Isle of Man
The Isle of Man is a British controlled territory. This offshore is considered attractive for gambling license. There are several main advantages why this island is common for the registration of gambling activities. This territory is considered prestigious and has a low level of taxation. There is a single license for all types of games.
Features of the license
A license issued on the Isle of Man combines all gaming as well as Binary Options.
Gambling licenses on the Isle of Man are subdivided into:
- Basic (Full License).
- Sublicense.
Full license allows the company to earn on all available games independently and sell sublicenses to other companies wishing to enter the gambling market in Europe under the name of the existing company.
A sublicense allows to operate legally, but on behalf of another, larger licensed company.
Isle of Man licenses cover all of the following activities:
- P2P games (like poker and bingo).
- Casino games, including slots.
- Live dealer games.
- Betting platforms.
- Financial exchanges.
- Binary options.
- Cyber sports betting.
- Lotteries, including messengers and resellers.
- Mobile, desktop and tablet versions.
Full or first license can be obtained by firms that develop themselves in this industry and buy software, conduct advertising activities. After obtaining such license it is possible to get income from available games and sell sublicenses.
A sublicense is a document that allows for the legal operation of an online casino on behalf of another, larger firm. This type of permit is most relevant for newcomers. In the future, there is the possibility of obtaining a full license. A network license allows the owner of the basic permit to cooperate with other operators on the basis of an agreement.
Pluses of registration of the permit
Online gambling business is actively developing. To organize a casino, it is required to obtain the appropriate permit. The government of the island has a positive attitude to the development of gambling.
The main advantages of the territory to register a business related to gambling:
- The jurisdiction is prestigious and respectable;
- It is possible to legally optimize taxation;
- Laws are transparent and clear;
- The country has a positive attitude towards licensees;
- It is possible to obtain a single permit for all games;
- Permits can be obtained in a short period of time;
- It is supposed to be possible to sublicense.
Despite the many advantages of obtaining a license, the procedure can be quite complicated. Please contact our specialists at IT-OFFSHORE to gather all the necessary documents.
Basic requirements and documents
To get a license, you need to comply with a number of requirements. The applicant must have a company and an office in the territory. The company must have at least two directors. They must have experience with finance and the necessary education.
Other conditions:
- A detailed business project must be drawn up and submitted;
- Platform servers must be in the Isle of Man;
- Registration of an account with a local financial institution will be required;
- Players will need to be familiarized with the regulations of the territory.
A number of documents need to be collected. These include proof of criminal record of the company owners, copies of identification documents certified by a notary, utility bills, a detailed business development plan, information on the software used. Services can be provided only by persons of legal age.
Requirements for the license applicant:
- Presence of a local office on the Isle of Man.
- Presence of minimum 2 local directors.
- Local MLRO.
A licensed company is also required to:
- Preparation and maintenance of all regulatory documentation.
- Completion of monthly tax returns.
- Preparation of annual financial statements and audit.
- Ongoing administration of the company.
Timeframe: 3-4 months.
Permit application procedure
To obtain a license to operate, you will first need to prepare all the documents and apply to the inspection. It is necessary to conduct a detailed analysis of the technical base, hold a hearing on the work of the new firm.
After the license is issued, testing of the gaming platform is required. The application for a license is carefully studied, an analysis of the business and the submitted documentation is carried out. On average, the processing time of the application is about 2 months.
The Isle of Man is one of the most popular territories for gambling business development. Online casinos are considered a profitable and lucrative line of business. Registration of the permit gives the opportunity to legally conduct entrepreneurial activities.
Peculiarities of taxation
Before obtaining a gaming business permit, the nuances of taxation in the Isle of Man will need to be carefully studied. They depend on the income figures of the structure.
The following tax rates apply to financial companies on the Isle of Man:
0% - corporate tax for residents
0% - on capital gains
0% - dividends, royalties.
Gaming Tax
The gambling fee on the Isle of Man is calculated based on profits, not turnover. The state fee is paid at either "rates minus winnings" or "retained earnings," depending on the type of gaming activity.
Gaming fee rates:
If the income is up to £20,000,000 per year, the fee will be 1.5 percent. If the income is between 20 and 40 million, the rate will become 0.5 percent. If the income figure is from 40,000,000 - the rate will be 0.1 percent.
There is no requirement to contribute to the authorized capital of the company on the Isle of Man.
For more detailed information and cost clarification, please contact our specialists. We will be happy to answer all your questions!
Ready-made companies with bank accounts
Or you've already got own business and there is a need to expand the scope of activities. To avoid the loss of time and effort to register juridical individuals, you can arrange a ready-made company. You will have a fully prepared company with a package of documents, which is mandatory for conducting a full-fledged activity.
Companies with licenses
Buying a ready-made company is the best option for operational business development in a new industry, as well as the need to expand the scope of the existing organization increase its scale. Acquisition of a company with mandatory permits and license means the ability to enter a new market in a short period of time.
Banks
Acquisition of a ready-made bank allows you to save time, as well as quickly carry out all reissuing operations. On average, the procedure takes about one day. As a result, the client becomes the head of the bank, which already has a client base, as well as status in the market and ready staff. Our company conducts all operations in accordance with existing legislation.
Funds
Investment fund is a modern investment tool designed for all types of assets. The purpose — managing of assets as well as solving number of tasks in a way that works best for individuals. There is no open subscription, meaning that a private investment fund has a closed structure. This is the most optimal solution for distributing capital through broad instruments.
SEMI for sale
When conducting business related to foreign exchange transactions, electronic money and cryptocurrencies, it may be necessary to open a financial company with a SEMI license. This type of license covers the production of debit cards and cryptocurrencies, the acceptance and sending of payments, the execution of transfers from third parties, and the opening of merchant accounts.
Crypto Offshore
When working with cryptocurrency it is important to choose the right country, where it is most profitable to open a company. Each country has a different attitude towards this type of currency. A country that has a loyal or positive attitude towards cryptocurrency can be called a crypto-offshore.
