Isle Of Man Gaming License
Posted : admin On 3/29/2022There are some benefits for those in possession of an Isle of Man gambling license, these include its simple and efficient tax framework, a simple application process, and a business-friendly environment with a highly skilled workforce. A significant amount of the Isle’s GDP comes from the presence of offshore gambling companies.
The Isle of Man is situated just off the northwest coast of the UK between Great Britain and Ireland. It’s a self-governing British Crown Dependency which means that while it’s not a part of the UK and has the power to legislate on local matters, some laws are drafted and enforced by the British parliament.
If you are considering applying for an Isle of Man gambling license, this section will provide you with all the facts, figures, and advice you need to help you make the right decision.
Benefits on an Isle of Man Gaming License
Getting the Isle of Man gaming license is an excellent opportunity to expand your business and attract an international audience. Obtaining a license for poker on the Internet on the Isle of Man will allow you to work in many countries (including Asia, the EU, and other regions). Stability of legislation.
- Hosting on the Isle of Man for bet striking and player data; Banking on the Isle of Man (off Island banking only with prior Treasury approval) Player deposits and winnings protected in segregated mechanism; Software must be tested by an approved testing house in line with Isle of Man gambling legislation; Licensing Costs. Application Fee: £5,000.
- 5Dimes, which is the former Costa Rica-based sportsbook, is now having its headquarter in the Isle of Man. After William “Tony” Creighton, the founder of the company, got kidnapped and murdered, in 2019, 5Dime refused to give up. It started to look for various ways to enter the nascent U.S.
Many benefits come with having an Isle of Man gambling license. You will be glad to hear that Brexit had very little impact on the gambling industry as the Isle was never a part of the European Union. Additionally, it didn’t receive any funding from the EU but it did benefit from being a part of the EU customs area. While some companies did relocate or open offices in other jurisdictions, the Isle is still welcoming new online gambling companies. Here are some of the key benefits of an Isle of Man gambling license.
Top-quality infrastructure
The Isle of Man enjoys a world-class and high-quality infrastructure. Telephone and internet are fast and reliable and gaming companies work with relevant and experienced local companies when it comes to their ancillary needs. Furthermore, the workforce is English speaking, educated, and experienced in the iGaming sector. This makes it easy to hire locally, therefore keeping costs low.
Financially attractive
The Isle of Man offers an extremely competitive fiscal framework. The current corporate tax rate for a gaming company incorporated in the Isle of Man is 0%. The Isle of Man authorities have defined a gaming tax that must be paid by all gaming companies but it is between 0.1% and 1.5% of the gross gaming yield, rather than the total turnover. License holders can also enjoy zero capital gains tax.
Reputation
The Isle of Man gambling license and the regulator has a sterling international reputation. They are known for enforcing high standards and for ensuring that operators play by the rules. The Isle is also on the OECD White List and is a member of the World Trade Organisation. This further boosts its image as a prime jurisdiction for online gambling. Furthermore, any peripheral gaming activities such as marketing, skill games, and software can be hosted in-territory and carried out without the need for an additional license under the Online Gambling Regulation Act.
Simplicity
The application process is not as complex as some jurisdictions, but it’s also not the easiest. There is just one license to apply for and this covers all gaming and gambling activities from within the jurisdiction. The process takes between 12-16 weeks and while many documents need to be submitted, your corporate services provider will assist you every step of the way.
Stability
The Isle of Man enjoys political, social, and economic stability. As mentioned, online gambling is a significant part of its GDP and there are unlikely to be any changes to the industry that might hamper its growth. A company that chooses an Isle of Man gambling license can be assured of operating in a stable and supportive environment.
Isle of Man Gaming License Cost
The Isle of Man Gambling license does not come cheap. Far pricier than many other licenses available, the gambling license cost can vary based on your company needs.
For those that want to list on the UK stock market, or want a jurisdiction connected to the UK, the Isle of Man is worth considering, but this is not a jurisdiction for startups or smaller businesses.
That said, we have helped some clients establish their gaming company in the Isle of Man, and have found an online gambling cost that suits them. Fast Offshore can create a tailor-made solution for you that will cover all of your needs and requirements. The best thing to do is to contact us, tell us your vision and plan, and let us come back to you with a quote of what you need, what we can offer, and how much it will cost. Rest assured, we pride ourselves on transparency and will never sell you something you don’t need, or hide costs only to give you a nasty surprise later on.
Isle of Man Gaming License Turnkey Package Cost
Based on our 23+ years of experience in online gambling and corporate services, we have put together a turnkey package that includes everything that you will need. Created for a standard type of gaming company and including all corporate, structural, and compliance matters, as well as the Isle of Man gambling license application. The entire process will take around 12-16 weeks as long as you submit all the required documents correctly and on time.
