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Card processing and banking options for Gambling Curacao

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Rafaeldefoe

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Sep 17, 2019
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#1
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Hi Everyone! Can anybody help me or recommend: what to do in following situation?

We have established gambling company in Curacao, received license.

Now we are looking for the Bank for operations and PSP for credit card processing. Does anybody have any options for us?

We are even ready for the registration of the EU processing entity, but still require advice and reliable partner to solve mentioned above problems...
 
#3
How was the process for opening a company in Curacao? What are the yearly costs as I believe you need an actual presence in the freezone (building / office / something).
 
#4
I see on this forum that Belize/Seychelles + Cyprus is often used in order to have an UE entity for PSP, banks, card processors.
However even with an UE entity you should face lots of restrictions (i.e. gambling transactions blocked if you have no licence in country XX).
 
#5
I worked freelance for a Curacao gambling company for over year, this was one of the tasks that took up the most time. What you need is either; an European company owned by the Curacao company, or an EU company owning the Curacao company. This will enable the EU company to sign for processing and carry this out on behalf of the Curacao company. Cyprus is most used for this, seem some of the banks are OK with this setup. Other countries might work as well, but most EU banks will not work with a gambling company, which the EU entity will be classified as. The pricing for a Cyprus company with banking should be around 3-4000 euro + notarized documents and directors signatures from Curacao which easily can cost 1000 euro.

When you eventually have a payment solution in place you will have to respect the EU gambling laws; simply explained the payment processor will only let you receive payments from countries that do not have a strict gambling law. Countries that will be blocked are for example the UK, Sweden, Norway, Spain, and a few more that I cannot recall now (its a few years since I dealt with this).

I know Wirecard Bank accepted this setup a few years back. But you might have to get a bank account in Cyprus as they in some cases only will do the processing, they are more strict on who can open a bank account with them.
 
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#6
Rafaeldefoe said:
Hi Everyone! Can anybody help me or recommend: what to do in following situation?

We have established gambling company in Curacao, received license.

Now we are looking for the Bank for operations and PSP for credit card processing. Does anybody have any options for us?

We are even ready for the registration of the EU processing entity, but still require advice and reliable partner to solve mentioned above problems...
Click to expand...
Your best option will be the EMI route, you sound like you’ll need SWIFT payments as well which are possible
 
#8
Curacao will require you to visit the island, not a bad idea at all. You will need to speak with some accountant there, expect the total costs for company and bank setup to reach 10K euro at least.
 
#10
celizo said:
@blueweb, please could you explain the purpose to visit Curacao island and accountant there? For opening a company in Curacao?
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You will have much better options to get what you are looking for as well to get a bank account opened. I have done the trip last year, mor because I was curious. It took me 9 days to get things sorted out and the bank account opened and another 5 days before I was able to use the bank account.
 
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#11
blueweb said:
You will have much better options to get what you are looking for as well to get a bank account opened. I have done the trip last year, mor because I was curious. It took me 9 days to get things sorted out and the bank account opened and another 5 days before I was able to use the bank account.
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what are the yearly costs of maintaining a company there?
 
#12
Having a company in Curaçao is a lot like Isle of Man or Jersey. You're more or less expected to use a lawyer/trustee to act a local representative for the company. This (usually) helps the company qualify as tax resident.

This drives up the costs a lot. All in all, expect to fork out around 10,000 USD first year and at least around the same a year in total running costs. It depends a lot on your needs and business activities.
 
#13
Interesting. I remember reading that there are benefits to Curcacao as tethey hy do charge a nominal amount of tax (2% I believe if in freezone). Which for some countries without CFC that allow offshore companies to be run on shore as long as they pay "some" tax.


Do you know what the protections for a Curacao company are like? Handling cease and desist / court orders?
 
#14
I have never had to experience that first hand.

However, from my understanding, they would honor court orders from within the Kingdom of the Netherlands, which would obviously include Dutch courts.

If you plan to break laws and attract court attention, Curaçao is not the right place.
 
#15
Not so much of breaking laws - more greay area, basically certain companies in certain countries (US) abusing their laws (CFAA hacking laws) to go after small companies in foreign countries for breaking website TOS. As these companies have limitless resources to throw their weight around.
 
#16
user9823671 said:
what are the yearly costs of maintaining a company there?
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you look at figures around 7 to 10k a year. It's not cheap to maintain your company in Curacao.
 
#19
I would be surprised if this guy found a solution. I have been digging a little in the mentor group for valid payment processor that may fit his needs, so far I don't find and of the listed there that could possibly match.
 
#20
maxmmm said:
You should have thought about it before you incorporated in Curacao.. a license in Curacao isn't worth much (anybody can just pay and get it)
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but if you have one you can get a online casino with processing facility in Curacao, or did this change with Giro Bank when they changed name and owners?
 
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