Company formation Costa Rica

[Alex2512]

Hello,

I'm Alex and an EU-resident. A friend of mine and I are planning to found an online-casino in Costa Rica. The problem is, that we haven't found any information anywhere how to form a company in Costa Rica, including a bank account somewhere. Is anyone here able to assist us? We have only found a couple of services that offers countries like Belize (is there any reason why Belize is the most and cheapest offered jurisdiction?), Dominica, Panama, etc. We would be pleased if you could give us some information about a service that offers company formation in Costa Rica + bank account. It would also be interesting to know if it's possible to found a Belize (f.ex.) company and gain a data processing license in Costa Rica?

Thank you very much!

 

[Alex2512]

Unfortunately I'm unable to edit my post and add additional information - sorry for double posting.

I don't know if the bank needs to accept gambling business because of the fact that due to the law in Costa Rica it's "data processing", not gambling.

 

[JohnLocke]

It requires a license in most offshore jurisdictions. As you already may have figured out Costa Rica is one of the few where it is possible (I don't know if it still is) to incorporate a company for the purpose of Gambling.

Most licensed gambling companies look in the direction of Curacao ( The Netherland Antilles) where a setup like you request easily costs you roughly EUR 1,5M

 

[Alex2512]

Thank you very much for your answer!

Evidently online gambling is still possible in Costa Rica the problem is if there is any service or people who can assist with the formation of a company + bank account available? €1.5M is impossible at the moment, later it might be possible, but now the solution has to be cheaper.

 

[negon]

We had a guy on the forum, actually 2 that were able to help with registration of Costa Rica corps. you may wait a few hours until they wake up there to see if you get replies here.

I will check in the meantime if I can find a ping one

 

[Milky Moon]

Costa Rica / Gambling,

I did some research into this however decided to take an other route.

There is no gambling license, and you do not need a data processing license (per se), it only gives an aura of legality to the whole construct. If you want to shield yourself you should have a ´full´ office with at least 1 parttaime employee, to show the tax authorities at home there is ´substance´ in the CR company. (Do you SEO there) This does mean you need a business license.

Finding a Costa Rican Bank (or Belize Bank) that deal with unlicensed, online gambling will be impossible.

Costa Rica Incorporation. Company Formation Services and Shelf Corporations in Costa Rica. they were helpful, but we did not use them in the end.
Costa Rica Online Gambling Company (Gambling License Alternative) - Fast Offshore
Doing Business in Costa Rica: A Quick Guide to not fail! - Lawyer Issue

 

[negon]

any experience with any of these providers?

 

[Milky Moon]

As stated, we decided to go a different route.

The first one was helpful, with information. Did not try the rest.

 

[Alex2512]

Thank you very much for the information!
Can you tell us a bit about the route you have decided to go? Is there any reason why you went another route?

 

[Milky Moon]

We decided to add an aditional layer of privacy to the mix.

 

[Alex2512]

The main problem will be to find a bank that deals with online-gambling. Can you give us a hint?

 

[Milky Moon]

We do bitcoin only. And we have a normal site for revenue 'alibi' if that were needed.

We pay expenses either via bitcoin (domains, fi: njal.la, ex pirate bay, interesting business model ) Or via Virtual Credit Cards, shakepay.co fi. you can load a max of 1000 usd and eur with only sms verification. So you can pay for the non-bitcoin payable expenses.

To find banking for unregistered Cost Rica gambling is very hard.

Alternatively you can setup shop in Curacao, you can have a gaming sub-license for $50K, you will only pay a small amount 2% in taxes. You than have a licensed and regulated business which is more bankable.

Obtain Curacao Gaming License with GBO experts! Curacao gambling
Curacao | South America | Online Gambling Regulators

 

[belarus]

You need much more than the license in Curacao to operate an online gambling business

 

[Milky Moon]

Sure, but not the 1.5m that was stated previously.

 

[thinkat]

Or you could easily get one license from Romania where is still possible.

The State can grant the right of setting up the activity of games of chance, according to Romanian gambling laws, on the basis of a license, for the organization of each type of games of chance.

The games of chance are classified as follows:

• lottery games, in the case that they depend on the purely random outcomes of events;

• betting, if it depends on the outcomes of events that do not involve the organizers;

• games of chance characteristic for casinos;

• games of chance characteristic for poker clubs;

• slot machine-type games;

• bingo games played in gaming rooms;

• lottery games organized and transmitted via any communication system;

• casino-type games;

• fixed betting;

•mutual betting;

• counterpart betting – a correlation of online bets between various players;

• bingo and keno games;

• a tombola;

• any other type of games of chance, including new games or combinations of games defined so far;

• temporary games of chance ( those defined paragraphs c), e) and f), that take place in tourist resorts or on leisure crafts.

 

[REMO12]

Why not just be an affiliate and earn 40%. Why even bother with all that overhead, headaches and risk in running your own operation.

Very good Gambling Affiliate Programs out there. Not all but some will pay as much as 40% a sale or monthly rev.share.
CPAs can be over $150 USD. WebPartners.co, commission kings, best partners are all very good ones.