GBO’s gaming experts will assist you in obtaining the New Curacao Gaming License and converting your sub-license to the new master license.

 

GBO’s Curacao Complete Package:

  1. New License procedure: New Curacao gaming license applications, application submission, Document collection, document preparation.
  2. Full legal package: AML framework, Compliance officer and policies, Audits under new regulation, IT audits.
  3. Corporate structure: Curacao Company Formation, Local director.
  4. Payments: Bank accounts in Europe, merchant accounts, Crypto wallets.
  5. Systems: White-label online casino, gaming software, gaming platforms.
  6. License all iGaming Products – online casinos, apps, sports betting, poker, lotteries, and bingo.

 

Why choose GBO to set up your Curacao gaming business?

  • Seasoned Player: GBO has been a trusted name in the gaming industry since 2009.
  • Understanding Challenges: We recognize the myriad decisions gaming entrepreneurs face.
  • Overwhelming Options: The market is filled with choices, which can be daunting.
  • Reliable Partner: GBO simplifies these choices, guiding businesses to success.
  • More than Just Tools: We provide customized solutions tailored to your needs.
  • Deep Industry Insight: When you contact GBO, you get solutions, not just answers.
  • Smooth Banking: With GBO, financial transactions for your gaming business are effortless.

 

Fresh updates as of 30.11.2023: Read below

GBO is a leading Curacao gaming service provider attending in conferences world-wide

Schedule your FREE New Curacao Gaming License Consultation

WhatsApp us: +972504938469, email us: info@gbo-il.com

    During your call consultation, one of our gaming expert consultants will cover the following key areas related to the new Curacao gaming license:

    • Your licensing objectives and how to effectively achieve them.
    • Tailoring our proven methodology (utilized by industry giants) to navigate the Curacao gaming license process for your business.
    • Essential insights and strategies to amplify your gaming operation’s success and market penetration.
    • Addressing the cultural, practical, and regulatory challenges that could impact your swift expansion and compliance in the gaming sector

    The New Curacao Gaming License Costs and Fees for 2024

    Incorporation of a Holding company for the License EUR EUR
    Annual Maintenance fees * Registered office, Resident agent Local Executive Co Director (required by law) 8,900
    GCB EUR
    Curacao Gaming Commission Board (GCB)  120,000 (Approximately 60,000 EUR)
    Second Year 120,000 (Approximately 60,000 EUR)
    License Application Process 3,500-21,000
       
    Optional Services
    Corporate Account Opening + PSP 3,500
    Crypto Merchant account opening 5000 - 15000
    Nominee shareholder (nonresident)* 4,000
    Nominee director (nonresident) * 6,000
    Power of Attorney* 500
    Local Curacao director* 12,000
    Corporate account opening 3,000
    Crypto Merchant account opening 1,000
    500 EUR/ per month Physical office in Curacao (Optional service we offer). Required by law 500

    * All charges are estimates as of 24 April 2024.

    * A standard structure will be considered no more than 4 individual shareholders and directors. For a
    Complex structure, the fee to be discussed separately.

    * A detailed price proposal tailored to your specific needs will be prepared and provided upon request.

     

    Table explanations and insights:

