If you are planning to open a gambling business, you need to think in advance about which jurisdiction you want to receive permission to operate in. The level of trust in your organization, the amount of taxes you will have to regularly pay, and in what territory you can work legally will depend on this. Today we want to tell you why many successful projects prefer the Maltese gaming license, what benefits this solution has, and how to get a work permit here.
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Which gambling projects have received permission to operate here?
This country ranks 2nd in popularity among all gambling projects, because it has a huge number of advantages. This permits any gambling projects, including casinos, bookmakers, lotteries, and many others. Among the most famous companies that have received work permits here are:
- N1 Casino;
- CashWin and many others.
This jurisdiction is open to both classic online gaming clubs and crypto projects, which makes it very flexible and attractive for different organizations.
Benefits of this choice
The interest in this country is explained by the fact that it has a huge number of advantages, we want to talk about the most important of them:
- High level of trust. Reputation in the modern world is of great importance, so obtaining a permit in a jurisdiction that is part of the EU is a very high indicator. With this permission, it will be much easier for you to find investors and new clients.
- This opens access to the European market. Once you receive your permit here, you will be able to legally work throughout the EU. A huge number of gambling enthusiasts live here, so finding clients will not be difficult.
- Favorable taxation. This type of business has tax benefits and a reduced VAT rate.
- It is easy to find qualified employees. This jurisdiction is home to a large number of highly qualified specialists who work in the gambling industry and have extensive work experience and high-quality specialized education.
- Reliable technology infrastructure. This jurisdiction is interested in more organizations obtaining permission here, so it is creating a suitable infrastructure.
In addition, it establishes fairly lenient requirements for receiving permission. If you are ready to work honestly and openly, ensure compliance with AML and KYC requirements, and fair play conditions, and regularly conduct audits, then there will be no problems with obtaining permission. The permit is issued for 10 years, after which you can reapply.
What are the main steps you need to go through?
Getting a permit here won’t be too difficult if you meet all the demands and are willing to follow a few important steps.
Selecting the appropriate resolution type
This jurisdiction offers one of 4 types of crypto permits. The choice depends entirely on the type of activity of your company – casino, gaming provider, bookmaker, lotteries, etc. Sometimes making a choice can be difficult, especially if you have a complex project that includes several types of activities, so it makes sense to seek help from professionals.
Verification of compliance with government requirements
Since this is a very respectable jurisdiction, this sets very complex requirements for organizations that want to obtain permission to operate here. The list of demands depends on the type of permit you choose. They may relate to the following aspects:
- Reputation level of the owner and specialists in key positions;
- Availability of local office and employees;
- Well-thought-out business strategy;
- Compliance with AML and KYC policy requirements;
- High-quality software and much more.
If you set up your business with regulatory requirements in mind, then receiving a permit in this jurisdiction will not be too difficult. But if you don’t think about it ahead of time, you’ll waste a lot of time, effort, and money getting your firm compliant.
Registration of an organization
You need to register as a legal entity. To do this, you need to submit a package of papers and an application to the regulatory authorities. They will review this within a few weeks.
Opening an account
You need to open an account at a local bank. Usually, in other jurisdictions, this can cause several problems since not all organizations are ready to cooperate with gambling businesses, but in Malta, such problems do not arise.
Filing an application
Once all the preparatory steps have been completed and all the papers are in order, you can begin to obtain a permit. So, you need to apply and all the papers to the regulatory authorities. They will review it within a short period and give a positive answer.