How to get a Curacao gambling License in 2023. Including a list of all restricted countries.
Curacao gambling license cost is the best on the market
Curacao gambling license cost is the best on the market. This is one of the reasons why it’s the most popular gambling license in the gaming industry.
The compliance level is manageable by any startup.
This is very important if you want to start fast and don’t want to spend time writing a 187-page-long business plan.
Compared to other popular international licenses:
- The Kahnawake license is three times more expensive than the Curacao license. It is a master license, but it also has its pros and cons, so be sure to check out my post here to learn more.
- The Maltese MGA license is also three to four times more expensive, but it’s a Tier-1 license. It’s better suited for companies looking to expand into the European regulated market. Learn more in this post.
- The Isle of Man license is six to seven times more expensive than the Curacao license. Like the Maltese MGA, it’s also a Tier-1 license and is highly regulated. Make sure you’ve six to twelve months and a solid budget before considering it. Learn more about the Isle of Man gambling license here.
It can take anywhere from six weeks to twelve months to get your license
If you are in a gambling business, you’ll need to consider several factors before moving forward with a license.
The most crucial factor is time. Even though many advisors offer a Curacao gaming license in two weeks, it’s not quite true. There’s a trick to how long it takes to get a Curacao gaming license.
Note: There are four Curacao master license holders (licensors). They have the right to issue a sublicense. You can only apply for one Curacao sublicense!
A list of all four Curacao master licensors
Curacao master license holders:
- Antillephone N.V
- Gaming Curacao (GC)
- Curacao eGaming
- Curacao Interactive Licensing N.V
What master license holder do you need for your gaming license?
It’s the same Curacao sublicense and it makes no difference from a business point of view which one you have.
You can choose the master license holder, but they are all different and work differently.
One licensor may need extra documentation and a zoom interview. The other two may approve the gambling operating licence with the standard package of documents.
What makes the biggest difference is the time, the price, and the procedure of every master.
Here comes the secret…
Master license holder decide whether you get your sublicense or not. Period.
You can say what you want, you can get upset, and you can cry, but, your license will be delayed for many months. If you don’t know what you’re doing.
Yes, you got that right…
If you make a poor decision picking the wrong license vendor and then make mistakes along the way…
You’ll get in trouble!
It will take you significantly longer to get approval from the licensor. And you will be doing the legwork!
We’re talking months of pain and agony for something that should take a couple of weeks!
What is the reason for such a big difference between master licenses?
The main reason is that each licensor follows a set of rules, AML, and KYC procedures when processing each application.
They do a background check to ensure the beneficial owner has a good reputation. and the experience to run the business.
They have different views on many things, including business models.
- Some of them will reject the application if you plan to launch a smartphone application.
- You’ll also be rejected if you want to become a software house and develop your own games. This is because only one or two of them want to work with your software startup.
Every licensor is different and they provide different services. So, you’ll need a different strategy to succeed.
It also means that different applications will have different costs. The time commitment required to get the license will change as well.
So if you don’t know what you’re doing, you’ll be using a screwdriver to hammer in the nail.
It will take time to resolve discrepancies and coordinate changes with the licensor.
If you declare that you want to invest five million dollars in your online gambling business, you should be able to explain it
We had a client who wanted to open his first online casino. He came to me and my team to help him with his Curacao gambling license.
He was alright. He said that he just sold his business and has five million dollars to invest in his new venture.
His application was rejected. The reason was that he couldn’t provide any information to prove his story. No sales agreements, no invoices. Nothing. He lied to look better than he is.
Why am I telling this story?
We see many business owners who believe that buying a license is like buying a carton of milk!
This isn’t an exaggeration… Some people are like “We have cash, which means we make rules.”
It’s a myth and has nothing to do with the reality!
It’s a licensor’s job to make sure you have everything you need to provide quality service to your clients. And they know how to do their job well.
This also means that they don’t approve any company that’s suspect.
You have to realize one crucial thing…
Licensors take risks when issuing a license. So if you want other people to bet at your curacao licensed casinos or sports betting platform, then they have to believe in you.
You are starting a high-risk business and you have to be credible to get the license.
If you say you have five million dollars to invest, you have to show proof of wealth.
Or your application will be declined
Any licensor will reject your application in a heartbeat if you have a black spot on your reputation.
Here’s the average time it takes each licensor to get through the various steps of the application:
The biggest advantage is that you can have a Curacao license ready in six to eight weeks
- It will take you between nine and twelve months to get the Maltese (MGA) and the Isle of Man license.
- The Kahnawake license will take you about four months.
