Obtaining a gambling license for the Isle of Man

It is not possible to obtain a gambling license in every jurisdiction. About Isle of Man - one of the countries where it is available. The process of obtaining a license in this jurisdiction has a number of advantages, primarily ease and speed. However, there are a number of requirements for companies. You can read about these requirements in this article.

Content:

• Why obtain Isle of Man gambling license?
• Requirements for obtaining Isle of Man gambling license
• Activities that require Isle of Man gambling license
• Procedure for obtaining a gambling license on the Isle of Man

Why obtain Isle of Man gambling license?

To the merits of Isle of Man for obtaining a gambling license can be attributed to:

• Infrastructure. The gambling sector is well developed on the island. In addition, it is easy to hire English-speaking and experienced staff.
• Tax incentives. The gambling tax ranges from 0.1% to 1.5% of the GGR index, and the income tax is 0.
• Reputation. The license obtained on Isle of Man, has a good international reputation. Licensing order in that jurisdiction guaranteeing that the operator complies with the law.
• Ease of regulation. A gambling license is issued immediately for all types of iGaming. The entire receipt process takes 12-16 weeks.
• Stability. For Isle of Man uncharacteristic economic, political and social changes. This also applies to the regulation of gambling activities. The regulator's policy is clear and predictable.

Requirements for obtaining a gambling license on Isle of Man?

To obtain a gambling license, a company must meet the following requirements:

• The company must be incorporated in accordance with the 2006 Law;
• The company must have at least 2 individual directors;
• At least one of the directors must be a resident of the Isle of Man;
• The company must register players on servers located on the Isle of Man, or install a network service on the Isle of Maine;
• The accounts must be in the bank on Isle of Man.

Licensing is the competence of the Gambling Supervision Commission. The Commission has the right to refuse if the applicant only has a nominal presence on the Island in order to obtain a license to carry out gambling activities.

Activity that requires Isle of Man gambling license

Not every activity is subject to licensing. It is necessary to obtain a gambling license for the following games and related activities:

• Casino;
• Lottery;
• Bingo;
• General rates;
• Pool bets;
• Betting through an intermediary;
• Network services;
• Software development in B2B;
• Software offerings.

The procedure for obtaining a gambling license for a strove M e n

Step 1. It is necessary to submit an application and a package of documents and pay a fee of 5 thousand euros. If the application is approved, the license will be issued within 10-12 weeks.

The following documents must be attached to the application:

• Personal declaration for any of the following persons:
  • Shareholders with more than 5% of shares;
  • An investor who has invested more than 250 thousand euros;
  • The official of the applicant;
• Simplified personal declaration for any of the shareholders or officers not included in the first paragraph;
• List of officials of the applicant;
• Letter from the Resident Director of Isle of Man;
• A business plan that includes financial accounts, user agreement, business model, website model, internal controls, rules of the game, and more.

Step 2. At this stage, documents are checked. Persons and companies associated with the applicant are also checked.

Step 3. This step is optional and takes place within a few weeks after the approval of the application, but the designee can arrange a meeting with a company official.

Step 4. Formal hearing. At this stage, the final result of the license issuance or refusal is announced. This hearing must be attended by the Resident Director of Isle of Man, the Officer and the Chief Operating Officer. All licensing conditions are finally agreed at the meeting.

Step 5. Meeting where further steps are explained. If additional conditions have been set, a check is made to see if they have been met.

It is worth remembering the annual payment of 35 thousand euros for a standard license, which includes all types of activities. 

Thus, the Isle of Man gambling licensing has a number of advantages. Such a license immediately applies to all types of activities, and its receipt actually consists of three stages: drawing up documents and filing an application, checking documents, and a formal hearing. The package of documents is standard for such licenses, although the process is generally simplified. If the Isle of Man is the most suitable jurisdiction for your gambling project, our team of A4 Law Firm will help you obtain a gambling license from the relevant authorities.