    1. High Initial Investment: Forming a holding company to obtain a gaming license comes with a hefty initial cost. The Curacao Gaming Commission Board (GCB) fees, which total about 117,482 EUR, or about 60,000 EUR, are the biggest outlay. This implies that a sizeable down payment is required.
    2. Recurring Costs: There are annual maintenance fees, including the registered office, a resident agent, and a local executive director, totaling 8,900 EUR. This suggests a consistent yearly financial commitment.
    3. Regulatory Fee Consistency: The first and second year’s GCB fees are consistent, indicating a stable regulatory environment that is helpful for financial planning.
    4. Variable Application Process Costs: The fees associated with submitting a license application can vary from 8,500 to 21,000 EUR. This fluctuation may result from various service levels or application process intricacies.
    5. Costs of Optional Services: The range of costs for optional services, such as opening a crypto merchant account, is large (5,000–15,000 EUR), suggesting different service tiers. This gives you the freedom to select services according to your needs and budget.
    6. Extra Non-Specified Costs: The table includes “Corporate account opening,” “POA,” and “Nominee” among the optional services, but it doesn’t break down how much they cost. This ambiguity can make creating a budget difficult.
    7. Legal Compliance: This jurisdiction places a high value on legal compliance, as evidenced by the legal requirement for a local executive director.
    8. Strategic Financial Planning: This project needs strategic financial planning to be sustainable because of its high upfront and recurring costs.
    9. Investment vs. Return Consideration: Any organization thinking about making this investment has to balance these expenses against the possible earnings from using the Curacao gaming license.
    10. Taking into Account Service Expansion or Diversification: The provision of optional services, such as the creation of cryptocurrency merchant accounts, indicates a potential for service expansion or diversification for companies.

    Last Update: 31.12.2023

    We want to notify you of significant changes in Curacao’s licensing due to the newly proposed LOK law. Current sublicense holders must transition to Master licenses by March’s end. The attached outlines the critical details.

    For any questions or further details, please contact us. Your prompt action is essential for a smooth update to the New Curacao license. We’re here to assist throughout this process.

    Last Update 30.11.2023

    The New Curacao Gambling License introduced

    1. Introduction of a New Licensing System: Curacao is implementing a significant reform in its licensing system to modernize the gambling industry’s regulatory framework.

    2. Direct Licensing by GCB: Effective 15 November 2023, the Gaming Control Board (GCB) will issue licenses directly, eliminating the need for master license holders.

    3. Compliance with International Standards: The new system mandates adherence to international standards, demonstrating Curacao’s dedication to enhancing its regulatory framework.

    4. Establishment of the Curacao Gaming Authority: Replacing the existing Gaming Control Board, this independent regulatory body signifies a move towards more robust regulation.

    5. “National Ordinance for Games of Chance”: This new National Ordinance on Games of Chance Lok, underpins the regulatory changes, focusing on modernization and alignment with global standards.

     

    New Curacao Gaming License Costs in 2024: A detailed price proposal tailored to your specific needs will be prepared and provided upon request.

    Total costs for a new Curacao gaming license, including incorporation, annual fees, GCB charges for two years, application processing, and optional services, range from €70,000 to €90,000 including everything

    1. Incorporation of a Holding company for the License:
    1. Annual Maintenance fees
    2. Registered office, Resident agent
    3. Local Executive Co-Director (required by law): €8900
    2. License fees by the GCB:
    1. Curacao Gaming Commission Board (GCB): 117,482 (Approximately €60,000)
    2. Second Year license Renewal: 117,482 (Approximately €60,000)
    3. License Application Process €8,500 – €21,000
    4. Optional Services: €5000 to €15000
    1. Nominee
    2. POA
    3. Corporate account opening
    4. Crypto Merchant account opening
    5. Physical office in Curacao

    Last update 8.3.2023

    As part of the new gaming regulatory framework, companies applying for a new Curacao license will pay a reasonable application fee of €5,000 and a yearly license fee of €14,000. Additionally, they will need to appoint key employees to oversee anti-money laundering activities and responsible gambling policy, which is a positive step towards ensuring the integrity of the industry. The new regulation overhauling the licensing system in Curacao is set to enter into force in summer 2023, and GBO is excited to announce its upcoming implementation. The regulation will create a new independent regulatory body, the Curacao Gaming Authority, to replace the Curacao Gaming Control Board.

     

    The year and half transition period will provide existing licensees with a chance to express and register their interest in a new permit, ensuring continuity of their operations. The new authority will issue separate B2C and B2B licenses to new gambling operators, and existing licensees will have a chance to express and register their interest in a new permit.