Tip: I know of promises to get the license in a few weeks. This is a trick used by many companies to win the business.
- I know at least three people that were promised a Curacao gambling license in a few weeks. Yet they are waiting in a line for several months already.
- Every month we have several inquiries to help to speed up the process, because “it takes too long now!”
There are several reasons why your application takes more time
- You are doing a bad job getting the required paperwork. (Sometimes we have to fly and meet clients to motivate them to do the work).
- You have a complicated custom product (like a poker app) that requires also RNG certification.
- You got misled by license vendors.
- They simply preyed on you without having any decent experience.
- Your application can be declined in this case and you will lose your time and money.
Whatever that is… it costs you time and money!
But it shouldn’t be like this…
If you want to start online casino or sports betting then you can get your license in six to eight weeks! Without any problems!
Curacao license will also save tens of thousands of euros, which you can invest in marketing.
At the end of this period, you’ll receive license information that you can place in the footer of your website.
Your customers can then easily check if your company has an active license.
What increases the costs for the license?
Each licensor sets the price for the license independently. There’s no correlation between the price and the time it takes to review your application.
The most expensive option includes ten approved domains and it is also the longest to get. Other licensors have two domains in a standard package.
To determine your price, we need to understand a few things:
- Your business model matters a lot. This will help us to understand the time that is necessary to get your license.
- Deadlines. A year and a month when you want to start your business. The last thing you want to do is to postpone your launch for several months.
- Information about the beneficial owners of the company and their nationality.
- Your market.
It’s only then we can draw an optimal timeline for your business.
This isn’t a process that goes by the book. And you have to be willing to pay a price or you’ll end up like John
John came to me six months ago to apply for a license for Curacao. (That’s not his real name, of course)
His new startup is using some opportunities on Twitch.com and he needed a license to grow his business.
After a very long and detailed conversation, we told him that the actual price would be $10,000 higher than he had been promised by some other company. He also had to wait for six to eight months.
I explained the difference between all options, but $10,000 is a significant amount of money for a startup.
Six months later, he was exhausted, horrified, and shocked that he had lost $20,000 on the license he never received.
He made a bad decision because he believed it was the same piece of the same pie.
How do I know this? John told me. I get to listen one – two stories like this every month.
Another factor that increases the price is the cost of the whole structure.
If you want your license to be an investment and not an expense, you’ll also need a payment company and a bank account.
You can save hundreds of thousands of dollars on taxes in the very first year if you are smart about the structure. It makes it pretty easy to justify the initial cost of the license.
Note: Banks and payment system providers have their own rules and regulations! They will not cooperate with companies that do not have a Curacao gaming license!
The application process for Curacao online gambling license
1. Background check of the beneficial owners
Compared to tier-1 licenses, the background check on beneficial owners is tolerant. (They take the extra mile in Malta or the Isle of Man).
Even so, it is a general AML and KYC process. You must have a good reputation and not have any criminal background to get the license.
What documents do you need to start the process?
Each UBO must submit the same package:
- Copy of passport
- Proof of address
- Detailed curriculum vitae
- Business plan
- Bank reference
- Certificate of police clearance
- Source of funds
2. Incorporation of the company in Curacao
You must first incorporate the company. Incorporating a company in Curacao takes between two and four weeks. (We handle this process entirely, so you do not have to fly anywhere.)
- Companies in Curacao can have one or more beneficial owners.
- Curacao companies must have a managing director.
- The beneficial owner and the managing director can be the same person.
3. Submitting license documents
The final step is the license approval itself. If you didn’t try to cut corners with your application, your license will be approved within two or three weeks.
The more Beneficial Owners you have, the longer it will take to get the license. And more expensive! We recommend you keep this number between one and four so you do not waste time.
Tip: Each extra Beneficial Owner may raise more questions. You have to be prepared to take this route. This will stretch out the entire process in time.
The more beneficiaries you have, the longer it will take to get the gaming license. And more expensive! We recommend you keep the number of beneficiaries between one and three so you do not waste time.
4. Payment Agent Company and bank accounts for online gambling companies
We incorporate a Payment Agent Company right after the Curacao company is ready.
You don’t have to wait until you get your license approved, because this will save you two to three weeks.
Ideally, you should have your Payment Agent company and license issued at the same time.
Curacao gambling license countries you can start online casino in (and restricted countries).
Where can you operate with the license?
Curacao prohibits any business with its own citizens. You can’t do any transactions with citizens of the USA, the Netherlands, France, the Dutch West Indies, and Australia.
Note: It is easier to block access for these geographies than to deal with the consequences.