But Fast Offshore doesn’t just offer turnkey packages and tailor-made solutions, we offer a full service that includes ongoing communication, problem-solving, and support every step of the way. To find out more about establishing your iGaming company on the Isle of Man, contact us today. We will be honoured to listen to your plans and vision and provide you with the information and guidance you need to take it to the next level.
What does the Turnkey Package Include?
Our Turnkey Isle of Man Gaming License package includes everything you need to set up and operate a licensed Online Gaming Company in Isle of Man in compliance with all laws and regulations:
- An Isle of Man Corporation: the Isle of Man is an excellent choice when it comes to incorporating an online gaming business. One of the world’s friendliest online gaming legal environment enables you to conduct your business 100% compliant.
- Assistance obtaining the Online Gaming License for the Company
- Obtaining the zero tax status for the Online Gaming Company
- Providing the registered address in the Isle of Man
- Required 2 Resident Directors for the Online Gaming Company as required by law
- Assistance with Co-location and Hosting Facilities with adequate bandwidth and redundancy in the Isle of Man (additional costs depending on needs)
- Corporate Account for Online Gaming business: We work with a variety of safe and secure institutions catering to online gambling operators.
Online Gambling Merchant Accounts for acceptance of both Visa & MasterCard - 10 Hours Personalized Advice: Need some help or assistance with conducting your business offshore?… Ask us!
Isle of Man Gaming License Requirements
To qualify for an Isle of Man Gambling License the following conditions and submissions have to be met by every single authorized person, officer, director, shareholder, beneficial and ultimate beneficiary owner:
- Certificate of no criminal record, not older than 3 months
- Notarized Copies of passport(s)
- Bank references; not older than 3 months
- Copies of utility bills not older than 3 months
- A detailed description of the games offered
- Detailed business plan
- Confirmation of the RNG application and its fairness (3rd party certification)
- Details about the software utilized and TST (or similar) report if available
- Geographic/target market
- Servers need to be collocated in the Isle of Man
Ongoing Maintenance for your Isle of Man Gaming License
Fast Offshore provides all clients with ongoing maintenance and support once the licensing process is complete. Based on your requirements, we can provide company and license maintenance, assistance with auditing and compliance, and general business support. We offer great value on our maintenance packages and who better to help you take care of your business than the people who helped to set it up?
If you want to enquire about our ongoing maintenance services or you already have an Isle of Man gambling license and want to change providers, contact us here to start the conversation.
Isle of Man Gambling License Taxes
The Isle of Man is an attractive jurisdiction in terms of its fiscal benefits. Taxation is simple and there is zero tax imposed on gaming companies incorporated there. In terms of gaming tax, it is set between 0.1% and 1.5% of the gross gaming yield rather than the total revenue. To get a better idea of the taxes you will be required to pay, it’s best to speak with us directly so we can give you an answer based on your company.
What is Isle of Man Ideal For?
An Isle of Man gambling license is good for those that want an offshore jurisdiction with UK links or wish to list on the UK stock exchange. It is also a jurisdiction that enjoys an element of prestige and this combined with its benefits means it’s still a popular choice within the industry.
Local regulators are also promoting the inclusion of technologies like blockchain, crypto, and AI into the market to boost its growth.
Isle of Man and Brexit
When the UK exited the European Union in January 2020, the Isle faced some uncertain times. While it never was a member of the EU, its ties to the UK provided some benefits. That said, it’s still regarded as a highly reputable jurisdiction and a viable option for those looking to incorporate an online gambling company. Now, businesses on the Isle and regulators are looking to encourage innovation within the industry, particularly through the inclusion of blockchain, eSports and AI.
Isle of Man Gambling Supervision Commission (GSC)
The Isle of Man Gambling Supervision Commission was created in 1962 to protect the interests of gamblers. As online gambling developed, it became one of the first jurisdictions to offer regulation for iGaming companies as well as continuing to protect gamblers. Online gambling and the Isle of Man gambling license is under the jurisdiction of the Online Gambling Regulation Act 2001.
The GSC works to create and enforce a “regulatory umbrella” that protects gamblers and license holders. They enforce high standards especially in terms of player safety and the protection of funds and encourage ongoing dialogue between all stakeholders. They also act as an intermediary in the case of disputes between players and operators.
There are also several online gambling regulations introduced by the Gambling Supervision Commission to apply for an online gambling license in the Isle of Man. The first document to study on the topic is the Online Gambling Regulation Act 2001 (OGRA) that covers all games connected with telecommunication, betting money, randomness and games of chance.
Contact Fast Offshore
An Isle of Man gambling license is the right choice for some, but not all. We can assist clients with applying for the license and taking care of all corporate and financial matters as required. Let us help you find your way- contact us today with any questions, queries, or uncertainties that you have and let us point you in the right direction.
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