How to get gaming license for gambling business
Isle of Man Gaming License: Trusted and Tax-efficient
Anyone who is looking for a license for their online casino has many choices. Each choice also comes with a benefit such as cheaper taxes, easy application, and etc. Today, we are going to discuss specifically about the Isle of Man gambling license. It is reputable, efficient tax structure, simple, and so much more. Isle of Man is popular amongst middle tiered online casinos. Being business friendly as well as gambling centered is the best jurisdiction. Let us look more into what Isle of Man can offer to online casinos.
Isle of Man is located in the UK and it is between the coast of great britain. This location makes it very strategic because it is already considered as the European union. But now it is already self-governing since the British government has been separated from the EU. Isle of Manse already self-governing which means that it is able to conduct its own political activities.
On top of that most of their GDP is also based off of gambling profits. Hence they already put so much effort into making sure that everyone can benefit. Most of their laws are also in fact with the British Parliament. Making it very efficient as well as much effective for you to apply in their jurisdiction.
If you’re looking to apply for a gambling license in Isle of Man then we will help you with this article. This article is designed so that you can learn a few things or to about how to apply in Isle of Man.
Benefits of applying in Isle of Man region
There are dozens of benefits that anyone can get when they apply for a license. Of course brexit has been a problem and many people worry that it might affect gambling regulations. As a matter of fact brexit actually has almost no impact at all to the gambling industry. Hence Isle of Man can still operate and that it can now operate independently. Companies do relocate in and out of this jurisdiction easily. That is why people can easily switch their licenses if they want to. There is no regulations that will limit you from moving in or moving out. Let’s look at some of the key benefits that you will get when you apply for a gaming license.
High Quality infrastructure
High quality infrastructure equals to high amount of standard. The Isle of Man gaming authority has a high standard in terms of the license they give out. Each of the Isle of Man license is also equipped with a highly skilled networking system. For example in Isle of Man alone they have many sponsors and partnerships to other local companies within the country itself. Many companies are able to Branch out and get new players. On top of that the workforce or the people working in Isle of Man do speak English and it is much easier. So you don’t have to translate anything or have any complications. Their cost is also super low in comparison to other types of jurisdictions.
Zero Tax Policies
All companies in the world are looking for zero tax heaven. They don’t want to pay taxes because taxes can be very expensive and it can limit your company’s growth. Specifically in Isle of Man the tax or known as the corporate taxes 0%. Corporate tax is basically the tax that will be taken away from your annual profits. However there are other types of taxes known as the gaming tax. The gaming taxes around 0.1% up to 2%. This is only taken from your gross gaming profits. That is literally the only tax that you have to pay and that there are no other fees on top of that.
Reputable License Jurisdiction
In jurisdiction must be able to uphold the high quality as well as reputable. So when people hear the name itself then people are going to know that it is high quality. Isle of Man is recognized internationally and that they have a higher reputation. Amongst all of the other jurisdiction we can rank Isle of Man as one of the highest up there. Isle of Man has a lot of partnerships and it is known as the member of world trade organization. This immediately boosts their reputation because now everyone trust Isle of Man to provide the best game. Besides that their administration is exquisite. All of the activity that happens in Isle of Man is efficient starting from paperwork up to the audit. You can even set up your server in Isle of Man without having to make or own any additional licenses.
Isle of Man jurisdiction is all about simplicity. They want to provide the best option as well as partnership without much complication. Any types of registration and application will take some time and process but that is normal. However in comparison to other regions, Isle of Man is still much more effective. All you need to apply for is one license and one only. There is no other option but this one license alone. The process only takes around 3 months and this is already fast enough. Some of the requirements are such as providing the right documents as well as signing agreements. This is why Isle of Man is famous for its simplicity.
As an online casino you want to find a jurisdiction that is stable. This means that they are politically stable as well as economically stable. Stability is important so that the taxes that is already applied in the regulations does not Spike up or down. For example it is right now already 0% and you don’t want that to go up. Any changes to the industry might affect your business later on and you want to prevent that. Isle of Man license can be very stable because it is already standing for over 20 years.
Cost of Licensing and Application
Each license and jurisdiction comes with a price tag. Especially in Isle of Man the price is not that cheap but it can still be very strategic. We categorize this license as mid-tier. It is much cheaper than most licenses but it is also not expensive as the top ones.
We highly suggest mid-tiered business to actually try and apply for Isle of Man license. They’re not only specialized in casino licenses but they are also specialized in the stock market. It’s basically a jurisdiction that is straight connected and integrated into the UK. This is worth considering but if you’re still a new business then refrain from trying this license.
