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Obtaining a gambling license in Belize in 2020
Benefits of obtaining a license in Belize:
- This jurisdiction has strong business relationships with other Latin American states;
- Zero taxes;
- A high level of information security;
- The unified license for all gambling;
- A relatively low cost of a license;
- Fast procedure for obtaining a license.
Belize is a fast-growing state, that is a participant of the Caribbean Community. English is the official language, so many entrepreneurs from the USA, Canada, the United Kingdom prefer Belize. Authorities of this jurisdiction tried very hard to make this region the developed financial centers.
In 1995, the Law on Gambling was signed in Belize. After 2000, this type of activity began to develop actively, after the adoption of the Law on Gambling Control. Obtaining gambling permits in Belize, monitoring activities of online casinos are controlled by the Monitoring Committee.
An application for gambling licenses applies to:
- on the casino;
- on slot machines;
- on online gambling activities.
Please note, that the validity period of the gambling license is 1 year, the expiration date is March 31.
Despite many advantages, Belize’s authorities have strict requirements for licensees wishing to register gambling licenses in Belize:
- Setting up an international company in Belize;
- Providing personal data of directors, partners, major sharers of the enterprise. Lists of beneficiaries in Belize closing.
- Licensees must provide a documentary evidence of no criminal record.
- If beneficiaries are not Belizean citizens, they must apply for a citizenship.
- It is necessary to provide a report on profit and waste of the company (the report should include data for the last 3 years). This report should confirm the absence of any debts.
- In addition to providing all necessary documents, all beneficiaries and those interested in generating income must provide their fingerprints.
- To prevent the company from having debts, it is necessary to deposit a reserve deposit in the deposit account of the Central Bank of Belize.
- If funds on the reserve deposit have been used, you must immediately notify the Gambling Commission.
- In order to avoid conflict situations, the company must immediately pay all winnings to players.
Online gambling is subject to following duties:
- If the company's turnover is from 0 to 15 million US dollars - 0,07% of the turnover;
- If the company's turnover is from 15 to 50 million US dollars - 0,06% of the turnover;
- If the company's turnover is more than 50 million US dollars - 0,05% of the turnover.
Request personal advice on obtaining gambling licenses from IQD Consulting.