Playing on online casinos? Curacao VS UK - What is the difference?

Curacao is one of the most popular gambling licenses since it has gaming jurisdiction that is quite favourable. The Curacao Gaming Control Board controls gaming operations in this country. It ensures that gambling companies adhere to the set of rules and regulations. UK license is issued by the UK Gambling Commission. UK License is not as popular as the Curacao license. This is because the UK’s gaming laws are tougher and has fewer tax incentives that would encourage gambling companies to come here. For instance, the UK has the Gamstop service which allows you to restrict your online gambling activities, while the Curacao-licensed casinos are not on Gamstop and you have to excude yourself manually.

Type of Curacao licenses

In Curacao, there are two types of licenses. There is the Master License and the Sub License. The Master License gives the gambling company itself the legal backing to operate in Curacao. The Sub License is normally under the Master License and it offers the same legal backing of operation as Master License. The UK has two types of licenses, the B2B and the B2C. The B2B license requires a new license for each class of the game. The B2C license does not require a new license per class of game. The validity of these licenses now lasts ten years.

Basic requirements

For you to get a license in Curacao, you first have to create an offshore gambling company. After the company applies for a sublicense from one of the four of those holding master licenses. You are then required to provide the following documents: bank references, utility bills, copies of passports, certificate of no criminal record, professional references from lawyers, and software agreements. To apply for a UK license, you have to first create a UK company. All other subsequent requirements are as those in Curacao except for a request for a detailed business plan.

Benefits

Having a Curacao license comes with massive tax exemptions. For example, an online gambling operation in Curacao is exempted from paying VAT tax and tax on profits is capped at 2%. The fees for a gambling license in Curacao are lower as compared to the UK. Also, the time-frame required to obtain a license in Curacao is just under two weeks. The UK license is highly sought after because the UK has a strong economy and political stability. It also boasts a skilled and multilingual workforce. The UK is also more technologically advanced than Curacao.

The process of obtaining the license

Company registration in Curacao takes 4 to 6 weeks. Also, an offshore company elsewhere can be registered in 1 to 2 weeks. Getting a license takes one week as well. Once a license is given, it is renewed annually. In the UK, the process is more rigorous which starts with an officer from the UK Gambling Commission in a pre-application process. To get a license in the UK takes more time whereby a temporary gambling license is issued for six months before a long-term consideration upon which a license is then granted and operations begin.

Money laundering

The Curacao license is not so strict on money laundering. Its anti-money laundering legislation is not as strong. This is why Curacao is called a tax haven. Strict legislation needs to be put in place to counter the problem of money laundering. The UK license, on the other hand, has strict legislation against money laundering within her territory. It is also not a tax haven. Strict anti-money laundering legislation in the UK has ensured that scammers are put at bay. This has ensured that the UK remains a strong economy in Europe and the world.

Conclusion

The Curacao license includes two licenses, which are the Master License and the Sub License. It also has basic requirements that are easy to follow and implement. It also has massive benefits in terms of tax exemptions. The process of obtaining the license is well set down and it is shorter. Its license is not so strict on money laundering as compared to the UK one. Legislation's should be put in place to counter this. In general, Curacao's license is broad, accommodating, has many incentives to the investors. The license is investor-friendly for sure.

On the other hand, the UK license includes two licenses which are the B2B and the B2C. It has rigorous requirements to filter out scammers and money launderers. The requirements are easy to follow once you have all the required documents for registration. It also has massive benefits such as favourable tax laws. This license is so strict on money laundering compared to the Curacao one. The UK license is a great license that encourages investments in and into the gambling industry with huge returns in terms of profits. The choice is yours, the UK license, or the Curacao license.