Curacao Gaming License Requirements from Control Board
Posted on: December 21, 2022
Author: GBO Specialist
Curacao Gaming License Requirements from Control Board
Posted on: December 21, 2022
Author: GBO Specialist
GBO is a leading Curacao gaming service provider attending in conferences world-wide
Read in Our Curacao Gaming License guide:
- You are here – Curacao Gaming License requirements
- Banking account requirements for online gaming businesses
- How to get an online gaming license?
- How to set-up and open an online casino business
- Online gambling license– How to keep the law and succeed at the same time?
- What licenses are necessary to run a gambling website?
- Online gambling jurisdictions and licensing authorities
- Where can you operate with a Curacao Gaming License?
- Recommended merchant accounts for online gaming businesses
Contact us for Curacao Gaming License price offer
WhatsApp us: +972504938469, email us: email@example.com
Curacao Gaming Authority vs Curacao Control Board
The Curacao Gaming Authority (CGA) and the Curacao Control Board (CCB) are two separate entities that oversee different aspects of the gaming industry in Curacao.
The CGA is responsible for regulating and licensing online gaming operations in Curacao. They ensure that licensed operators meet strict standards for fairness, security, and responsible gaming. The CGA also investigates complaints against licensees and can take disciplinary action if necessary. On the other hand, the CCB is responsible for regulating land-based gaming operations in Curacao, such as casinos and sports betting establishments. They oversee the licensing, operation, and compliance of these establishments and enforce regulations to ensure fair play and the protection of players.
While both organizations work to ensure the integrity of the gaming industry in Curacao, they have different areas of focus and responsibilities. It’s important for gaming operators to understand the differences between the two and comply with the regulations of both entities if they wish to operate in Curacao
Curacao internet gaming association
Curacao is a small island in the Caribbean that happens to be one of the best places to incorporate and license an e-gaming company. One of the advantages of Curacao e-gaming licenses stems from the fact that the island was once part of the Dutch Antilles and they maintain unique statues as an autonomous Dutch territory – you get the benefits of the EU without the high taxes of Europe. Regulation of land-based gaming and e-gaming fall under the Curacao Gambling Commission and within that body is the Curacao Internet Gaming Association (CIGA), a section responsible for issuing e-gaming licenses. Curacao offers e-gaming licenses to companies worldwide and the small island is considered one of the best jurisdictions for e-gaming licenses. E-Gaming Regulation in Curacao
In Curacao all gaming, both online and on-land is overseen by the Curacao Gaming Commission. The section of the Curacao gambling commission responsible for e-gaming is the CIGA (Curacao Internet Gaming Association) which abides by the regulations and guidelines of the Interactive Gaming Council. CIGA is responsible for issuing gaming licenses to operators; service providers and software professionals in the e-gaming industry. CIGA has issued e-gaming licenses to about 30 e-gaming operators and they insure that e-gaming companies and service providers are regulated and maintain a high standard. The Curacao Gaming Commission (also called the Curacao Control Board), is a highly respected jurisdiction in the e-gaming industry.
The Dutch Caribbean island of Curacao’s government licenses and regulates a number of online gaming and gambling businesses, which are represented by the trade association known as the Curacao Internet Gaming Association (CIGA). CIGA was established in 2001 to promote responsible online gaming practices and to provide a forum for its members to share information and collaborate on industry issues. Since the island of Curacao started issuing online gambling licenses in the 1990s, it has served as a hub for the industry. Today, Curacao is one of the most popular jurisdictions for online gambling operators due to its relatively low tax rates and streamlined licensing process.
The Curacao Gaming Control Board, the regulatory body in charge of regulating online gambling operations in Curacao, and CIGA collaborate frequently. The Gaming Control Board is in charge of licensing and overseeing online gaming businesses, making sure they abide by rules and regulations specific to the industry, and enforcing penalties for non-compliance.
CIGA operates as a self-regulatory body that works in conjunction with the Gaming Control Board to promote responsible gaming practices and protect consumers. Members of the CIGA are obligated to abide by a strict code of conduct, which includes standards for responsible gambling, ethical gaming, and anti-money laundering procedures.
According to CIGA, the group has more than 30 members, who collectively account for a sizeable portion of the Curacao online gaming market. The Curacao online gambling market has expanded significantly in recent years, and the island now hosts hundreds of online gaming businesses that bring in millions of dollars annually.
Overall, CIGA actively supports responsible gaming practices, works with the regulatory body, and advances the interests of its members in the Curacao online gambling industry. The association has helped Curacao’s online gambling market expand and thrive, making it a significant player in the global online gaming market.
Curacao company formation
Forming a company is subject to the Commercial Code of the Netherlands Antilles, Articles 33 – 155. Each company must have a registered office in Curacao, which can be provided by a licensed service provider.
A company requires a minimum of one director and a minimum of one shareholder. At least one director must be resident in Curacao, but nominee shareholders and directors are permitted. It is not required for registration to be personally present in Curacao.
