The government of Curacao formed the Curacao e-Gaming Licensing Authority in 1996 to regulate gaming licenses in the industry. Since then, the board has attracted a lot of business from all over the globe. It is the top choice of most gambling sites who wish to establish their gaming companies due to their low tax rates.
Rules and Regulations
For the company to qualify for the licence, it must pass the standards set out by the board. It is the duty of the licensed company to stick to the licence terms; otherwise, it will be revoked by the board. The board performs regular compliance audits to companies holding the licence. The permits also control the number of gambling activities running at a particular time and place. By so doing, they prevent unhealthy competition.
License Registration Process
The Curacao Licence application process is easy and straightforward. Before anything, you have to complete a pre-approval form, which entails providing some necessary information regarding the proposed activity. This process should take no more than two days. The second step is where you submit the application form.
The form should be forwarded to the Curacao e-Gaming authority together with supporting documents and the application fee. Step three is where the e-Zone company is incorporated via e-Gaming provider who is authorised. The stage comes after the company gets the initial pre-approval from the authority. The last step is where the submitted documents are reviewed and presented for the licence. If the materials meet all the requirements, the administration approves the permit and issue the sub-licence certificate. The whole process takes a maximum of four weeks.
The government of Curacao has an easy way of offering a gambling licence. The reason for this is that rather than there being multiple licences for different gaming categories, one licence fits all. As a result, you will not incur a lot of money getting multiple licences. The main type of licence is known as the Master Licence. This licence costs around $40,000 in total to set up but then fees can be negotiated from that point on regarding renewal.
Anyone holding a Master licence can then create sub-licences to anyone else and these hold the same benefits as the Master except being able to give further licences. Master licence holders should be aware that they are responsible for any of the sub-licences they have granted.
A casino with a gaming licence from Curacao is required to ensure security and fairness. The licence issued by the Curacao authority requires the gaming organisation to help any players that may have a history of suffering from gambling addictions. The authority will withdraw the licence should the company fail to conform to the set requirements.
In addition, children and highly vulnerable people are protected from being exploited. People below 18 years of age are not permitted to take part in any form of gambling. Every new account is required to submit a proof of age such as a scanned copy of national ID. The authority also ensures that gambling is not used to cause any crime or as a source of evil. By so doing, Curacao is the place where responsible gaming is practised.