Ron Mendelson is the Director of Costa-Rica based International Business & Corporate Services consultancy firm, Fast Offshore. With over 24 years of real-world experience in iGaming Licensing and Payments, Regulatory Compliance, Tax-Efficient Corporate Structuring, Incubator and other Hedge Fund Licenses, Blockchain and Cryptocurrency related services, he advises a number of international clients on their business needs in the Americas, Europe, and beyond.
In this article, iGaming industry consultant Ron Mendelson, Fast Offshore, shares insights into the benefits of obtaining an iGaming license in the jurisdiction of Curacao.
For many years, Curacao was a leader in the iGaming sector, having developed one of the first regulatory frameworks in the mid-90s. Then, during the COVID-19 pandemic, to benefit from recovery funds, the Netherlands insisted on reforms to its iGaming sector, including tighter rules and more stringent requirements. The Curacao authorities then embarked on a full reform and update of the legal system around iGaming. The master license and sub-license system was replaced by a system where licenses were issued directly by the authorities. There are also more up-to-date rules on due diligence, player protection, fair gaming, and anti-money laundering to protect players and companies alike. This update has brought Curacao in line with the current situation globally, ensuring it meets best practices and international standards.
Following the regulatory overhaul, the cost of gaining a Curacao license also increased. Previously, it was one of the lowest-cost options on the market, but this has now changed. While it is still ‘low-cost’ compared to some other jurisdictions like Malta and the Isle of Man, it is more expensive than Anjouan and Kahnawake. That said, it still brings numerous benefits with it and is a great investment for startups and existing companies who want a solid license with a good reputation.
While under the previous regime, there were some questions over Curacao’s reputation, and these have largely disappeared. There were concerns over lax rules and regulations, which led to some issues and a lack of trust. But since the system has been revamped and standards have been increased, its reputation has been restored and has even improved. Now, Curacao is an option for companies who want a reliable, trustworthy license and regulator to reassure their clients. The reputation of Curacao will continue to grow as more operators put their trust in the new regime.
The process to apply for and acquire a Curacao gaming license is still much shorter tha many other jurisdictions. It does, however, depend on the documents submitted by the client and whether clarifications are needed or more are required. Fast Offshore works with each client to ensure they get the right documents and have them appropriately translated and stamped. As long as everything is filed correctly and in good time, the process is quick and efficient, meaning less time between planning and going live.
A Curacao license offers coverage to operators who want to offer their services throughout the world. This includes Asia, South America, Africa and Europe- all key destinations with burgeoning and thriving iGaming sectors. Just one license can open many doors and potential, leading to increased profits and business success.
Following the introduction of the new iGaming regime, the Curacao license now provides players with peace of mind. They know where to go and what to do if something goes wrong, and they are reassured they are in good hands. Holding a Curacao license means adhering to rules and regulations in place to protect all involved and ensure a legal and compliant experience. The more your players trust you, the more likely they will come back and spend more.
The Curacao licence offers a degree of flexibility which is not found in other jurisdictions. Companies with a Curacao licence can provide a range of iGaming services, including esports, blockchain, and crypto gambling, and all games such as poker slots, video gaming, live streaming games, and anything else you can imagine. This degree of flexibility, without having to apply for multiple licenses, sets Curacao head and shoulders above many of the other competitors as it offers a cost-efficient, quick, and responsive solution to gaming operators working in an increasingly competitive market.
The authorities in Curacao are incredibly welcoming when it comes to innovation. They understand the evolution of technology andits impact on everyone's day-to-day lives. As such, they welcome innovative operators with open arms who want to provide services in areas that include blockchain and crypto, real-time gambling, mobile gaming, AI, AR, and VR.
Acquiring a Curacao iGaming licence brings with it many tax benefits. But how much tax you will pay and where depends very much on your individual situation. Fast Offshore is on hand to assist you in understanding your tax liabilities and implications based on your operations in Curacao.
Curacao is a stable country with a thriving economy and business environment. Its business-friendly government welcomes anyone looking to invest in the country. The country is also stable politically, has strong links with the European Union and the Netherlands, and has been a centre of International Business for many decades. Setting up a business in Curacao, whether in online gambling or other sectors, brings stability and economic prosperity.
The fastest show has worked in Curacao for the best part of two and a half decades. Our team is ideally placed to assist you with all your corporate services and online gambling needs, whether licensing company incorporation or other matters. To find out more, just contact a member of our team today.