Gambling is the one of the most efficient source for business owners to generate hefty profits, as people love to bet on their fate to make money. But, some countries prohibit gambling in their region, and some charge heavy taxes, so it becomes difficult for business owners to choose the right place to operate gambling. Gibraltar gambling license gives an opportunity to such business owner to perform their business effectively.
Well, there are multiple causes that make this region an ideal choice for the gambling business, such as well-developed business infrastructure, flexible framework, competitive tax rate, smooth Gibraltar gaming licence process, and many more. These factors attract a lot of gambling companies to establish their businesses in this region.
In general, investors invest their money in the companies after analyzing their growth; likewise, companies choose the region based on the country’s economy for their establishment or expansion. Gibraltar is a home for offshore companies because of its healthy business environment, flexible gambling framework, and low taxation compared to other countries.
Even some of the prominent offshore gambling companies have chosen Gibraltar for licensing jurisdiction. So, it clearly reflects that Gibraltar is a paradise for the gambling business, and if you also want to set a foundation stone for your gaming firm in this region, then you must be aware of the benefits that you will get from this region.
Gibraltar is a well-developed country that offers world-class business facilities and flexible gaming regulations. In addition, the tax levied by the government of this region is lower than that of other countries. For instance, gambling companies that fall under jurisdiction of some European countries have to pay 20% of their net gambling receipt, whereas in Gibraltar, the gambling tax rate is only 0.15%. Moreover, the companies associated with gambling are exempted from the VAT, and thus, they can make more profits.
The Gibraltar Gambling Commission is the apex body that regulates gambling activities and focuses on high-quality standards to create a competitive gaming market hub. In addition, the GGC looks into the matter of the companies that are seeking Gibraltar gaming licenses and also provides ample services to gaming companies so that they can operate the business smoothly.
To run a business successfully, a company needs a market, flexible regulations, a low tax rate, and support from the respective authority. Gibraltar fulfills all of these, and that’s why gambling companies opt for this region. In addition, there are several advantages to obtaining a Gibraltar Gambling licence, which is provided below.
Gambling is a sector where money flows like water, and the concerned companies make a huge profit. Considering the gambling market, the governments of various countries levy heavy taxes against gambling to generate revenue. However, the case in Gibraltar is different, as the government focuses more on providing ample services to companies so that they can flourish. The growth of such companies will attract a lot of investors to this region and boost the economy.
The tax rate of gambling in Gibraltar is very low compared to other countries, and only 0.15% is charged against revenue receipts. However, companies have to pay general corporate tax as well as annual license fees, depending on the type of gambling they do. For instance, if you want to set up a gambling company whose nature is to assist the existing gambling companies, i.e., B2B, then you will have to pay £ 85,000 annually as a license fee. But if you are directly dealing with customers, i.e., B2C, then such a fee will be £ 100,000 yearly.
Every business owner wants the growth of their companies, and for that, the market is very important. Some create demand, whereas others utilize the created market to enhance their business. Gibraltar is a hub of gambling companies, which shows the potential of a market. So, doing business in this jurisdiction is a matter of prestige as you gain the loyalty of the customers after getting the Gibraltar gambling license. The people of this region believe in GGC, and the apex regulatory body keeps an eye on fair and responsible gambling. So, getting a license from this body means you have won a half battle towards the successful journey of your business.
Getting a gambling license from the government means you are authorized to do business in this region. But you know that gambling is a matter of money, so the GGC ensures that the firm is capable of handling the gambling business and has a proven track record in this field. In addition, GGC also checks whether a firm is involved in a legal dispute or not; if yes, then it would be a big hurdle for them in getting a Gibraltar gambling license.
Now, moving back to the topic, the types of Gibraltar gambling license depend on the nature of gambling, i.e., B2B and B2C. If you are planning to get a Gibraltar gambling license for B2B, then you will be authorized to offer gambling services to respective companies, whereas if you apply for a B2C gambling license, then you can execute gambling activities for people. So, overall, there are six types of gambling licenses available in Gibraltar, and they are provided below.
Gambling regulations are the prime instrument that helps to regulate gambling activities in Gibraltar. Knowing these regulations will help you run your business smoothly in this region, and for that reason, the detailed regulations are listed below.
