For many years, Belize was a British colony, so its official language is English. That’s why the jurisdiction is so popular with investors from the US, Canada and other English-speaking countries.
Is it worth applying for a gambling license in Belize? What benefits can a casino business owner enjoy by getting it? Learn about the different types of Belize’s licenses, the requirements for applicants, and the cost of licensing.
Why Belize – 3 advantages of opening an online casino there
The Belize gambling license has become quite popular among gambling operators. In order to obtain it, you will have to meet a number of requirements, so make sure you have everything prepared. Despite the fact that most casinos continue to opt for the offshore zones of Malta, Curacao and Gibraltar, Belize has many hidden opportunities for your company’s growth:
- Belize is the financial and economic center of Central America. Millions of dollars are invested in its gambling industry each year, and casino owners are becoming more and more interested in the region
- Belize’s official language is English. This makes the paperwork process much easier and faster;
- Belize is an offshore jurisdiction that welcomes promising projects and offers favorable licensing terms.
It is safe to say that you will get your initial investments back within the first months of working under Belize license, after which you will enjoy stable revenue growth. Keep in mind that online casinos in Belize only accept bets from foreign users, while local players are limited to land-based establishments.
Belize casino license – key requirements
When applying for a license, a gaming operator can choose from 3 types of permits:
- Opening a land-based gambling establishment;
- Legalization of a slot machine hall;
- Launch of an online casino.
Note that the Belize Gaming Control Board issues one permit for all online activities. It means that the license covers any type of gambling, including slot machines, live games, sports betting, bingo, lotteries, etc. The license is issued for a period of one year, and it expires on March 31, regardless of the issue date.
To obtain a Belize gambling license, an applicant must meet the following requirements:
- A company must be registered in Belize and have IBC (International Business Company) status;
- Information about directors and managers must be provided;
- A company’s bank account must have a sufficient balance;
- All individuals with financial interest are required to submit a copy of their ID card and two photos;
- A profit and loss statement for the past three years must be submitted, confirming that the company has no debts.
In addition to the documents above, all founders are required to have a clear criminal record and to provide their fingerprints. In order to avoid any possible conflicts and misunderstandings, a Belize licensed casino must immediately pay players their winnings.
Main advantages of a Belize license for operators
The Belize Gaming Control Board imposes quite strict requirements for applicants. Nevertheless, the Belize gaming license has a number of advantages compared to permits from other jurisdictions:
- Quick approval process: if an applicant meets all the requirements, the license is issued within 24 hours.
- Relatively low license cost;
- Full confidentiality;
- A single license for all types of Internet gambling.
How much does a gambling license cost in Belize?
The Belize license is considered one of the most reputable in the world. It would be a great choice for any operator seeking to earn players’ trust and get to the top of the gambling industry. After successfully obtaining a permit, licensees pay an annual fee:
- Turnover of less than $15 million – 0.07%;
- Turnover of $15-50 million – 0.06%;Turnover of more than $50 million – 0.05%.
Companies are also required to provide a security deposit to the Central Bank of Belize. If an operator ever runs out of money to pay out winnings, it must immediately inform the Belize Gaming Control Board.
The total cost of the license depends on many factors, including the company’s characteristics and the urgency of the licensing process. The application fee starts from $18,000. You will also have to pay a license fee and a trade association fee.
How to get an online casino license in a fast and affordable way?
A Belize license is an excellent solution for aspiring operators with big goals and dedication to hard work. This offshore jurisdiction offers favorable tax rates, a fast licensing process and a stable economic environment. In addition to the licensing documentation, we advise you to prepare a business plan with an in-depth description of the following:
- Your company’s goals and ways to achieve them;
- Advantages of your brand;
- Specifics of your marketing strategy;
- Development plans for the next few years.
Contact our team and we will take care of all legal matters from preparing the necessary documentation to opening a local office. Get a reputable license and start your online gambling business today!