Isle of Man Gaming License Provider: Mid Tiered Option for New Casinos
Dozens of benefits can be gained when you apply to Isle of Man Gaming License. Isle of Man is a high quality license with a simple regulation and framework.
Anyone who wants to do business in this field will definitely get tax breaks and many other benefits. And obviously this is the solution to get a gaming license for your online gambling business.
Isle of Man hasn’t been working in the gambling industry for a while. As a matter of fact most of their countries income actually comes from gambling games itself. That is why Isle of Man is home to some of the world’s biggest gambling softwares and providers.
Isle of Man itself is situated within the United kingdom. At the moment it is still politically stable and under the jurisdiction of itself. Isle of Man is able to make its own laws that is in favor of gambling companies.
This jurisdiction is also considered as very adaptive due to many reasons. One of which is that it is allowed to draft up new and recent benefits for their clients.
Maybe upon reading this article you are going to consider applying for Isle of Man. We’re going to give you some insights on why you should apply for the Isle of Man license.
All of the Benefits of Isle of Man Jurisdiction
This jurisdiction is still very popular all over the world. Little do people know is that brexit actually has almost no impact to the policies that is already set. Isle of Man has some of the most tax efficient policies out there.
Isle of Man jurisdiction has gained so many new clients over the past few years. This makes them very favorable because there are plenty of benefits that we will discuss down below. Feel free to check around and understand all of the benefits provided by Isle of Man.
High Quality Infrastructure
Isle of Man is a jurisdiction that is very structured. Their service is reliable and very responsive. This is because they have amazing staff as well as fast technology that is always adapting.
You’re going to see lots of high quality service because the people that they employ is also highly trained. Many software providers go to Isle of Man as the number one spot.
We rate Isle of Man as a mid-tiered license. This is because it gives the quality of higher ranking license at a cheaper cost.
Choosing an affordable license must also be a priority for business owners. Isle of Man is a jurisdiction that knows the value of money. They give a very effective corporate tax which is set at 0%.
The policy will never change at all because it is already set in motion for the next couple of years. On top of that you will also pay a small amount of fee to apply and renew.
There is however one tax that you have to pay. This is known as the gaming tax or the revenue tax. This tax is very cheap and it is usually below 1%. Besides that there’s nothing up else that you need to worry about.
Isle of Man may be cheap to some extent. But this jurisdiction alone holds a very high regard in the international scheme. Isle of Man is known to enforce a high standard for all of its clients. It is one of the few known jurisdictions that is accepted within the OECD and a WTO member.
The reputation of this jurisdiction is very seamless. On top of that, Isle of Man have skilled staff to fulfilled the needs of all registered companies.
Simple To Apply To
Companies that have just set up their business needs a fast and quick service. These kinds of companies cannot afford to spend more than 3 months just to apply for a license.
Application process is of course just as complex as any other region. In Isle of Man, applicants can cut corners because the overall process is much easier. On top of that, it only takes a maximum amount of 18 weeks for your license to be issued.
Isle of Man is considered as one of the most stable region that provides licenses for online casinos. So you can be rest assured that the policies would not change.
Isle of Man gains most of its income from regional taxes and gambling taxes. They will make a small portion of the revenue from all of its clients. Up to this date, they are economically stable and has never faced any political instability.
Isle of Man Gaming License Cost
As we might have told you before is that Isle of Man is not really cheap nor too expensive. They are much pricier than your normal ones like Curacao and Kahnawake. But overall, it is still considered affordable even for new businesses.
Isle of Man is an open license which serves more than just online casinos. They serve online casinos as well as the UK stock market brokers. Hence making license much more accessible to anyone.
Numerous clients have been joining the Isle of Man jurisdiction due to its simplicity and efficiency. In this region, the cost would not reach up to 200 thousand Euros.
Instead you can cut off some cost in the application process compared to Isle of Man. You can start to apply by contacting a third party provider and consult today. This will give you an easier process to apply to companies.
Isle of Man Turnkey Package
Isle of Man offers packages that is much more affordable if you want to get it quick and easy. Right now, the Turnkey Package provided by them is an all in one pack. And to attain this pack means that you must work hand in hand with providers.
The Turnkey Package will provide services such as corporate structure, applying for license, tax management, and so much more. The whole package will cost a bit cheaper and as fast as 16 weeks only. This is considered very fast in the online gambling industry.
Third party service provider such as Fast Offshore offers these types of packs. You may even consult for free after applying to this specific jurisdiction.
