Costa Rica is located in Central America and is considered to be one of the most beneficial jurisdictions for acquisition of gambling license, especially for online casinos, due to a whole range of advantages.
The main conditions of license acquisition in Costa Rica that attract owners of online gambling business are comparatively low license cost and absence of income taxes.
Costa Rica jurisdiction stands out for lack of legislation regulating gambling activities. The license itself is called "data processing license", and is issued by regional municipalities, and not by designated authority.
Nevertheless, Costa Rica is a very popular country for running gambling business, as far as one license covers all types of gambling games: slot machines, card games, and table games.
Peculiarities of license acquisition in Costa Rica
On average license acquisition process in Costa Rica lasts around 3 months. The cost of license is $15 000, and license renewal will cost you $1500 each three months.
Apart from attractive price and absence of income taxes, one more important advantage of getting a license in Costa Rica is a possibility of subsequent opening of merchant account and settlement accounts in Europe.
Despite the fact that the procedure of license acquisition in Costa Rica is quite simple and quick, there are several restrictions that should be observed. Firstly, online casino servers can be located anywhere except Costa Rica. Local people cannot play in gambling establishments, meaning that owners can accept bets only from foreign citizens.
Main requirements for setting up an online casino in Costa Rica
According to the procedure of gambling license acquisition licensees must adhere to the following conditions:
- License is issued to corporate bodies: a gambling company must be registered in Costa Rica
- Company office must be located on the territory of Costa Rica: business premises must be rented or bought, staff members must be insured and registered by proper authorities
- There must be 2 founders who can be residents or foreigners.
- Directors must be appointed (1 to 4 for a company depending on the specifics of company’s operations). Directors can be residents or foreign citizens.
- Availability of registered capital: the minimal amount of registered capital ranges from $100 to $100 000.
- Availability of banking account: it can be opened in the bank of any country.
- Annual financial reporting: maintenance of accounting records and filing declarations, where it’s stated that in the accounting period the company made profit not using local revenue sources.
- Taxable year starts on 1 October and ends on 30 September.
Main documents for submitting license application:
- Application form with all necessary company details and characteristics of all founders
- Founders’ passport copies
- Copy of company registration document
- Copy of minutes of meeting, during which a decision on company registration and director’s appointment was made.
- Copy of statutory documents.
- Paid utility bills.
- Detailed business plan with calculations of future incomes.
Why should you register gambling business in Costa Rica?
Apart from abovementioned benefits for gambling industry entrepreneurs, Costa Rica jurisdiction has a range of other advantages, making it one of the most lucrative countries for running business:
- Political and economic stability
- There is no need to allocate servers in Costa Rica, and there is no control over software
- Banking account can be opened in any country
- Absence of taxation for companies that run business overseas
- Quick and simple procedure of company registration
- Costa Rica is a fully-fledged member of the World Trade Organization (WTO), providing opportunity for collaboration with European countries and the USA.