Isle Of Man
The Isle of Man Gambling Licensing is the right way to success that can increase your brand’s popularity and bring a good profit for your online casino.
You can buy a full-fledged gambling project with the Isle of Man permission from Rosloto. We provide a wide range of services related to the launching of gaming projects in this prestigious jurisdiction.
The Isle of Man is a British territory. At the same time, the local government operates here. Therefore, many regulations differ from the laws of the United Kingdom. There are no wars, political conflicts, and economic upheavals. Such stable conditions attract businessmen from all over the world, creating favourable terms for investments.
The legalization of online gambling has been carried out since 2001 after the adoption of the relevant Isle of Man Gambling Licensing law (OGRA).
This offshore zone can be characterised by the following benefits:
- Low tax rates. Although the territory is part of Britain, it has simplified tax policy. For example, rates are set at 24-28% of net profit in the country, while only a 1.5% tax for casinos must be paid on the Isle of Man. However, this rate is higher for bookmakers, but the convenient ranking is applied here, depending on the total income for a certain period.
- The popularity of casinos with the Isle of Man gaming license. It is incredibly prestigious to work in this jurisdiction, especially to owners of virtual gambling platforms. Such a choice of jurisdiction makes this activity successful and transparent from the point of view of legislation.
- The opportunity to obtain integrated permission for several types of gambling. Only a few states offer this option, which significantly increases the value of the Isle of Man casino.
- High-quality related services. Businessmen can use financial consulting, marketing, and legal support services. They can buy technical equipment and order the development of original games. As for the telecommunications industry, MPLS networks with high bandwidth are actively used here. In addition, 4G broadband coverage is organized in this territory.
- Possibility to work throughout Europe. As part of the UK, the Isle of Man offers excellent opportunities for functioning in the European Union. Moreover, any additional documents are not required.
- The absence of currency control. This is an essential aspect for the companies that plan to operate in the international field with the involvement of foreign gamblers.
- Clear regulatory framework. The legislation is protected from any changes for the next 10 years.
There are two types of the Isle of Man gaming licenses:
Type of license
This license is suitable for completely independent corporations. Such companies buy the necessary software and gambling content, conduct marketing promotion, and develop their activities without outside assistance
It is designed for small gambling firms that operate on behalf of a subsidiary. This approach is extremely beneficial for the gambling industry beginners. It is possible to obtain another type of license and work independently after the permit expired
Businessmen can apply one permit for several types of gambling. For example, obtaining a license for poker on the Internet in the Isle of Man gives them the right to open online casinos and other online gambling services. A similar approach is used for betting (bookmakers, sweepstakes) and other areas of the Isle of Man gambling industry.
The Gambling Supervision Commission is the authorized body for business licensing. Besides, GSC has a number of supervisory functions. For example, its responsibilities include regulation of the relations between the operator and users and reviewing received complaints.
GSC puts forward the following conditions for launching an Isle of Man casino:
- The company must be registered in the Isle of Man government agencies.
- The presence of two directors in the composition of the founders.
- Commercial accounts opened at a local banking institution. The current operating account and the prize pool account must be separated.
- Servers and other technical facilities placed on the Isle of Man territory.
- Appointment of a state resident to the post of operations manager or director.
The package of documents sent to the GSC should contain information about the registration, legitimacy, and the financial condition of the company. It is necessary to provide data on all shareholders (more than 5 % contribution to the authorized capital) and business beneficiaries.
A separate block is occupied by the technical documentation. It includes copies of contracts with suppliers of software and equipment, RNG certificates (if random number generators are used), hosting rental agreements.
Each applicant must present a detailed business plan for the next 3 years to the commission. The document needs to determine the options for financial revenues and replenishment of the authorized capital, business development paths, as well as describe the entire budget expenditure in detail (using tables, graphs, charts).
The collection of documentation and the preparation of a business plan may take about two months. Then, the application on obtaining a license for poker on the Internet in the Isle of Man needs to be sent to the commission. It must arrange an interview with the director of the company within 45 calendar days. The company will receive permission during two weeks after successful negotiations.
The license is valid for 5 years. Further prolongation is possible.
The Isle of Man Gambling Licensing is characterised by loyal prices, that are often not comparable to the cost of permissions from other offshore zones:
- £1000 administrative fee for application submission.
- £35000 is the annual cost of the basic permit.
- £5000 yearly fee for sublicense holders.
When analysing the Isle of Man opportunities, it is crucial to notice the flexible tax laws:
- All gambling companies are exempt from VAT.
- There are no corporate tax, capital gains, property, or inheritance tax.
- Sales tax is 0.1-1.5% of net profit. The interest rate depends on the amount of profit received in a particular reporting period.
- Bookmakers and online totalizators pay 15% of revenue.
Thus, the Isle of Man managed to maintain loyal tax rates, although the territory is part of the United Kingdom. This feature is called one of the main reasons for registering gambling projects in this legal field.
The “The Isle of Man + Gambling business” combination is promising for all companies that have decided to work in the iGaming area. Low tax rates, active support from the government, a wide selection of related services, and many other benefits are present there.
The Rosloto team will help you open a business in this jurisdiction. We have many years of experience in European countries and more than 1000 successful projects.
We offer full-fledged, ready-made casinos with a license, gaming content, and affiliate programs. Moreover, you can purchase individual components for your website (for example, order the development of video slots or other software) from us.
Contact the Rosloto specialists and learn more about our company’s activities:
- email: firstname.lastname@example.org
- Skype: rosloto_connect
- Telegram: @rosloto
- feedback form.