How to get gaming license for gambling business
Costa Rica Gaming License: Is it real?
Costa Rica does not currently own any gambling license at all. The region is a jurisdiction that has never actually gotten any privilege to put out licenses at all. However companies can still operate an online casino business inside of the region of Costa Rica. Even though there are no license authority there are still laws that govern this location. The regulations and laws will come from outer parties or third parties. Some of which are such as other jurisdictions or even from the companies themselves. This may seem a bit confusing so we will discuss it all in this article today.
Any business owners need to be aware. There are many corporate service providers that will try to sell you a license known as the Costa Rica gaming license. This license itself does not exist. On top of that they will try to put a very expensive price on it without being transparent to you at all. The word license itself can be confusing. It is however very possible for anyone to set up their own company in Costa Rica. The difference is is that that license itself is useless when it goes outside of Costa Rica. So this is one thing to keep in mind when applying for a license.
The Costa Rica jurisdiction allows online gambling of any form. You can set up your company and you can build your corporation from the ground. The only difference is that you cannot switch licenses because you never had a license in the first place. Costa Rica still has its own regulations and laws regarding betting. Other types of jurisdictions will have its own gambling commission. This is different and Costa Rica because they don’t have any gambling commission or authority.
This jurisdiction is very useful for new businesses who just want to test the market. We highly recommend this for any startups or new companies that want to make it big. But instead of paying a lot of money just to get a license you can set up your company at Costa Rica. The difference is you can only provide your games to a smaller scale of people. For example you cannot enter the European market because you don’t have a European license.
Why is Costa Rica Still a Choice for Many Online Casinos?
Up to this date Costa Rica is a choice for many reasons. First of all this region is located in Central America and it is known to be a stable place. But we mean by stable is in terms of politically and economically the country is stable. There will not be much regulation changes or policy reformation. And this is what you want when you go to look for a jurisdiction. The jurisdiction itself is very flexible in terms of new technologies. So there can be new payment methods for example such as cryptocurrencies. They’re not as strict as other types of jurisdictions such as malta. One rule to keep in mind is that Costa Rica only allows players from out of the region. This is the only law that they enforce for online gambling companies. So the player base that you have must not and cannot come in from Costa Rica itself.
Up to this date there are no laws and regulations for you to operate in an online casino. Companies can pretty much do anything that they want without having to go through such a complicated process. So you can still operate from abroad and have it based at Costa Rica. On top of that there is really no regulations or even no requirement for anyone to get a license.
Currently there are so many new gambling businesses. One of which is known as the cryptocurrency online casinos and it has been booming for quite a while. Costa Rica is the best choice because they don’t have strict regulations on cryptocurrencies. As a matter of fact the company can work together with the local government because the local government accepts cryptos. For example they’re allowed to pay their staff in cryptocurrencies. The payment of cryptocurrencies can only be done in bonuses whereas the minimum wage still has to be paid in dollars. This is the best option for gambling companies because you don’t have to go through a huge ton of money and regulations. There is simply no room for failure if you want to apply to this jurisdiction. The jurisdiction allows anyone to register for cryptocurrency payments or any types of digital payments such as skrill and paypal. Many online startups have came to Costa Rica to set up their own online casino. Especially the new casinos that want to operate using crypto currencies.
After operating and gaining a license in Costa Rica you’re also given a choice to operate elsewhere. It is easy to move from one jurisdiction to another when you are located in Costa Rica. Costa Rica is literally the starting grounds for all online casinos. After you have gained some experience then you can start applying to other types of jurisdictions. Some of the most popular transition is from Costa Rica to Curacao or to Kahnawake.
Frequently asked questions: Things to Know About Costa Rica
Maybe you’re still confused about some of the things we have discussed today. No need to worry because we’re going to discuss it further in the section below let’s look at some of the most frequently asked questions:
Is the Costa Rica gambling license real?
Costa Rica is only a jurisdiction and it does not have a gaming license. Hence anyone who tries to offer you a gaming license will most likely be fake. The difference is that jurisdiction does not have the authority to give out licenses. This is very different in comparison to other types of jurisdictions such as curaçao or malta. People still refer to Costa Rica having a gaming license because it sounds convenient. The truth is it does not exist because there are no gaming authorities that will regulate gambling at all. So if you try to bring a casino in then it is hard to get any regulations. Instead huge companies try to come in and then integrate their gambling company into a Costa Rica gambling company. This is much more clear because now you’re providing games outside of Costa Rica. The only difference is that you have to operate within Costa Rica in order to do that. Online gambling is still prohibited very much in the country. So you need to ban the websites from being played by Costa Ricans. If you do get caught offering games to Costa Ricans then there will be consequences.
Up to this date the license still do not exist. The games that you offer will not be licensed. Which means that there is no regulation to protect you or anyone from frauds.
How can you own your own Costa Rica gaming company
We’ll talk to you before that there is no possible way for you to get a license. But the only way for you to operate is to become one of the company situated in Costa Rica itself. Many people want to do this because it is much cheaper and that there are no strict regulations. That is why many startup casinos simply come in to Costa Rica and then do this. There are two options that can help you in building your first Costa Rican gambling company. First of all you need to cut ties from any type of foreign companies that you are currently with. You need to make a new company inside of Costa Rica and then transfer the name as well as the assets. You cannot have a foreign corporation be brought in. The names can be similar and then you can start working with the local regulators and legislators.
