining a permit involves the following steps:
- Registration of an offshore company for which a license is requested.
- Filing of an application for citizenship if applicants are not local residents or do not live in the country.
- Provision of balancing statement and financial statements on the profit of the company over the past three years. Also, it is necessary to provide a document that proves the absence of any debts.
- The composition of an account and creation of a reserve fund in the Central Bank of Belize. If there is run out of the deposit, you will have to immediately notify the Gambling Commission.
In addition to the package of documents that are mentioned above, entrepreneurs must show a non-conviction certificate that states that they did not break the law for the past ten years. The reason for refusal may be several violations of the law: financial and cybercrime, drug pushing, giving a false affidavit, violations of the system of corporate governance and tax reporting, inability to interact with government and law enforcement agencies.
An interesting feature: in order to obtain a permit, fingerprints of all concerned parties are added to those documents that are mentioned above.
It is also necessary to consider the following requirements imposed by the licensing authority: compliance with the competence and position of managers and hired staff, provision of a detailed description of the structure of the company, and the quality of the used software.
The License is Obtained: the Following Steps
The country has several prescriptions and recommendations that each online casino, which has received a license, has to comply with. First of all (to prevent possible financial liabilities), a reserve fund is created. The amount of the share capital depends on the type of the chosen permit.
The Belize Gambling License Provides Payments to Players.
A strict ban imposed by the Belize Gambling Committee is the acceptance of bets from the local population.
Belize Gambling License: the Advantages of This Choice
Offshore in Belize is a very promising and cost-effective option for running a casino business. Among the undeniable advantages, we can name a high speed of processing applications and issuing permits for online websites. If the documents meet all the requirements, and there are no complaints about the licensee, a license is issued in about a day.
Another positive aspect is the relatively low cost of services and loyal taxation system.
All information received from the licensee is absolutely confidential.
All types of gambling companies pay a single tax levy.
The independent acquisition of a permit is a long and hard process, for which, you will need thorough preparation and deep knowledge of jurisprudence.
By turning to the Smart Money company, you can always order a turnkey casino that was licensed in Belize. Those who use this service can entrust all the difficulties of the preparation and collection of documents to competent professionals with vast working experience.
Here, you will find the most loyal terms of cooperation and the optimal set of solutions for the creation of a project of any format. From us, it is possible to order a turnkey online casino, purchase or rent the software, integrate relevant payment processors, and get comprehensive information on how to receive a permit.
Our product range includes solutions and content from the world's leading providers: software for live casinos, stock terminals, and slot machines from Playtech, Novomatic, Gaminator, NetEnt, and Microgaming.
We also provide legal and round-the-clock technical support.
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