Costa Rica Gambling License: What do Operators Need to Know About it?
If you have a license, you will be able to run a business on legal grounds. This aspect is relevant for all forms of private enterprise, and especially for the casino industry.
Since the gambling business is prohibited in many countries, the best option to set it up legally is to obtain a license in foreign jurisdictions. Costa Rica is considered to be one of the most popular and in-demand options.
You can always consult Gaminator about all features of the opening of an online gambling establishment, the nuances of obtaining a license, purchasing software, and working with affiliate programs. We are ready to provide you with the comprehensive information and offer a full set of products and services for the successful launch and development of your project.
This state of Central America is showing a rather successful and dynamic growth. Its legal framework is based on the civil law of Spain.
For several decades, this jurisdiction has been considered the birthplace of over than four hundred gambling locations all over the world. At the same time, currently, there is neither clear regulation for the gambling activity nor acts of legislation.
This is not an offshore jurisdiction that provides permits for any entrepreneurial activity. The fact that there are no offshore companies gives owners of gambling websites a wide range of advantages for interaction with the audience of the EU and the US (we will tell you more about it later in this article).
Among the unique features of this jurisdiction, we can name the absence of the regulating system for the gambling activity and, as a result – no permits. Operators receive a so-called data processing license. This permit is provided not by regulators but by the municipality, and it allows you to provide all types of gambling services at once: online casinos, poker, bingo, lotteries, acceptance of bets on sports events, and other types of bets on the money. At the same time, there are no serious requirements for the firm's finance statement or members of the board of directors.
The government offers two business systems – Sociedad Anonima or Sociedad de Responsabilidad Limitada. Both types are designed for a limited liability business but the first one is more often used to set up large enterprises and sell shares on the market, and the second one is a tool for small companies with a limited number of shareholders.
The acquisition of a license takes about three months. The cost of the service consists of two mandatory payments – a lump sum payment of one thousand dollars and one thousand five hundred dollars more every three months for the renewal of the permit.
This jurisdiction requires from operators to collect such documents as copies of the passport data of all owners of the company, copies of other certificates of identity of related parties, a business plan with calculations of the expected profit, a certificate that confirms the registration of a firm in Costa Rica, characteristics of the game content used in a project. Along with these documents, it is also necessary to provide papers that confirm that you have an office (for example, a utility bill payment receipt) and an application for the consideration of your application for a gambling license.
The registration of a gambling website also requires observance of the following terms:
- Costa Rica gambling license is issued to legal entities that are registered in this country.
- The presence of the office in the country's territory (it is possible to buy or rent a room). Employees of the company must be registered by the relevant authorities, and they receive a local insurance.
- A company must have at least two founders.
- There should be from one to four directors (depending on the specifics of the project).
- The presence of an account at any banking institution of the world.
- Availability of an authorised capital (an amount of money can vary from one hundred to one hundred thousand dollars).
- Keeping of annual records of the financial affairs of the company and just-in-time filing of declarations, which state that the income was not received from local sources.
Today, local authorities are taking several measures to develop the most optimal regulations for being able to control the casino industry. The lack of regulations has some negative impact. For example, the banking system feels an enormous pressure from the United States – operators of gaming sites almost do not have an opportunity to open accounts in local banks.
They also face problems with the provision of services to the audience that lives in countries where there are tight restrictions on gambling (for example, Switzerland, Canada, and Russia).
In the near future, the President of Costa Rica is planning to create a special regulatory authority – the Gambling Oversight Board. The country’s Ministry of Finance has issued a legislative project that states the need to charge 5% of the income from operators to fight against organised crime. It is also planning to provide gambling licenses for six years with a fixed annual fee of fifty thousand dollars.
The license of this jurisdiction attracts operators from every corner of the world because of these features and benefits:
- Stable legal and political environment in the region.
- Financial transactions with the Dominican Republic, Mexico, Chile, and other Caribbean countries are not taxed.
- Convenient, dynamically developing infrastructure.
- Availability of a reliable telecommunications system.
- The permit is issued rather quickly and it is not so expensive.
- There are no direct prohibitions of gambling.
- Ability to place online casino servers in any country. An interesting fact – server locations can be anywhere except for the jurisdiction itself.
- Rather low maintenance costs.
- Ability to use accounts of any banking establishment.
- The absence of tax levies on income that was received not in the jurisdiction.
- Founders of the company and the board of directors can have passports of any country (they do not need to have the citizenship of Costa Rica).
- The absence of quality control over of the used software.
- The lack of strict standards for filing financial reports.
- Favourable terms for cooperation with the US and EU countries (the country is a full member of the World Trade Organisation).
A license of this jurisdiction is a convenient way to launch your own project on the most favourable terms. Specialists from Gaminator are ready to provide complete information on all nuances of obtaining a permit for gambling activities in foreign jurisdictions and offer the best options for mutually beneficial cooperation.
By contacting us, you can order a full range of services for the development and promotion of a gambling project on the Internet. It is also easy to buy or rent software solutions, integrate payment systems, order licensed slot machines from such leading suppliers as Novomatic, Igrosoft, Microgaming, Playtech, NetEnt, Mega Jack, and others.
By ordering the service "online casino on a turnkey basis", you get not only a ready-made website but also legal support of the project. We can deal with the entire procedure of registration, the conclusion of contracts with the best providers, and promotion of your startup with a guarantee of full payback within six months after its launch.
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