Corporate documents can be written in Dutch or English, and the company name must include the term Naamloze Vennootschap, abbreviated as N.V. (Limited Liability Company). Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” etc. require approval.
How to Apply for a Curacao e-Gaming License
In order to apply for a Curacao gaming license from the Curacao Gaming Commission you will need to disclose your banking history and criminal history. You will need to comply with due diligence; show proof of your capital funds; present a business plan and outline the tools your company will use to fight underage gambling, illegal e-gaming and money-laundering.
In addition, you will need to pay the license application fee and the cost of the license itself. Licenses must be renewed each year at a fee. Once the applying company has presented all the necessary documentation and paper work the Curacao Department of Justice will thoroughly examine your application and investigate your company. The investigation can last up to 6 weeks after which the applicant will either receive a provisional license (subject to specific conditions) or the application will be rejected. If your application is accepted, you will need to pay a guaranteed deposit.
Curacao e-Gaming License Application Requirements
- Compliance with due diligence.
- KYC compliance.
- Identification of all Ultimate Beneficial Owners (UBO).
- References for the UBO.
- Detailed description of your proposed online gaming business and the games that will be offered.
The curacao gaming authority/Gaming Control Board Curacao
The curacao gaming authority is the supervision body that regulates the gaming industry in Curacao. It also regulated the land based casinos and public gambling like lotteries, charity bingo, draws and sports.
Since March 2020, the Gaming Control Board Curacao (GCB) has been tasked with the licensing for and the supervision of the online gaming sector on behalf of the Minister of Finance of Curacao. However, in practice, holders of online gaming licenses generally grant a contractual right to third parties established in Curacao to offer online gaming services under the existing online gaming license.
The government of Curacao through the curacao gaming authority and Curacao Gaming Control Board is in the process of modernizing its gambling legislation to bring it in line with international standards and to adopt a responsible gaming policy that spans all gaming activities that are and will be licensed in the jurisdiction. The new law shall establish a single entity that will be responsible for the licensing and supervision on gaming activities.
The GCB is also responsible for protecting the interests of players and promoting responsible gaming practices. This includes setting limits on deposits and bets, as well as ensuring that players are provided with fair and unbiased games.
The GCB is an important part of the online gaming industry in Curacao, as it helps to ensure that players can enjoy a safe and fair gaming experience, and that online gaming companies are operating in a responsible and transparent manner.
Curacao gaming authority
The Curacao Gaming Authority (CGA) is a regulatory body that oversees the gaming industry in Curacao, a small island nation located in the southern Caribbean Sea. The CGA is responsible for issuing licenses to online gaming companies, monitoring the operations of these companies to ensure compliance with regulations, and enforcing rules and penalties for non-compliance.
The CGA is also responsible for protecting the interests of players and promoting responsible gaming practices. This includes setting limits on deposits and bets, as well as ensuring that players are provided with fair and unbiased games.
The CGA is an important part of the online gaming industry in Curacao, as it helps to ensure that players can enjoy a safe and fair gaming experience, and that online gaming companies are operating in a responsible and transparent manner.
Curacao company registration
In addition to acquiring a Curacao company registration, Curacao-incorporated businesses must pay annual compliance fees. Typically, these fees pertain to the maintenance of the company and the submission of required documentation to the appropriate authorities. Chamber of Commerce fees are one of a Curacao company’s annual compliance fees. This is a mandatory fee charged by the Curacao Chamber of Commerce and Industry for all registered businesses. The fee covers the administrative expenses associated with maintaining the company register and providing services to registered businesses.
Preparation of annual accounts is an additional compliance fee for a Curacao company. All businesses must prepare their financial statements in accordance with Curacao’s generally accepted accounting principles. Failure to submit annual financial statements to the Curacao Chamber of Commerce may result in penalties and fines.
Companies in Curacao are also required to prepare and submit a tax return to the relevant tax authorities, in addition to the annual accounts. The tax return must be filed within six months of the end of the fiscal year, and it must comply with Curacao’s tax laws. The tax return must contain all pertinent financial data, including income, expenses, and all applicable taxes.
The process of complying with these requirements may appear simple, but it can be difficult for businesses unfamiliar with local laws and regulations. In addition, because Curacao is regarded as an offshore jurisdiction, some banks may be reluctant to open business bank accounts for Curacao companies, making it difficult to conduct business transactions.
However, there are electronic money institutions in Europe that are more accommodating to the gaming industry, making it simpler for Curacao businesses to open business bank accounts. It is essential for businesses to conduct research and find a bank that is willing to work with them, as well as to comply with all local laws and regulations to avoid penalties or fines.
Curacao e-Gaming Licensing Authority website
The Curacao e-Gaming Licensing Authority (CeGLA) is a division of the Curacao Gaming Control Board (GCB) that is responsible for issuing licenses to online gaming companies. CeGLA is headquartered in Curacao and operates under the jurisdiction of the Government of Curacao.
