The Isle of Man is a self-governing jurisdiction under the patronage of the British crown. The Isle of Man government is actively involved in the promotion and development of the gambling business.
The Isle of Man is a reputable jurisdiction, offering online gambling licensing services. The island issued its first license in 2001, unlike other jurisdictions, the license obtained on the Isle of Man has an excellent reputation, a legality of application and a guarantee of security.
Obtaining a license for gambling activities in the Isle of Man. Advantages of jurisdiction:
- good relations with the UK;
- the island belongs to the EU trade area;
- no currency control;
- a strong regulatory framework;
- a low cost of the company registration;
- a developed telecommunication system;
- the tax exemption;
- lack of political and economic crises;
- a highly skilled multilingual workforce;
- the long license term (5 years);
- a jurisdiction is on the white list.
The Isle of Man Regulation Commission on the Isle of Man is completely independent and was founded in 1962. Main tasks of the gambling commission on the Isle of Man:
- ensuring the effective competition around the world;
- assistance in the modernization of services and products;
- ensuring a fair and open gambling;
- protecting children and other vulnerable people from gambling;
- preventing the use of gambling in criminal, fraudulent activities.
To apply for a license in the Isle of Man:
- to register a company in the Isle of Man. The minimum number of directors is 2 (individuals);
- the appointment of a resident official is necessary (in cases, where the official cannot be on the island);
- servers must be located in the territory of jurisdiction;
- the company must have open trading accounts in banks of the Isle of Man;
- to submit a document on the absence of a criminal record from owners of the company (the document must be no older than 3 months);
- notarized copies of passports;
- bank details of company owners (not older than 3 months);
- copies of utility bills (not older than 3 months);
- a full description of services, a business plan;
- a detailed software information;
- the prospective target market;
- the confirmation of blocking access to gambling services to minors;
The process of reviewing documents and making decisions takes about 12 weeks. To obtain a license on the Isle of Man, the operator must pay:
- 1000 GBP - an administrative fee paid, when applying for a license on the Isle of Man;
- 35000 GBP - the cost of a full gambling license on the Isle of Man for a year. It is possible to obtain a sublicense on the Isle of Man, its cost is 5000 GBP/year.
- on condition, that the gross income for the year is less than 20 million. GBP tax is 1,5%;
- from 20 to 40 million GBP is 0,5%;
- more than 40 million GBP is 0,1%.
Representatives of our company will register a company on the Isle of Man for you, open a bank account on the Isle of Man and arrange for a gambling license on the Isle of Man.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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