In September 2023, Curacao enacted significant changes to its gambling framework. These modifications will enable gambling business owners to function in and outside Curacao.
Curacao’s license helps online gambling operators and gaming businesses to leverage ease and financial benefits. Nevertheless, Curacao gaming licenses discussed here – https://inteliumlaw.com/gaming-license/curacao/ are starting to make a wave in the gaming industry.
Curacao’s Historical Background
Curacao is a small Caribbean island, resting within the Netherlands. It is one of the major powerhouses in gaming and other businesses. This small but significant state is a business haven for diverse industries, such as oil refining, light industry, tourism, financial services, and cargo handling. Business owners find Curacao as their black soil because of their developed business landscape and lenient tax laws.
Gaming is not left out. In 1993, the state enacted a decree, the National Offshore Gambling Decree, initiating gambling regulations. Three years later, the state began issuing gaming licenses to those interested. Their license regulation has turned Curacao into a promising gambling site.
Regarding the master license, which is the highest form a gambling business can get in Curacao, it is valid for five years. It is given by the Ministry of Justice of Curacao, covering diverse gaming activities and giving holders the right to sublicense others. In respect to the sub-license structure, it is issued by the master license holder and is valid as long as the master license remains valid. As of January 2025 all master licenses will be expired (most of them should already expired as of 01 October 2024). The new regime of direct licensing of Gaming Control Board is now in force in Curacao.
What is Curacao’s Licensing Process?
As a prospective gaming business owner, how to get gaming license in Curacao is now more comprehensive and stringent compared to previous years. You will need to understand the requirements and process. You must also know the Curacao gaming license cost.
Below are the steps involved in Curacao’s gaming licensing process:
● Documentation
This step involves documenting the necessary resources for the licensing process. This includes financial records, business plans, and proof of software fairness. Every member of the business will have to go through this documentation process to get the business license.
● Application Submission
This is the stage where the applicant will submit their completed application forms with the required documents.
● Compliance Assessment
Curacao’s licensing authority will conduct an in-depth compliance check. This is to ensure that you comply with the AML (anti-money laundering) law and responsible gambling structure.
● Technical Assessment
The games and software will need to be assessed for compliance and fairness. This is always done in accordance with Curacao’s gaming technical standards. This assessment is to ensure that users will be safe while engaging with the platform.
● Approval and Licensing
If you meet all the necessary criteria, you will be granted a gaming approval and license. It is important to note that this license is subject to timely renewals.
How Can a Business Plan Be Created for a Curacao Gaming License?
A business plan serves as a structure for how you want your gaming business to function. Also, it is one of the requirements for your licensing process. For a successful business plan approval for your gaming business in Curacao, it should include the following:
- Executive Summary
- Business Description
- Marketing Strategy
- Market Evaluation
- Financial Analysis
- Operational Plan
- Management and Personnel
- Regulatory Compliance
- Technology Plan
- Risk Management
- Player Protection Measures
- Product Portfolio
- Exit Strategy
Conclusion
To get your gaming license, it is imperative to first meet Curacao gaming license requirements. That way, you will have an advantage and a means to expand your geographical reach in the gambling industry. Furthermore, as a prospective gaming business owner, you will need to stay abreast of any new developments.