The CeGLA website provides information about the licensing process for online gaming companies, including the requirements for obtaining a license, the types of licenses available, and the fees associated with each type of license. The website also includes information about the responsibilities of licensed gaming companies, as well as the rules and regulations that they must follow.
e-Zone law Curacao
Curacao law allows for several Economic Zones (’E-Zones’) that provide a location where businesses providing e-commerce services can be based. The laws of the e-Zone offer a favorable tax regime of just 2%, lower custom duties and zero turnover tax as long as a company with share capital is resident in the zone. The services provided must primarily be focused on clients who do not reside in the Netherlands Antilles, with a general upper limit of 25-30 percent of turnover coming from local business.
Gaming Control Board Curacao
The Curacao Gaming Control Board is the regulator for the Curacao land-based casino industry. The Curacao eGaming Licensing Authority is the e-gaming regulator appointed by the Curacao Gaming Control Board and has been given authority by the Curacao Department of Justice to handle all gaming licenses.
The stated aim of the Curacao gambling commission is to protect the interest of the public and the integrity and stability of the Curacao gaming industry, by ensuring that all gaming is conducted honestly, responsibly, competitively and free from criminal and corruptive elements.
Advantages of a Curacao e-Gaming License:
- Curacao has favorable tax laws (2-3% corporate tax rates).
- Curacao licensing procedure is quick and low-cost.
- Curacao gaming laws are relatively straightforward.
- “E-Zone” for internet businesses.
- No minimum share capital necessary.
- A company can have a single shareholder and a single director. The director can also be the sole shareholder.
- Curacao only issues one e-gaming license which covers all forms of online gaming
- License application in Curacao is easier than in other jurisdictions where there are higher fees, multiple licenses and lengthy application processes.
- All shareholders can be foreigners.
- The Curacao regulator will issue you with a license label which you can display on your website.
Curaçao e-gaming license validation
To check whether a company has a valid e-gaming license, any casino licensed by the Curacao e-Gaming Licensing Authority must display a badge on its website to indicate that it is licensed. It must also provide a link on the website to its license page on the official Curacao e-Gaming Licensing Authority website.
Forming a Company in Curacao
In Curacao companies are incorporated through the Commercial Register of the Curacao Chamber of Commerce and Industry. Among the requirements for formation of a Curacao company are Articles of Association; a document describing the rules and procedures for operating the company. In Curacao these can be written in any language. Unless otherwise set in the Articles of Association there is no required minimum share capital. You need a minimum of one shareholder to form a Curacao NV (Naamloze Vennootschap) company and this shareholder can be of any nationality. You only need one director who can also be the sole shareholder. You can have a one-tiered or two-tiered Board of Directors. All companies formed in Curacao must have a registered agent and local office in the country which can also act as the company’s physical address. All records of the shareholders remain with the registered agent and are confidential. Company’s formed in Curacao cannot contain the words – bank, insurance, Trustee Company, Trust Company etc. in the company name.
Disadvantages of a Curacao e-Gaming License:
- As Curacao e-gaming licenses are relatively easy to obtain operators consider Curacao licenses to be less prestigious and less discerning than those granted by other jurisdictions.
- Most licenses issued today are sub-licenses which means the sub-license holders are subject to regulation and auditing by the Master License holder rather than the gaming commission.
- Some international markets in the EU, North America and other places including Curacao itself do not allow Curacao e-gaming license holders to access players in their jurisdictions.
- All e-gaming companies including those with a Curacao license usually find it difficult to open a gaming bank account and arrange payment options
Curacao e-Gaming Licenses FAQ
What Types of e-Gaming Licenses Are Offered in Curacao?
Master License – The Curacao Gaming Commission can issue a master license to companies which then have the right to issue sub-licenses to third parties. The sub-license holders are then under the auspices of the master license holder. It is the sole discretion of the Minister of Justice whether to award a master license to a company.
Sub-License – A sub-license holder has the same rights as a master license holder except that sub-license holders cannot issue additional sub-licenses. Master license holders and sub-license holders are authorized to run online gaming businesses.
What is the Cost of a Curacao e-Gaming License?
Although the cost of a Curacao gaming license can vary there are some general guidelines. There are initial costs of about 20,000-25,000 Euro which is reasonable compared to the initial price of an e-gaming license in other jurisdictions. Taxation is another expense to consider; in Curacao income tax is 2%. In other jurisdictions the e-gaming license may be cheaper but taxes more expensive. Other expenses to consider when incorporating an e-gaming business in Curacao include:
- Registration costs
- License application fee
- Cost of the license
- Local hosting and server space
- Company management for the first year
- Services involved in the application process – filing, registration of documents etc. (This can take 2-3 weeks from submission of application)
What Kind of e-Gaming Companies Use Curacao Licenses?
Many different types of e-gaming companies operate under a Curacao e-gaming license. Among them are many online casinos, bingo sites, sports betting sites, lottery sites and poker sites. Curacao issues e-gaming licenses that cover all forms of gaming so you don’t need to get a separate e-gaming license for each type of e-gaming.
Recommended for you