Top of that there’s also a second option for you to integrate your company. This process is much easier but you need to hire a third party provider. There are many third-party provider with will help you with preparing the paperwork as well as submitting it to the government. The processing time will also be much quicker. Usually the time is around a couple of weeks. This is much quicker because you will also get assistance all the time.
Am i allowed to open a corporate bank account for my gambling company
It is simply not possible for anyone with a gambling casino to open a bank account. You’re not allowed to do this because it is not regulated. On top of that this is also illegal to do so if you do this then there will be sanctions. The main reason is that Costa Rica does not allow any unlicensed and unsupervised gambling casinos. Which means that when you open a banking account you’re going against the laws that has been set. One alternative to this is that you can open a cryptocurrency address. So you can totally build your online casino off of cryptocurrencies. And you don’t have to worry about the deposits because all the money can be held in one place only.
Is my casino allowed to accept United States players?
The simple answer is no. Do not offer any games to players from the United states. This is illegal and that you can be convicted for many right crimes. In order to have clients from the United States then you need a proper license from the United States itself. So try and avoid any United States based players at all cost.
Do i need to disclose information about owners and shareholders?
An online casino is built by many shareholders. It is impossible to only name one. For example you have the directors and then the investors and other types of shareholders. There are some regulations within the Costa Rican government that says you must disclose this information. You have to provide all of the names identity and other types of identification regarding the shareholders. This is applicable to all types of shareholder and the information given must also be recent. If in case you want to renew agreements then you also need to reapply and give new information and documentation. Don’t worry because this information will not be publicly shared.
On top of that you also need to have a power of attorney. Which means you need a person to be on standby inside the Costa Rican region. This is only specific for the owner of the company itself. In cases where the owner of the company cannot come then there will be representative for him. This power of attorney must be illegal which means you need to go to notary. The government will provide you guidance for example on where the consulate is.
Are there fees and taxes?
Fees and taxes does not exist because there is no jurisdiction in the first place. Many online gambling business owners are very happy about this fact. Keep in mind that you’re going to set a new company within Costa Rica itself. If there are certain types of revenue then you don’t have to pay taxes. Because the prophet that you get in itself will come from cryptocurrencies.
The authorities themselves do not have any regulations regarding taxes so there is no reason to pay. However there are some kinds of taxes that you need to pay if you want to touch other types of jurisdiction. If your company is a startup then it is so easy to get away without paying any taxes at all. Cryptocurrency is very hard to track and almost impossible to track. Therefore operating in Costa Rica is much easier and effective.
Cost for Costa Rica Gambling Jurisdiction
Costa Rica does not have a license. But instead it is named as a gambling jurisdiction for foreign companies to operate in. Up to this date, there is no cost at all. You do not have to pay fees except when you want to apply. This is called as the application fee. Setting up may also take some money and cost. Such as to pay rent or to pay for a building.
The price may even change sometimes depending on what kinds of service you provide. The bigger your casino is means that you also have to pay a much higher fee. Not to worry because now there are different kinds of alternatives. People can pick packages so that it is much easier for them to choose from.
What is in the Costa Rica Gambling Company Package?
- Company and corporation name
- A legally registered company within Costa Rica
- Cheaper fees and costs
- Help with notarizing integration of companies
- Preparing documents to English translations
This whole process is much quicker than anyone thinks. Most jurisdictions will consume 2-3 months. Here in Costa Rica, it only takes 2 to 3 weeks from the day you give the documents. Because there is no system of check and balance, then the cost is also much cheaper. People still do choose this jurisdiction because they want to.
Requirements To Get a Costa Rica Gambling Company
There are a few requirements that you need to fulfill to get a permit in Costa Rica. First of all, using a third service provider is much more favorable. This process will cut off time for you too. You can do consultation with these kinds of company for more help.
On top of that, you also get a chance to develop your gambling company into a bigger one. To do this, you need to combine your Costa Rica based company with a new license. These license can come from different jurisdictions.
Benefits of Applying in Costa Rica Gambling Corporation
Costa Rica is a place where new businesses can thrive and grow quickly. Up to this date, the only casino system that they support are online casinos. These online casino can thrive more after you can get a huge customer base. The market for cryptocurrency casino is very high. Hence the attraction and marketing will also be much easier to do.
On top of that, there are other benefits. These benefits are such as testing a new casino in a jurisdiction without spending much money at all. The government of Costa Rica is also supportive enough to the point where there are no strict regulations. These non strict regulations makes it much effective to run a gambling company. You can even have double payment system such as digital currency and crypto. This cannot be done in a normal casino with normal jurisdiction.
Benefits of Costa Rica Jurisdiction
- Fast and easy setup
- No strict requirements
- Cheap costs
- No restriction for shareholders
- No initial fee payment
- Self regulating
- No taxes at all
- No tax revenue for any shareholders
- Best testing ground for a new casino.