The small state Belize is located in Central America in the Yucatan peninsula and bordered by Mexico and Guatemala. Due to the fact that Belize was a British colony until 1981, English is the country’s official language. Belize is considered to be the best world offshore due to enabling taxation policy. In turns, offshore and tourist activities are the main sources of income for state economy.
In 2014, when the amount of gambling companies in Belize exceeded 14 thousand, the updated Gaming Control Act became effective. Now, according to the new legislation, gaming companies registered throughout the country are prohibited to take bets from Belize citizens. This legislation is similar to those ones that are in force in many other offshore areas, such as Panama and Costa Rica. Moreover, such offshore companies have a very profitable tax system – their activity is fully untaxed, except the franchise tax.
How to get a license in Belize
According to most similar jurisdictions, a businessman willing to launch online casino doesn’t need several licenses to manage various gambling types. In Belize one kind of gaming license includes all gambling types for computers and other devices.
The cost of such gambling license is $18,000 for 1 year. Then to extend the license one should pay $10,000.
It is important to take into account that the annual license expires on the 31 of March, despite the issue date.
It should be emphasized that despite such gambling favorable terms, the Belize jurisdiction set up strict requirements that are thoroughly monitored.
Requirements for applicants:
- applicant company should be international and registered in Belize;
- If company founders don’t stay in the country and don’t have local citizenship, they should submit an application for citizenship and provide the copy of this application;
- licensee company should provide balancing statements and profit and loss statement for the previous three years to verify the absence of any debts;
- except the package of all necessary documents, all founders and entities interested in obtaining income from the company should provide their fingerprints.
There is also the whole range of Belize gambling private deposits requirements. Gambling business owners should closely follow orders and requirements of the Gambling Commission regarding the sufficient amount of funds.
- first of all, the company should deposit into security and make reserve deposit in the Central Bank of Belize to prevent possible debts of the company;
- if funds on mentioned-above deposits run out, one should immediately report to the Gambling Commission;
- the casino is obliged to pay out all winnings without delay to clients in order to avoid any disputes and conflicts.
Belize is one of the most profitable gambling licenses jurisdictions for more than 10 years due to the range of advantages:
- very fast procedure of getting the license: if all license legislation requirements are conducted, the license is issued within 24 hours;
- the cost of the license is very low;
- security and confidentiality of the information;
- the license for all gambling games with one tax – franchise.