Are you looking for opportunities that the global business market offers to gambling businesses? Well, you probably know that these are limited as not all banks are prepared to cooperate with such high-risk companies and licenses may be hard to acquire. However, Comoros offers an easy way for potential gambling entrepreneurs to get an international gambling license without much hassle. Gambling licenses have been issued here since 2005, but they haven’t been very popular until recently. A Comoros gambling license is more affordable and is much easier to acquire than the one in Malta and Curacao, so we strongly recommend it. Take advantage of Comoros and enjoy a benign legal framework and flexible laws.
If you need more information, please do not hesitate to visit our portal. Read the original article on obtaining a gambling license in Comoros and see the links below as they may lead to other related articles. Explore our portal: we write about the peculiarities of starting your business in different countries, tax optimization, asset protection, personal/corporate banking in various destinations, citizenship by investment, and so on. You can get in touch with our expert using the live chat (during business hours) or the contacts on top of the portal page. Book a free session to discuss your needs and preferences and find the best opportunity to meet your requirements. We will help you do all the administrative work related to setting up a company and acquiring a gambling license at a reasonable fee.
Comoros and the Gambling Sphere
Comoros is an island nation in the Indian Ocean that established a special zone on one of its islands where foreign entrepreneurs can take advantage of low tax rates and obtain a gambling license and a crypto license without much trouble. Your application will be processed over a couple of weeks, after which the regulator (the Financial Sector Conduct Authority or FSCA) will issue the license.
The local regulator’s principles include tight control and supervision to ensure a fair game and grant the required rights to players. The owner of a Comoros gambling license will be able to easily start international activities as the license is strong enough to give this opportunity.
Advantages of the Comoros Gambling License
The low cost is an advantage that should definitely be put first. You can get this kind of license in a more popular jurisdiction, but the license fees and associated expenses will be much higher. The license cost makes Comoros an ideal place if you are starting a small gambling company that relies on a tight budget. Mind that you will have to pay an annual license fee.
The gambling license issued by the Comoros regulator is quite a versatile instrument as it gives you an opportunity to be engaged in different kinds of activities. B2B and B2C projects will be open to you, and you will be able to organize games, engage in software development for casinos and poker rooms, and so on. If you decide to diversify your activities in the gambling niche at some moment in the future, you will not need any other licenses. What is more, the license status is quite high as Comoros is a member of the World Trade Organization.
Attractive Tax Rates
Low taxes make Comoros an appealing jurisdiction for numerous entrepreneurs engaged in gambling. You will not have to pay the gross gambling income tax, and you are not required to conduct an annual tax audit. It helps businesses use their funds to expand their activities more actively.
Easy Registration Procedure
In most other jurisdictions, you will have to pay a personal visit to submit all documents required to get a gambling license. However, Comoros took steps to minimize the red tape, and you can simply file your application online.
Requirements for License Holders
Let’s look at what you are required to do as a licensee:
- You have to prevent money laundering and protect vulnerable players.
- You are required to adhere to the Gambling Act 2005.
- You will need to submit reports to the Council for Gambling and notify it quickly in case of any incidents or changes.
- You are allowed to promote your gambling projects in any way you think fit. However, you are expressly prohibited from damaging the reputation of Comoros or inviting minors to the game.
- You are expected to implement responsible game procedures to prevent the risk group of players from using your resources.
- You have to provide sufficient information to the risk group and offer them an opportunity to take advantage of consulting services.
- You cannot conduct any cash operations related to the account.
- The financial coefficients established by the Council for Gambling need to be supported.
- You have to submit reports to the above regulator on a regular basis and in the required form.
- There are certain procedures set by the Comoros Council for Gambling, and you are required to follow them. Those include detecting/reporting dubious transactions, identification of players, accounting procedures, training the employees to avoid engaging in any money laundering activities using the services, and processing of payments.
- You are also required to appoint a senior employee who will submit the reports on money laundering and notify the Council for Gambling of all suspicious operations.
- If you set up any parent/associated company with a participation share of at least 3% or make any changes in the beneficial ownership, you have to inform the Council for Gambling about it in a matter of 7 days.
How to Acquire the License
First of all, you will need to establish an International Business Company in Moheli (one of the Comoros islands) and appoint at least one director. You will also need one shareholder, and this position can be combined with the director’s. The applicant needs to successfully pass the due diligence procedure to be eligible.
Here are the documents you need to submit:
- A filled-out application
- Each company director and shareholder has to submit an account statement (no more than 3 months old), proof of residence address (no more than 3 months old), and a passport copy (a good-quality photo or a color scan)
The company that wishes to acquire a license must have a minimum authorized capital of 250,000 euros or US dollars (you can provide a financial guarantee to prove that you possess this amount). This amount can be held in your personal account or in the accounts of companies that you control. Crypto assets can be used as well.
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