Isle of Man
The Isle of Man is an independent and self-governing country. It is located midway between Ireland and the United Kingdom and is famous for its rich historical heritage with castles and monuments scattered across the island. The Island boasts of a very high standard of living with an equally high Per Capita income. The Isle of Man is not in European Union and is considered a tax haven. The Island is famous as a low tax economy with zero capital gains tax, wealth tax, stamp duty, or inheritance tax. The Island is extremely favorable for business as it has 0% Corporate Income Tax. It is considered as a banking and financial services hub with tourism also making a significant contribution to the economy.
Isle of Man Gaming License Overview
The island is very welcoming to the gambling industry. The Isle of Man created new legalization especially for Online gaming. An Isle of Man Gaming License, both for online gaming and offline gambling is issued by the Gambling Supervision Commission. The entire online Gaming sector is covered by The Online Gaming Regulation Act, 2001 which has been subsequently edited multiple times to keep it in sync with modern times and promote online gaming.
Isle of Man license covers all types of gambling. Online Gaming licenses are divided into four groups: The OGRA license, Sub- licenses, Network Services license, licenses for Economic and Political DR.
Isle of Man Gaming license
There are four types of licenses a company can obtain in the Isle on Man, depending on its goals and business needs.
OGRA license is the most preferred license for online gaming activities in the Isle of Man as it allows the conduct of almost all forms of games. They can offer other operators a White Label Solution, providing them with a platform, content, and other business solutions.
Operators that have no experience in the gambling industry but are planning to enter a market and establish their own online casino would probably opt for the sub-license.
A network services license is required for operators who wish to allow gamers registered in foreign jurisdictions to join games in Isle of Man servers without requiring any re-registration.
There are two types of software supplier license: one for standard fiat platform providers and one for blockchain-based software providers, which was added in 2019 in accordance with the Isle of Man’s online gambling regulation.
Each license is valid for 5 years and permits the use of all digital assets and currencies, including crypto, and covers all types of games. Both start-ups and experienced operators can get professional help and advisory support with legal and banking services, company administration, investment, marketing, software development, and other processes.
What is the process to obtain the Isle of Man Gaming license?
The basic conditions that need to be fulfilled for an Isle of Man Gaming License are:
- The Company must be registered in the Isle of Man
- The Company must have at least two local directors who are not corporate entities
- The Company must have one resident Designated Official (DO). In case the DO does not reside in the Isle of Man, there must be an Operations Manager resident in the country
- The servers for player registration must be located in the Isle of Man
- The bank accounts used for gambling and trading must be located in the Isle of Man
The actual application for any kind of license has to be made to the Gaming Commission with supporting documents. The applications are approved within 3 months.
What are the requirements for the Isle of the Man Gaming license?
The company must be incorporated in the Isle of Man have two resident Directors. An application fee of £5,000 must be paid and all relevant application forms must be completed. The servers for player registration must be located in the Isle of Man. The bank accounts used for gambling and trading must be located in the Isle of Man. The licensee has to comply with its policies, protect player funds, follow the Advertising Standards Authority Codes and the anti-money laundering policy.
How to obtain Isle of Man Gaming License?
The Isle of Man Gaming Licensing framework involves complex legislation and a number of pre-application procedures. Keeping in mind this scenario, Empire offers you the fastest and most reliable path to an Isle of Man Gaming License. A renowned Gaming Professional Services & Advisory Firm, it has a team of Gaming experts with years of experience in Isle of Man Gambling Licensing. Depending upon your choice of the type of license, the experts at Empire can guide you with your exact documentary requirements and the nuances of the application. You can reach the Online Gaming License experts at Empire through our website empireglobal.partners or by email at firstname.lastname@example.org. We offer clear written contract agreements mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.