     

    GBO is confident that these changes will enhance the regulatory framework in Curacao and provide greater transparency and oversight of the gambling industry. We look forward to supporting our clients in navigating this new regulatory environment and ensuring their continued success.

    Understanding the cost of Curacao gambling licenses

    A master license permits the holder to run e-gaming operations and provides the ability to sell sub-licenses to other parties. Master licenses are only issued at the discretion of the Minister of Justice, and it has become extremely difficult to obtain a master license in Curaçao.

     

    A sub-license can be issued by the holder of a master license, and it offers the same rights to operate online gambling activities in a legitimate manner but is a single-instance license. A sub-licensee cannot sell additional sub-licenses to third parties.

    What kinds of online gambling is permitted with a license?

    The license allows for internet-based casino operations, including poker, roulette, sports betting, casino card games like Blackjack, slots, video games and lotto.

     

    How do customers know you hold a valid Curacao gaming license?

    Once you have followed the steps we outlined in this document, and you have received confirmation that the license has been registered, you can add a special logo somewhere on your website that is a click-through to the official license validation website together with the URL of the site and it shows the status of that site.

    Curacao egaming license verification

     

    Your customers can then rest assured that your online gaming site is properly registered, that their funds are safe, that their privacy is being safeguarded under the prescribed KYC regulations, and that all the rules applicable to registered casinos in Curacao are being adhered to.

     

    How To Get A Curacao Gaming License in 2024?

    1. Curacao company formation – A company applying for a Curacao gaming license must submit documentation that establishes its residence in Curacao, along with its good business standing and the credentials of its owners and managers.
    2. Submitting license documents and paperwork – These documents will be submitted on your behalf by GBO. Depending on your specific requirements there may be different requirements.
    3. Pay for the application fee and company formation.
    4. Wait a few weeks until license is ready
    5. GBO will advise you of the proper steps to be taken in every case.
    6. Open bank accounts, merchant accounts, payments processing, set up your website, prepare AML + procedures.

    Let our expert team at GBO take care of the necessary procedures to obtain the license, set up your company, payments and banking accounts. Read more about these requirements in our detailed articles on Banking, Screening. Payments, and Merchant Accounts specifically for Curacao gaming license operators.

    In order to apply for registration of a sub-license, a company must meet certain basic criteria:

    • Full compliance with Due Diligence and KYC procedures
    • Full identification of the company’s UBOs – Ultimate Beneficial Owner(s)
    • Satisfactory references on UBOs
    • A detailed and transparent description of the games to be offered.

     

    The company can then register its sub-license and start to run internet gambling operations in Curacao. Only companies registered in Curacao can be approved as holders of a sub-license.

     

    How much does a Curaçao gaming license cost?

    Over the years, GBO has helped many of our customers to set up the necessary corporate, banking and payment handling infrastructure as well as purchasing a sub-license from a one of the holders of a master license. The price paid for the sub-license has varied, largely due to the levels of demand. In general, the price has ranged from approximately €15,000 to €20,000. Our team of experts are ready to update you with the likely costs – please contact us.

     

    What is the total cost of setting up a new Curaçao online casino?

    The total cost depends on the exact corporate structure but will be about €20,000 –  €25,000

     

    What are the corporate setup, recurring and renewal costs for companies operating a Curacao gaming license?

    Every company applying for a Curacao gaming license must submit documentation that establishes its domicile in Curacao, along with its good business standing. These documents will be submitted on your behalf by GBO in English. There may be different requirements depending on your specific requirements. GBO will advise you of the correct steps to be taken in every case.

    Proof of Identity Certified copies of the passport(s) of the company’s UBOs – Ultimate Beneficial Owner(s) and other officers
    Proof of Address Recent utility bills not older than three months (Electricity, landline telephone, TV, Cable) or  Bank statement or Official government correspondence with company’s street address (not POB)
    Bank Reference letter On an official Bank letterhead, addressed to “To whom it may concern” and signed by a bank representative including their name and position.
    Professional Reference letter A reference letter from a registered Lawyer or Accountant with whom you have had a business relationship for at least 2 years. The letter must include their name and position in English and must be signed.
    Software agreements A list of all current Gaming software agreements, including supplier’s name and business address

    Your company is directly responsible for all charges relating to the production of these documents, including translation and notarization where required.