Many companies and clients seek professional help from consultants. There are dozens of providers out there such as Fast Offshore. These companies will make it so much easier for you to plan ahead your online casino businesses. All you need to do is that you can contact them, ask for pricing, budget, or anything at all.
What is the Isle of Man Gaming License Turnkey Package?
Turnkey package is one of the cheapest deals that you can get when trying to apply for the Isle of Man license. Their jurisdiction has been serving clients from the online casino industry for over 23 years. Anything that you need will already be included in the turnkey package. Some of the things that they can offer are things such as corporate structure, application help, and so much more. Note that the process takes 12 to 16 weeks in total. You also need to submit the right application, forms, and documents to make it much more efficient.
What does the Isle of Man Turnkey Package Offer?
The package is an all in one deal. You will get the starter pack so that your website can directly gain the proper support to grow. Down below are some of the things that you are going to get when applying.
- Corporate account from the Isle of Man jurisdiction. You are able to start receiving money and conduct business legally internationally.
- Each step of application process will be given assistance
- No taxes at all for applicants
- Providing address and company structure in the Isle of Man
- Locating and facilities will be managed
- Personal consultation if any assistance is needed
- Provide 2 residents to manage the corporation
Requirements to For Isle of Man Gambling License
Getting a license for the Isle of Man jurisdiction is a hassle. You need to follow certain regulations and rules in order to get your license. Each documents must be signed by owner, shareholders, and company staffs such as directors. Let us look at the documents needed:
- Legal proof of a clear criminal record, must be within 3 months old
- Photocopies of passport and notarized
- Bank statement, must be within 3 months old
- Proof of utility bills, must be within 3 months
- Description regarding all of the games offered in the website
- Business plan to support your online casino
- Confirmation that the RNG games and software is legally fair
- Details of software provider being used
- Market of gamblers
- Servers hosting must be located in Isle of Man.
Ongoing Maintenance for the Isle of Man License
Did jurisdiction of Isle of Man requires all of their clients to do an audit. The audit also comes with a maintenance. Maintenance is important so that it can provide your company with improvement. You can contact third party services to help you with your maintenance. Usually maintenance means that you may be upgrading your payment system or even adding new games.
Isle of Man gambling license tax policy
As you might have known already, Isle of Man is a jurisdiction with many benefits. One of its biggest benefits is that you don’t have to pay taxes at all. This is only for the corporate taxes. Because on top of that there are also other types of taxes also known as the gaming tax. The game tax is around 0.1% up to 2%. This will directly be cut off from the amount of profit that you get for every time the company profits. The taxes may be lower for newer companies or smaller companies.
Which casino is best for Isle of Man
Isle of Man is an offshore jurisdiction that gives license to many business owners. The company that applies may be online casinos are even stockbrokers. Most of them are situated in the United kingdom. Every time this jurisdiction is used as a license it is also promoted internationally. The main reason is because Isle of Man it’s recognized internationally. It is known as one of the most prestigious jurisdiction out there. Anyone who owns this jurisdiction license means that their company is already big enough. This license is also ideal for any new tech companies and online casinos. Maybe you want to add cryptocurrency as a depositing method which is only available in Isle of Man.
Isle of Man and Brexit Situation
Brexit has been a main topic in terms of the jurisdiction that affects Isle of Man in the early january, United Kingdom left the European union. As a result Isle of Man has to adapt and recreate its jurisdiction. Nowadays Isle of Man is under the jurisdiction of the United Kingdom and it is still reputable. As a matter of fact it has now gained full control of their own regulations and they can put out new policies at any given time. Businesses in Isle of Man is growing because there are new companies that want to also use innovations.
Isle of Man Gambling Commission
Each jurisdiction will have its own gambling commission. Specifically in the one we’re discussing today it is called as the GSC or gambling supervision commission. Isle of Man is the oldest jurisdiction so far because it is created in 1962. The GSC itself is formed at the same year and it is used to protect any player who wants to gamble. Back then this is jurisdiction mainly covers offline he knows. Nowadays they really protect any type of casino including online casinos. That is when the online gambling regulation act was released in 2001.
GSC was formed to be a regulator for both stakeholders. This protects the gamblers themselves but it also protects the online casinos from any backlashes or scams. Both sides will be offered protection so anyone can play in casinos fairly. This regulation has a very high standard. On top of that Isle of Man will also offer protection for their players in case anything happens. They are able to provide things such as refunds which are never found before in any online licenses. In case of any dispute then Isle of Man will send out the gambling supervision commission to do investigation.