Then there is a list of curacao gaming license restricted countries that ban online gambling in any form. It does not matter what license you have, it’s still against the law to run a business there.
Technically, all the risk is on you if you decide to test how deep the waters are. This includes the United Arab Emirates, Brunei, Cambodia, North Korea, and others.
Then there is a group of countries with their local licenses. Local regulators track the market and block domains if they don’t have a local license. These include Greece, Hungary, Ireland, Sweden, Norway, and some others.
Download a complete list of two hundred and twenty-one countries and territories you should stay away from if you don’t want to lose the license.
What is the Curacao gambling license?
Curacao offers licenses for e-gaming companies that are based in its own territory. The island is located in the Caribbean and is a country within the Kingdom of the Netherlands. It is located about sixty kilometers north of the coast of Venezuela.
The Curacao Gaming Control Authority handles issuing e-gaming licenses.
This is one of the four countries within the Kingdom of the Netherlands. This allows enjoying the benefits of the European Union while having super-low corporate income tax.
The jurisdiction’s single license covers all forms of interactive iGaming, including casinos, sports betting, exchanges, lottery, games of skill, and games of chance.
Why do You Need The Curacao license in the first place?
Let me ask you this: do you need the license or do you need the ability to run your business smoothly?
- With the right structure that your new company has in Curacao, you can save massively on taxes. I’m talking hundreds of thousands of dollars you can save in your bank account or invest in marketing.
- In most cases, serious players want to see the license before they swipe the credit card. Sharks don’t use unlicensed operators.
- You’ll be able to connect a variety of payment service providers.
- You’ll be able to have bank accounts.
- Top software providers don’t work with unlicensed operators. In this post, you can check Top iGaming Software Brands Across the World in 2023 (including prices)
It’s much easier to do all this while setting up your business in Curacao, saving you six to eight weeks of time.
Let’s say you need a payment gateway. Then you need a payment company in the European Union. We recommend Cyprus because it’s the tax haven in Europe.
All big boys including stake.com and roobet.com have a Payment Agent company in Cyprus.
With this setup, you can start processing payments immediately after you get the license.
Besides, this way you can plan your taxes and distribute them wisely.
Curacao gaming license cost.
Depending on the package, license fees will vary between 20,000 and 35,000 EUR. This is including incorporation, proper structure, and bank account.
Here’s the table with the actual license cost for each feature.
Cost of Incorporation, License, and Shared Hosting Space
EUR 20,000.00 – 30,000.00 (the most expensive package includes ten domains and additional work associated with the number of UBOs)
Dedicated Hosting Space (shall you decide to host your business on Curacao servers)
Additional EUR 1,500.00
Bank Account in EUR (including Merchant Payment / PSP accounts for processing money)
EUR 2,950.00
Do you want to know what can stop you from getting the license?
Some applications are rejected by licensors. On average, we’ve a problem with one in ten applicants.
Here are the four main reasons your application may be denied:
- Having a Nominal UBO is against the rules. Every Beneficial Owner is subject to a background and reality check. Inconsistencies and inaccuracies are uncovered. (Licensors know every single trick.) You can’t be a seventy-years-old man without any professional experience. No one will believe that you are willing to bet your life savings and open an online casino.
- Your business plan isn’t an essay for a grant. Licensors will read it and ask questions if they need more explanation. Make sure your numbers are realistic and the whole story makes sense.
- Your past is important. You must provide certification that you’ve no criminal record to apply for the license.
- If you held another license (such as a Maltese or Kahnawake license) and lost it for some reason, your application will also be denied. Licensors know when someone is trying to trick the system. You can’t have unresolved issues with other licenses before applying for a new one.
Conclusion
- It can take anywhere from six weeks to eight months to get a Curacao gambling license. Don’t mess with the paperwork or you’ll be waiting forever!
- Even if you can get a license for 20,000 EUR, the final price will be determined after the qualification process. Ready to qualify for the license? – use WhatsApp to get in touch.
- Geography. You are not restricted to working almost anywhere. Check exceptions by downloading a list of countries to avoid so you don’t lose the license.)
- Finally, you can download the package with all the documents you need to apply for a license.
- Now you know why the online gambling license shouldn’t be considered an expense. It allows you to open bank accounts, connect PSPs and merchants, and optimize taxes.
- There are four main reasons why your application can be rejected. Don’t try to cut corners and you will be fine.
- Looking for a license that fits your business? In this post, we compare the top 4 most popular gaming licenses.
- You can fine-tune the offer to understand the exact cost of your package, by getting in touch with us. Use the form below (you can also use WhatsApp for convenience).
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