    Annual and recurrent charges

    Each year, the corporate and gaming licenses must be renewed. In the following table, we provide an estimate of the costs. There may be more annual charges depending on which additional services you require from GBO.

    These amounts are payable by the company directly.

     

    Company license renewal Lodged with the Curacao registrar 4000 – 6000
     Gaming sub-license renewal Payable to the Master license holder 10000 – 13000

     

     

     

    Adding digital currencies to a Curacao e-gaming license

    A casino in Curacao does not have to apply for a different or additional license in order to start accepting wagers from customers in cryptocurrencies like Bitcoin and Etherium, CBDCs or stable coins. This means that there is no specific Curacao crypto gaming license, and the gambling is not in any way different from all the other online casino activities.

    There are currently no restrictions on how digital currencies can be accepted and transacted with respect to a Curacao gaming crypto license. The Curaçao Gaming Control Board is the official gaming regulator in Curacao, and has no regulations concerning digital or crypto currencies. The Central Bank of Curaçao and Sint Maarten (CBCS) controls this. According to their website, there are currently no restrictions on conducting transactions with digital currencies. You should consult with GBO for up-to-date information about this.

     

    Curacao online payment system

    As well as getting the proper license, an essential step in running an online gaming operation in Curacao is to set up a complete payment processing system. It needs to efficiently provide smooth and straightforward processing of customers’ deposits, and guarantee those account holders that they will be able to withdraw quickly. Traditionally, online casinos catered for transfers in ordinary currencies like US dollars, UK sterling and euros. Now they have added digital currencies (bitcoin and others) to their range due to their advantages, including allowing players to remain anonymous, minimizing costs on transactions and rapid movement with the need for intermediary handlers.

     

    Curacao payment methods

    The payment system should at the very least cater for the following types of payment methods:

    • Credit cards & debit cards
    • Digital wallets
    • Bank transfers
    • Direct debit
    • Electronic checks (e-Checks)
    • Cryptocurrency

    Digital wallets store a customer’s money in a digital account, making it easier and cheaper for international payments, avoiding bank and exchange charges. Payment service providers (such as Paysafecard, PayPal, Skrill & Neteller) guarantee that payment is processed correctly and protected.

    Cryptocurrencies (digital currencies based on blockchain technology, such as Bitcoin, Litecoin, and Monero) where the integrity of the token is protected by cryptography, making it impossible to counterfeit. The attraction for customers is complete anonymity and avoidance of conventional banking channels for transactions.

    Bank transfers (also known as wire transfers) are an old, slow and expensive way of moving funds between banks. Although most Curacao casinos still accept wire transfers, it may be discouraged because of the high level of charges in both directions

    e-Checks work in a similar way as traditional paper checks do, moving funds from the customer’s bank account to the casino, but shorten the clearance rate to a few seconds. They use automated clearing houses instead of the card networks, so fees can be much lower since there are no charges for e-check acceptance. Customers may prefer this method because it is a once-off transaction, without the need for card information online, which can be hacked.

     

    Curacao credit card payment

    Credit, prepaid and debit cards (such as Visa, MasterCard, Maestro, Diners Club & American Express) are currently the most preferred online payment tools. They are directly connected to the customers’ bank accounts which means the movement of funds is coming straight from their bank through the card processing network.

     

    Curacao payments online

    The essential feature of a good online payment processing system are:

    • supports the payment methods that customers know and trust
    • provides localized interfaces for all languages and cultures in the target customer locales
    • caters for all devices and operating systems
    • optimizes their online gambling experience by providing secure and fast transactions
    • handles subscription and recurring payments easily
    • tracks payments
    • analyzes transaction history
    • interacts with your selected merchant account/payment service provider (PSP)
    • has advanced tools for analysis of revenue and profits.

