Question Which jurisdiction is cheapest and fastest to incorporate a gambling company?

[OffChance]

We are looking for the quickest and cheapest way to incorporate a company with online gaming license. Access to banking does not matter as it will be purely crypto.

Thanks.

 

[Sols]

Cheapest and getting your own license is rarely a good combination. Are you sure you want your own license? Have you considered a whitelabel? There are a lot of platforms you can build your own brand on without having to get your own license.

If you insist, the cheapest options are Curacao and Kahnawake.

 

[OffChance]

Cheapest and getting your own license is rarely a good combination. Are you sure you want your own license? Have you considered a whitelabel? There are a lot of platforms you can build your own brand on without having to get your own license.

Hmm as long as we're safe legally yeah why not. I thought whitelabel means a product that companies resell to other companies that rebrand it as their own. How does it apply here?

Note that it's really important that we are able to develop our own game(s).

 

[Sols]

Note that it's really important that we are able to develop our own game(s).

In that case, whitelabel probably won't work. You're probably best off with your own license in Curacao or Kahnawake.

You'll need to get your games and their RNG tested. That should just add a few thousand to the budget, though.

 

[OffChance]

In that case, whitelabel probably won't work. You're probably best off with your own license in Curacao or Kahnawake.

You'll need to get your games and their RNG tested. That should just add a few thousand to the budget, though.

I see, thanks. Do you know a good service that can help us setup a Curacao company? And since you mentioned RNG test, I guess this would take at least 2 months no? Was looking into setting up something quite fast. Is it possible to buy an off the shelf company maybe? No idea where to find them tho...

Thanks for your help.

 

[Vernon]

Curacao right now you would buy a Sublicense from one of the four existing Master Licensees.

However, the licensing regime is going to change in a few months, so you will need to apply for a new license after the grandfathering period (one year I think)
You can either wait for the new regime to enter into force or still try to get your hands on a sublicense (perhaps against a reduced price...), knowing that you have to re-apply in a year or so.

Re. shelf companies with a license I don't know, tbh. You might ask around at some of the corporate service providers on the island to find out. The ones I know are TMF and Vistra, they are reputable but I recommend you compare prices.

P.S. Sorry if this reply comes late. I don't come here very often.

 

[arterogumzejx]

Curacao has stoped issuing licences for the moment , they will continue again after September , due to some change in their legalisation.
Also about Sublicenses law may change drastically.

 

[Sols]

Curacao is trying to keep its old system but the Dutch government is pressuring them to change. As a compromise, Curacao is taking the slowest steps possible towards compliance. But things are changing and will continue to change.

 

[Steven Lewis]

One of the quickest way to incorporate a company with online gaming license is also Costa Rica...

 

[Sols]

There is no such thing as a gaming license in Costa Rica. It's just a country that happens to have a legal vacuum and not really bothering people who use that legal vacuum.

A company in Costa Rica is only practical for gambling if you are very well connected in the industry, or if you are OK relying on just crypto and poor selection of games if you plan to offer casino games.

 

[Steven Lewis]

There is no such thing as a gaming license in Costa Rica. It's just a country that happens to have a legal vacuum and not really bothering people who use that legal vacuum.

A company in Costa Rica is only practical for gambling if you are very well connected in the industry, or if you are OK relying on just crypto and poor selection of games if you plan to offer casino games.

Yes correct its exactly how you said if you are well connected in the Industry , you get a data processing license to operate in Cost Rica without a gambling license , also countries like Malta, Cyprus or Isle of Man can be an option.

 

[Sols]

you get a data processing license to operate in Cost Rica without a gambling license

The data processing license is just a grift for service providers to line their pockets. You don't need it. It makes no difference.

also countries like Malta, Cyprus or Isle of Man can be an option.

Malta is good but expensive. Isle of Man costs a lot more than Curacao, but less than Malta.

Cyprus only issues licenses for local sports betting. It's useless.

 

[pfser]

Curacao could be a good solution for you, but not all master license holders are issuing the license at the moment, however few days ago they received one year extension period in which the implementation of the new gambling regulations will take place so it's a good chance to use the opportunity as you could get the license within the short period and start your operations

 

[latindev]

Does anybody know a good service provider who can help with the process? I found fastoffshore.com but they never answer so that for me is big red flag so I'm looking for other providers, most sites I find online want you to offer their platform but that's not an option because we need to make our own smart contracts (it's going to be fully crypto public gambling)