Are you looking for a good place where you can easily obtain a gambling license? Comoros is the right jurisdiction. While you may have problems in other destinations, like a high cost of the license, stringent requirements, or banks unwilling to cooperate because your business is too risky, Comoros will give you an opportunity to finally launch your international business without much hassle or exorbitant costs involved.
Comoros has been issuing gambling licenses since 2005, but this service was not very popular. However, recent events in more widely known jurisdictions made the country a viable choice for potential gambling business owners. Comoros is undeservedly overlooked by entrepreneurs from across the globe as it provides really excellent conditions: it is much less difficult to acquire a gambling license here than in better-known competitive destinations, Malta and Curacao. In addition, Comoros is known for flexible local laws and a favorable regulatory legal environment on the whole, and you are sure to appreciate it.
Comoros for Potential Gambling Company Owners
Comoros is made up of a group of islands in the Indian Ocean, and it has created a free zone on one of them to attract foreign entrepreneurs by favorable tax rates and an opportunity to acquire a gambling or a crypto license without much hassle. It usually takes several weeks for the Financial Sector Conduct Authority (FSCA), the local regulator, to process your application and finally issue a license.
FSCA relies on a high degree of supervision and control as it sets the aim of granting equal rights to players and ensuring that the game is played on a fair basis. An entrepreneur who owns a gambling license issued in Comoros can expand to global markets without any limitations as the document has a high reputation in the business market and is widely accepted.
Advantages of the Comoros Gambling License
One of the main benefits that really appeals to foreign entrepreneurs is the affordable cost of the license. You can look at the prices in better-known destinations to see that they require a much higher fee. As a result, Comoros becomes an excellent choice for owners of startups on a tight budget or small gambling companies. Keep in mind that you will have to pay a fixed annual license fee to keep the document valid.
A Versatile License
If you hold a Comoros gambling license, you can cover various verticals with its help, which makes the document a really versatile instrument suitable for all kinds of gambling undertakings. Take advantage of interesting B2C and B2B projects to make the most of your licensed rights. Your gambling company can develop software for online casinos, poker rooms, and similar projects, organize games, and engage in any other ventures.
A Comoros license will give your company an opportunity to distribute possible risks wisely and take advantage of ultimate flexibility. If you decide to diversify your activities later on to operate in different niches, you will not need to obtain any other licenses as this universal document will cover everything. The status of the local license is high enough due to the fact that the country is a member of the World Trade Organization.
Beneficial Tax Rates
Comoros is doing its best to keep the taxes low for gambling industry operators. For instance, you will not be required to pay a gross gambling income tax, and you will not have to carry out a mandatory annual tax audit (unless you want to). It helps entrepreneurs to allocate the amounts saved to business expansion and ensure the prosperity of their company.
Easy Acquisition Procedure
Other jurisdictions require the potential licensee’s personal presence at the stage of gambling license application submission. However, Comoros is more relaxed in this respect, and the country has done a marvelous job of reducing the bureaucratic barriers to a minimum: you can easily submit the required package of documents online.
Requirements To Be Met by Potential Licensees
The main document that Comoros gambling license owners have to comply with is the 2005 Gambling Act. Their main responsibilities include money laundering prevention and vulnerable players protection. Licensees will also be required to submit regular reports to the local Council for Gambling and inform it about incidents or changes without delay.
Interactive gambling services can be advertised by the licensees (as well as their agents, employees, or officials, if any) in any way they consider to be beneficial for their business on two conditions:
- Promoting gambling among minors is prohibited
- Advertising should not harm the reputation of Comoros in any way
Licensees are required to have responsible game procedures in place as these will help them to identify risk-category players. This group must receive sufficient information and know how to address the consulting services in case of doubt.
The local Council for Gambling sets certain financial coefficients for the licensees to support them and file regular reports on them in the required format as agreed upon in advance. Keep in mind that it is strictly prohibited to carry out any operations with cash connected to the account.
Comoros license holders are required to follow the procedures set by the Council for Gambling, such as payment processing, identification of players, training their employees to keep away from money laundering practices, detecting and reporting dubious transactions, and accounting. Licensees also need to designate a senior employee who will be in charge of the reports on money laundering. He or she will be a contact person for the Council for Gambling and will notify all suspicious transactions to it.
Any changes in the matters of beneficial ownership should be reported to the Council for Gambling within no more than 7 days.
Acquiring a Comoros Gambling License
First of all, a potential licensee should set up an International Business Company in Comoros. Following that, he or she needs to submit a package of documents required to obtain a license. Keep in mind that an IBC you set up must have a minimum capital of 250,000 euros/US dollars to apply for a license. Crypto assets will do.
Please follow the above link to see the requirements for an IBC and the package of documents you will need to submit for the license. If you have any questions, you are welcome to use the live chat.