    Before you decide on the payment processing system for your gaming operation, be sure to discuss the options with our team at GBO. We have more than ten years of experience setting up gaming businesses in Curacao.

     

    Curacao is great for startups

    If you are considering investing your time, effort and money in the eGaming industry for the first time, Curacao is definitely the location where you should establish your first operation. The obvious benefits of starting in this jurisdiction are:

    • To get going with a full structure including a domiciled company, merchant bank accounts, payment services providers and everything else you need to qualify as a license holder can come out at less than €25,000
    • Corporate taxation rates on profits are very low – just 2% provided your company was set up correctly from the start
    • Because Curacao is a part of the Netherlands, you are able to home your parent company in a EU country, select EU banks and set up full IBAN payment processing accounts
    • Gaming platform vendors recognise the Curacao gaming license as fully legitimate, so you will be able to “white-lable” the best of the breed for your own operation. No need to spend a large amount up-front which would be the case if the vendors refused to sell to you
    • Players are familiar with the Curacao name and it has a high reputation of fairness and honesty, so they will respond positively to your marketing
    • Finally, and most importantly, you will have the expert and friendly services of GBO with you every step of the way from initial inquiry through to opening the doors to your first customer. GBO has done this dozens of times for highly satisfied start-up customers, and we are keen to do the same for you.

     

    FAQ

    How do I get a gambling license in Curacao?

    To set up a Curacao online casino, you must first register a company and buy a sub-license. Our team of experts at GBO can help you take care of the necessary procedures to obtain the license, and set up your company, payments and banking accounts.

     

    How much does a Curacao gaming license cost?

    The Curacao Gaming Board does not issue or charge for gaming sub-licenses. To set up a casino operation in Curacao, you must purchase a sub-license from one of the existing Master License holders. The price of the sub-license is not fixed, but depends on the cost asked for by the master license holder.

     

    Where can a Curacao gambling license be used?

    The Curacao sub-license is valid only for operating a casino based in Curaçao that a local company wholly owns. We have over twelve years of experience and provide you with the full range of services for setting up the company and establishing the necessary payment processing and banking accounts. To find out more, consult with our experts here at GBO.

     

    Why you need a Curacao gaming license for your online casino

    Although it may be possible to create a website that offers e-gaming options without going through the steps we have outlined to get the gambling license, it is not just illegal and risky, but it also carries many negative outcomes. Making such a decision simply to avoid the costs of getting a license is extremely short-sighted and in the end will yield no net benefit. The main disadvantages are:

    • Players have grown wary of gaming operators who don’t publicly prove that they are fully licensed, and are aware of the extreme danger they face when trusting their funds to such an operator. As well, no amount of marketing hype will convince them that they will not simply be cheated by games unfairly biased in favor of the casino
    • Merchant banks and payment service providers are very strict when it comes to offering their services to companies that aren’t fully licensed, and trying to run a casino without these services is futile
    • Owners, managers and operators of illegal gambling operations are personally liable for the consequences of their actions, and there is a high level of cooperation between government bodies and their police forces to crack-down on illegal gambling because of the way it can be exploited in money laundering and terrorist financing. It’s now not just a matter of fines and penalties, but can lead to substantial prison time if the authorities bring you before a judge
    • Vendors of quality gaming software platforms are reluctant to offer their products to unlicensed operators, because this can spill over into their general reputation. As well, most players recognise the format and styles of these well-known packages, and if your website is significantly different, it will set off alarms

    So, the costs of setting up a legal enterprise that is fully licensed in a recognised jurisdiction like Curacao are quite reasonable; the benefits it gives you in marketability and ease of operations are substantial, and all of this compares with the substantial risks you face of trying to do it without the license.

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