Isle of Man Gambling Supervision Commission
With its low tax, supportive regulatory environment, and love of online gaming businesses, the Isle of Man is clearly an attractive destination for gaming industries.
It is one of the most experienced and longstanding jurisdictions of the gaming industry, there are various benefits to obtaining a license for gaming in the Isle Of Man.
Here are some of the top benefits that we could find for you:
- Single license for all types of gambling.
- Low-income tax at the rate of 1.5% on income.
- 1.5% for gross gaming yield not exceeding £ 20 million/year.
- 0.5% for gross gaming yield from £20-40million/year.
- 0.1% for gross gaming yield over £40million/year.
- Application fee 5,000 Low Annual License Fee: £35,000.
- Corporation Tax: 0% (as long as the site does not accept bets from Isle of Man residents).
- Prestigious and stable jurisdiction.
Bear in mind that there are requirements, that surely you will need to meet:
- The applicant must have its own company and a real local office in the Isle of Man.
- The company is required to have at least two local directors. relevant education and experience in working with finances are required as well.
- A business plan must be provided.
- The servers of the online gambling platform should be located in the Isle of Man.
- A bank account must be opened with a local bank to execute all operations.
- The account must contain the authorized capital that the license is required. This account will also be the main account for business activities.
- Players must be familiar with the rules of jurisdiction, for this, rules are published on the website in several world-class languages.
- The absence of this information may be regarded as hiding information or an attempt to mislead users.
There are also several documentations you will need to provide, here are the main ones;
- Сertificates of the clean criminal record of the owners of the company issued no later than 3 months before filing;
- Notarized copies of passport(s);
- Bank statements of owners not older than 3 months;
- Copies of utility bills not older than 3 months;
- A detailed description of the proposed games;
- Detailed business plan;
- Confirmation of the application for RNG and its fairness (third-party certification);
- Details of the software used and a TST report (or similar), if any;
- Information about the geographical location of the target market;
- A statement by the owners that they blocked access to services for minors, and information about problems with gambling on the site.