Gibraltar Gambling Act describes betting, gaming and lottery. This act also provides provisions for regulating land-based casinos and gambling through remote means, including telephone and Internet. As per the act, betting is defined as making or accepting a bet on the outcome of any race or competition and the occurrence of any event. Likewise, gaming is defined as playing a game of chance for a prize.
This regulation act primarily focusses on gambling companies and direct them to follow the regulatory framework implemented by the government. It explains the operational procedure for gambling, archives of transaction records, conducts fair and responsible gambling activities, and more.
Code Of Practice For The Remote Gambling Industry: Anti-Money Laundering, Countering the Financing of Terrorism and Counter Proliferation Financing Arrangements
This regulation act also focuses on the companies and directs them to follow some essential regulations related to money, i.e., Anti-Money Laundering, Countering the Finance of Terrorism, and Counter-proliferation Financing Arrangements. These elements help the government monitor the cash flow so that it should not be funded for evil purposes, such as Terrorism.
This regulation act mostly focussed on the betting duty that a gambling license holder has to pay against the bet receipt. In addition, the act also defines the license fee, a renewal fee for a license, and a fee for a duplicate license. In this act, the comprehensive license fee structure for the gambling license is provided, except for gambling B2B support service; the remaining gambling license type fee is £100,000.
The Gibraltar gambling license process is very simple, but there are some hurdles, and to pass them, you must know about them. The first and foremost thing that you need to do is to establish a company in that region; it can be a Private Limited Liability Company (LLC) or Public Limited Company (PLC). In an LLC, which is the most popular form of a company, you must have at least one director, one shareholder, a local company secretary, and a registered office in that location.
The essential documents required to establish companies in Gibraltar are listed below.
Once you establish the company in Gibraltar, you can apply for a gambling license. You need to note the GGC’s prime criteria for issuing a gambling license, which are provided below.
In addition, you need to verify your software, and for that, there are certified test houses that are approved by the Gibraltar Gambling Licensing Authority.
If you fulfill the above criteria, then step down to the Gibraltar Licensing Authority’s office, fill out the form, and submit the documents that are needed for a Gibraltar gambling license. The entire process will take 2 to 6 months because the licensing authority will examine your submitted details, so during that period keep some patience.
While applying for a Gibraltar gambling license, you need to attach some necessary documents. The details are provided below for your convenience.
The timeline for getting a gambling license in Gibraltar depends on the nature of the business, whether it’s B2B or B2C. In general, the concerned authority will take 2 to 6 months to examine your documents and once they are satisfied with them, then they will issue a license. Apart from document verification, they also examine whether your firm has any legal dispute or not, if affirmative, then it will be difficult for you to get a license.
The gaming taxation structure in Gibraltar is very simple; you just need to pay a gaming duty that is 0.15% of your gross profit, but in some conditions, this duty is exempted if your first gross profit is GBP 100,000. In addition, you need to consider general corporate tax which is charged at a flat rate of 12.5%.
The cost of a gambling license in Gibraltar depends on the gambling type, as there are six different types, and except one, i.e., Gambling B2B support service provider, the rest have a fee of £100,000 annually. For your convenience, the Gibraltar gambling license costs for all six types are provided below.
Well, what we see theoretically is quite different from the practical world, and the same case applies to getting a Gibraltar gambling license. The GGC clearly examines all the documents and strictly follows its rules and regulations. So, there are several legalities, and if you are not aware of them, then you must look for a firm that deals with this situation. InteliumLaw is one of the leading firms that assist companies in getting gambling licenses.
InteliumLaw offers comprehensive guidance in all matters related to Gibraltar gambling license, including paperwork, legality, and many more. The firm retains legal advisors that will make your path of getting a license easier. So, start your journey in Gibraltar with their consultation and get a Gibraltar gambling license smoothly.
You will need a bank account to properly operates licensed gambling business under Gibraltar gambling license.
Yes, Gibraltar gambling license can be obtained by the company which is owned for foregin shareholder.
Yes, the gambling companies are audited by the Gibraltar Gambling Division, and they ensure that fair practices are being followed and that the respective companies have proper compliance and are following the guidelines. Â
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