By Lionel Iruke, Esq. Managing Attorney EmpireFollow on Twitter @RealEmpireLegal
Date: March 29, 2016
Podgorica, Montenegro: E-GAMBLING MONTENEGRO two words when fused together, brings up visions of James Bond, fast cars, beautiful women, and amazing gadgets. In 2016, obtaining an online gaming license in Montenegro has made that Bond-Esque vision not too far off from reality. The rapidly growing Balkan nation of Montenegro has carved a niche for itself as one of the most stable economies of the region which has made it a preferred investment destination for investors from across the globe.
A central European Nation on the shores of the Adriatic Sea, Montenegro is a must visit destination for anyone looking for a slice of medieval charm and history. Few authors have called it a slice of Adriatic heaven and as I look through the new skyline of Podgorica, I see the desire of a country to create a balance between modern infrastructure and preserving its rich heritage.
Precisely, keeping this target in mind, this delightful country has looked for ways to modernise their economy and Montenegro has encouraged reforms at a rate much faster than the other Balkan countries. From a low-income tax rate of 9% to accept the Euro as the currency, the country has tried to make it as smooth as possible for businesses to flourish in the country.
No surprises then that Montenegro also saw an opportunity in developing it as an Online gaming hub. It brought about the Decree on Promulgation of the Law on Games of Chance, 2007, one of the first legislations recognizing online gaming in the world. The industry in Montenegro on the other hand is regulated by the Games of Chance Administration (Gambling Authority). The Montenegrin License is highly prized as it allows conducting multiple games on a single license providing flexibility and value to its holder.
In 2011, online gambling was given full licensing power in order to operate, meaning financial hosting and services are all independently run by the companies running online casinos in Montenegro; ushering in one of the most progressive mindsets towards online gambling. Registration is usually a fast process, with licenses given out under 2-3 weeks time, at most. Moreover, taxes are low in order to drive revenue.
In 2015, Bitcasino.io, the became the world’s first legally licensed and regulated online Bitcoin-only casino gaming and sportsbook operator, and integrated the first-ever video themed slot designed for Bitcoin players and expanded its portfolio with the addition of a further 20 games for mobile and desktop. With the help of Empire, several other Bitcasino projects are in the works, utilizing Montenegro as a primary place to launch.
As an overview the main steps before applying for a license are:
- Forming a Company in Montenegro
- Registering with the Tax Authorities
- Preparing books of accounts and opening bank accounts.
- Designing a website and arrangement for payment processing.
Details about the license procedures are available at https://empireglobal.partners/montenegro-license/
How do I get a Montenegro Gaming License
At first glance, most of the steps for application look intimidating. But fear not! Empire has started a special medium called the “The Integrated Package” which is now the preferred option for almost all license seekers as it makes the entire process hassle-free and simple by completing all necessary formalities from forming a company to payment processing. It also enables you to start your business within 4 months under most situations.
Keeping in mind the needs of the applicants, the integrated package starts with registering a company and tax registration. This is followed by an introduction with a bookkeeping firm in Montenegro that will assist you with your yearly account preparation. The package also takes care of banking and payment processing needs which are also essential to start with your business.
The package is designed to ensure that your business is ready to start and it is no surprise that it also includes an assistance option for the applicant enabling him to receive assistance as per requirement.
Trust Empire for your Montenegro Gaming License
Your business plans should not be delayed anymore. Empire ensures that you have a ready to operate the business and all ends of your licensing needs are covered. You are free to focus on your business and even in any remote circumstances that you have a hurdle; personal guidance is available for every question. The experts at Empire can be reached through their website www.empireglobal.partners or by email at email@example.com
For more information please visit:
Empire: Montenegro Gaming License Page: https://empireglobal.partners/montenegro-license/
Gaming Authority Montenegro (https://www.upravazaigrenasrecu.me/1/index.php/en/homepage/item/55-games-of-chance-administration)
To know more about the country, please visit: https://www.gov.me/en/homepage/
For more information on the legislation behind the program, please visit:
Decree on Promulgation of the Law on Games of Chance: https://www.upravazaigrenasrecu.me/1/images/EN/Law on Games of Chance.pdf