High-risk businesses, such as gambling, crypto, or forex, have always been connected with many problems. You need to find a jurisdiction where you can open this kind of business by applying reasonable efforts. Second, you need a corporate account, so you have to find a bank that will agree to work with your company and provide all the required services, ensure confidentiality, and meet other requirements you may have. Finally, you will need a license to carry out your activities. There are few places where you can get an international gambling license, and Comoros is one of them. In this post, we are going to look at the peculiarities of obtaining the document so that you could make an informed decision to choose Comoros as your destination for obtaining a gambling license.
Comoros began issuing gambling licenses back in 2005, but it has started gaining the popularity it deserves only in recent years as other better-known jurisdictions have lost their appeal. Comoros has created really favorable conditions for gambling businesses, and acquiring a license here is a much more straightforward process than in Curacao or Malta, for example. We strongly recommend that you take advantage of Comoros and benefit from flexible laws and a pro-business legal environment.
Comoros Gambling License
Comoros has established a special economic free zone on one of its islands where you can enjoy low tax rates and acquire a crypto license or a gambling license issued by the Financial Sector Conduct Authority (FSCA), the local regulator. Submit an application and get your international permit in a matter of several weeks!
The Comoros regulator has its own principles that include control and supervision on a high level to guarantee a fair game and grant the necessary rights to players. The holder of a Comoros gambling license will enter the international market without much trouble as the permit is respected in the global business community.
Advantages of the Comoros Gambling License
The affordable cost of the license is one of the features that entrepreneurs from across the globe really appreciate. If you take a look at better-known jurisdictions that issue the same document, they charge much higher license fees and other related expenses. This aspect makes the country a real draw for small-scale gambling companies that start on a limited budget.
Versatility of the Gambling License
No matter what your business plans are, a gambling license issued in Comoros will serve the purpose. Launch your B2C and B2B projects or deal with the software development for casinos/poker rooms or the organization of games. The gambling license will help you obtain the flexibility you need and correctly mitigate risks. If you decide to expand your activities later on, you will be able to do so without obtaining any extra licenses. The status of the document is very high as Comoros is a member of the World Trade Organization.
Favorable Tax Rates
If you need a low-tax jurisdiction, Comoros is definitely suitable. You will not have to pay any gross gambling income tax, and you are not required to pass a mandatory annual tax audit. It helps business owners allocate their funds to business development rather than taxes and associated payments.
Quick and Easy Registration Procedure
Many other jurisdictions require a potential licensee to be present in person when the application is submitted. However, Comoros is different in this respect: you can provide all the required documents online. The local authorities did their best to reduce the red tape to a minimum.
Requirements for Licensees
Licensees, including their official representatives, employees, or agents, are required to promote their gambling services in any way possible subject to one condition: they keep the reputation of Comoros high and they do not advertise gambling among minors.
Comoros gambling license holders are required to adhere to the Gambling Act 2005 and take all the necessary precautions to prevent money laundering and protect players of the vulnerable category. What is more, they need to submit reports to the Council for Gambling and notify it as quickly as possible about all the important changes or incidents.
Licensees are expected to have all the responsible game procedures in place to identify players that belong to a risk group. This category needs to obtain sufficient information and encouragement to get in touch with the consulting services in case of need.
The licensee has 7 days to notify the Council for Gambling about changes with regard to beneficial ownership and the establishment of any parent/associated entity if its participation share equals at least 3%.
There are certain procedures set by the Council for Gambling to be followed by the licensees, such as training the employees to avoid using the services for money laundering, processing of payments, accounting, identification of players, and detecting dubious transactions (and reporting them). The licensee will also need to appoint a senior employee who will be in charge of reports on money laundering and will have an obligation to submit a report on dubious transactions to the Council for Gambling.
Licensees are also required to support the financial coefficients implemented by the Council for Gambling and provide regular reports in the necessary format as determined in advance. They are not allowed to carry out any cash operations related to the account.
Acquiring a Comoros Gambling License
The first thing a licensee has to do is to establish an International Business Company (IBC) in Mwali to apply for a license. You will need to appoint at least one director who can be a resident of any country. One shareholder is also required, and it can be a company based in another jurisdiction or the person who occupies the director’s position. The registration procedure will not start until the applicant successfully passes the due diligence procedure.
Here are the documents you will need to provide:
- A duly filled-out application
- A passport copy of each of the company’s directors and shareholders
- An account statement for each director and shareholder (issued no more than three months ago)
- Proof of residence address for each director and shareholder (issued no more than three months ago)
The minimum capital that an IBC is required to have is 250,000 euros or US dollars. You can provide a financial guarantee for your capital (proof of funds in your personal bank account or in the accounts of companies you control). You are allowed to use crypto assets for this purpose.
Click on the above link to find out more or ask questions about the Comoros license using a live chat – it’s free!