Today, a vast number of online gaming platforms have won the love of a huge number of users around the world. To work legally, they were forced to obtain permission. Today, we want to discuss how to get a gambling license and the basic steps you must go through. Perhaps this information will help your business start working faster and make a profit.
1. Choosing the proper jurisdiction
Today, several countries issue such an operating permit, but most casinos prefer Curacao and Malta. Many factors depend on your chosen stratum, so you must consider the choice. First of all, it is necessary to study the following aspects:
- Requirements for recipients;
- In which countries does this provide an opportunity to work legally;
- What taxes you will have to pay;
- How long does licensing take, and much more?
Studying information on different countries on your own can be extremely difficult, so you should seek help from consultants. They will study your company’s activities and tell you which jurisdiction is most suitable for your firm.
2. Company registration in the chosen country
You need to register a legal entity in the country you have chosen. Typically, you can submit an application remotely, which takes only a few days. All you need to do is collect a basic package of documents and submit them electronically. If regulators have questions, they can make a formal request.
3. Create a thoughtful business plan
A business plan is one of the most critical documents in the work of every company. So, people have to think through to the smallest detail all the features of your organization’s work – the size of the authorized capital, a description of the software, ways of financing, and more. You must make a complete list of gaming providers you plan to cooperate with.
Particular attention must be paid to compliance with AML and KYC rules. So, you must prescribe a process for verifying your users and checking whether they have been involved in fraud or money laundering or have a gambling addiction.
When examining a business plan, regulators will also consider fair play parameters. You must provide evidence that your customers will be able to play pretty.
4. Open a bank account
Ideally, you should open an account with a bank operating in the chosen jurisdiction’s territory. It is worth saying that not all organizations are ready to cooperate with gambling projects, as they consider them too risky, so sometimes it can be challenging to find a suitable bank. So, it would be best to prepare well before meeting with a bank employee; think about convincing them your business is reliable.
5. Hire employees
You do not need a large staff since you plan to open an online gaming club. However, it would help if you had a team of professionals to run the company with you. The selection of these specialists requires great attention; they must have:
- Impeccable reputation;
- Experience in relevant positions for at least 1 year;
- Higher education;
- Knowledge and skills to perform required tasks.
The most excellent attention should be paid to reputation verification. These people should not have a criminal record or be involved in fraud or high-profile scandals. Your company should have a security specialist on staff who will monitor compliance with AML and KYC requirements and prepare reports for regulatory authorities.
6. Collect a package of documents
The commission will carefully check all the papers you provide to them and double-check all data. So, at this stage, you can only do this with the help of a specialized lawyer, who will check whether you have collected all the necessary papers and ensure that they are all drawn up correctly.
The set of required papers will significantly depend on the choice of country, but as a rule, it includes:
- Complete information about the owner and employees in critical positions (photocopy of passport and educational documents, resume, and complete information about previous places of work);
- Certificates of good conduct (validity period 3 months);
- Business plan;
- Information about the platform;
- Bank statements and much more.
This stage needs to be given a lot of time, effort, and attention so that problems do not arise in the future.
7. Regulatory filing
As a rule, you can apply remotely via the Internet or send documents by mail. Regulators have several weeks to review your application and make a decision. The timing depends on the chosen jurisdiction; this process can take 3 weeks to several months. If regulators notice errors in the documents, they may formally request to change your company’s operations. In this case, the time frame for making a decision will be much longer.
