Tips on how to get an iGaming license and then keep it

Are you considering starting an online gambling company? If so, you will know that getting licensed and other corporate matters can be both time-consuming and complex. It also costs money, and there is always the fear that the application might be held up or rejected altogether. You might even worry about keeping it once you have got it. But fear not; here are some tips from Fast Offshore on how to improve the chances of getting a license and how to keep it once you have it.

Pick a good partner

To set up an online gambling company legally you need assistance from a partner. (photo by Flickr)

It is almost impossible to set up an online gambling company legally without assistance from a corporate service provider. While it can be done, it is much easier, more cost-efficient, and less likely to fail or encounter hurdles if you do it with a provider like Fast Offshore. The process includes a lot of paperwork, form filling, and the satisfaction of technical and legal requirements. It also needs lots of liaising with the authorities, which can be laborious and complicated. To ensure the smoothest process with no documents missing, increasing the chance of approval, it is best to find a suitable partner. You should look for someone with experience in the online gambling sector as well as knowledge of multiple gambling jurisdictions, payments, compliance, and structuring. The ideal situation is to work with the same provider for all your corporate needs, including ongoing maintenance.

Be upfront

When working with a corporate service provider, they will request several documents from you. Depending on the jurisdiction, this can include ID, proof of address, criminal record checks, financial record checks, CV, and source of funds. It is up to you to be completely upfront and honest with the information you provide. Giving false or misleading information can be a criminal offense depending on the circumstances, and it can also result in your license being refused or revoked at a later stage. It is better to be completely upfront with your service provider from day one and work with them to iron out any issues and find solutions.

Get your paperwork together quickly

At the paperwork collation stage, you will be given a list of documents and paperwork that you need to provide. You should make every effort to do this quickly, within the allotted time frame specified by the corporate service provider. Also, note that you may need time to get documents issued, get them certified or apostilled, and even get them translated. This depends on each circumstance and the jurisdiction you will be incorporating in. Your corporate service provider will give you an approximate timeline for the application and approval process. Still, it is up to you to submit the correct documents on time and in the right way. Otherwise, there will be delays which are not the fault of the provider or the regulator. Delays can cause you problems such as loss of revenue and mistakes in your application being refused.

Don’t cut corners

Similarly, you should not try to cut corners when setting up an online gambling company. First and foremost, unless you are in Costa Rica, you need an online gambling license to offer gambling services legally. The penalty for failing to get a license can vary significantly but can be thousands of dollars, result in you being blacklisted and can even lead to criminal proceedings. Likewise, you should not cut corners during the licensing process, especially when it comes to compliance. Be sure you are entirely up to speed on every requirement relating to fair gaming, responsible gaming, payments, ongoing maintenance, and security. The consequences of not doing so far outweigh any possible benefits of avoiding them. You might think you are saving time or money, but in the long run, it is just not worth it.

Work with trusted third-parties

When opening an online gambling company, you must also pay close attention to whom you partner with. For example, licensing authorities may want to know about your game providers, RNG partner, security systems, web hosting, and payment providers. If you start working with someone who has a less than stellar reputation, you may encounter issues in the future. Furthermore, if a third party then goes on to have very public problems, it could also impact your reputation and license. You should conduct due diligence and media searches on everyone you partner with to ensure they are legitimate and reputable. Failure to do so could cost you time, money, and much face.

Don’t forget your annual obligations

As well as satisfying a number of obligations during the application process, you have to maintain many others going forward. For example, you will need to file annual reports, statements, and even audits, as well as pay fees and possibly taxes as well. It is not just about fulfilling requirements at the application stage- you have to ensure you continue to meet them as you go forward. Remember also that they can change from time to time, particularly in terms of tax and compliance. But if you have partnered with a professional corporate services provider, they will be able to manage all of your periodic obligations for you.

Fast Offshore
For over 25 years, we have worked in the online gambling sector. We have assisted countless operators in the application process as well as all ongoing matters. From licensing to company incorporation, payments, compliance, and all ongoing maintenance, we can assist. Our team of professionals can guide you through the entire process transparently, offering custom or turnkey packages to suit your needs. We pride ourselves on a quick response time, attention to detail, and honesty in everything we do. To take the first step towards running a successful online gambling company, contact Fast Offshore today!