Consulting is a way so that companies can get their needs at the fastest time.Hence you can contact them or talk to a provider about your business plans. Who knows after reading this article you can get a license almost immediately.
What is Included in the Turnkey Package
The Turnkey package is designed for new businesses that do not want any complications. Down below are some of the advantages that you will surely get upon applying in Isle of Man.
- Zero percent tax rate for all registered companies
- An incorporated company based in Isle of Man. This is known to be one of the world’s most cooperative jurisdiction to date. You can conduct business with ease.
- Full assistance and help with obtaining the license
- Get a registered address based off in Isle of Man
- All companies must provide 2 representatives to take the director position
- Get help with obtaining hosting, domain, and server. This also includes a location to operate the server.
- Free help to open a corporate account. This is important to have and Isle of Man will provide service with the local banks to do so
- Provided full help and assistance until the license is issued to applicant
Isle of Man License Requirements
To apply in Isle of Man, you need to provide some documents. These documents have to be notarized if they are a photocopy. On top of that you need to also provide legal and valid documents.
Make sure that this is submitted by all of the directors, board of directors, and even shareholders with above 10% of ownership.
- Business plan with full detail regarding the games served
- Show the target market and growth potential
- Details of the software provider provided from the game
- Photocopy and notarized bank references (must be as recent as 3 months)
- Legal and photocopy of ID or passport
- Proof of criminal record (can be a photocopy)
All of the documents that has been requested by Isle of Man must be provided in English. This is important because the process will be much quicker this way. You can get it translated just in case.
Expect Ongoing Maintenance for Isle of Man Gaming License
Isle of Man is a provider that will do constant audit, investigation, and surveillance. This is what you can expect when you are going to apply to Isle of Man. But do not worry because there are third party providers such as Fast Offshore that will assist with all the needs.
One of which is the need to get your casino maintained. Ongoing maintenance is needed everytime the license has successfully been issued. There is always a risk of your license being suspended if you do not follow the regulations that has been set by Isle of Man.
Ongoing maintenance is basically support in auditing. You can only get this when you consult with a third party provider.
Gambling Taxes to Expect From Isle of Man
Isle of Man is a very tax efficient region. You can get many benefits which includes low taxes. Taxes is simply in Isle of Man. You do not have to pay any tax at all on corporate taxes. However, there are two taxes and the other one is known as gaming tax.
The gaming tax will be taken directly from all of the annual revenue. Because you are also required to report the annual revenue of your online casino. Everyone may get different amounts of tax rate.
Who is Isle of Man Best For?
Isle of Man is not so cheap but not so expensive too. This gambling license provider gives their services to all companies. However, most of the companies registered to Isle of Man are casinos situated in UK.
There are also stock brokers or stock exchange company that operate within Isle of Man. You can enjoy a high quality service and get EU based clients.
Not to mention Isle of man is also built for newer innovations. There are many brand new companies that work in the field of crypto casino or blockchain technology. If you are one of this casino then you can consider applying for Isle of Man.
Isle of Man and Brexit Situation
Isle of Man is a member of United Kingdom. Ever since United Kingdom left European Union, people expected that there was some instability. No need to worry because Isle of Man was never part of the EU in the first place. Isle of Man is still able to operate freely.
There are many cases in which Isle of Man also connects with the international market and the European market. People chose this jurisdiction because they can get many player base from Europe. Some of the biggest countries with the highest player count is Germany and United Kingdom itself.
Supervision of Isle of Man Online Casinos
You can expect Isle of Man to operate just the same as any other jurisdiction. Isle of Man was initially created in 1962 and started to work in the field of gambling.
They are actually the oldest jurisdiction and the first to provide license. Initially they do not provide license. Instead they provide regulations for companies to operate and provide gambling games to players worldwide.
Nowadays, they still do their best to protect the players and companies. The rules used by Isle of Man are applicable to the Online Gambling Regulation Act of 2001.
The Gambling Supervision Commission is the authority that is in charge of the license issued. The authority is able to push out new regulations and laws. Most of the new laws are designed to boost popularity and growth of newer companies.
The laws are basically similar to most of the jurisdiction out there. You can get player safety and security in funding. Isle of Man would also help with getting a corporate account.
Nowadays, the GSC push out new regulations so that not everyone can easily get a license. The regulations have been much tougher. You can see this under OGRA or the Act of 2001. Overall, the license is a worth it choice for mid tiered companies out there.