Antigua and Barbuda gambling license
Internet gaming facilities are deemed to be financial institutions under the law. They are regulated by the Financial Services Regulatory Authority (FSRC), which gives the internet gaming operators a high level of comfort in the jurisdiction and in the ability to conduct business on a predictable basis. It is useful to take note of the following points:
- Operators are entitled to deduct software licensing or software development costs from (a) above, capped at no more than 40% of the Net win for all companies provided claims for the deduction of such costs are accompanied by documentary support evidencing the costs.
- Operators are entitled to deduct charge backs on credit cards for a period up to 18 months after the original charge was made provided claims for the deduction of such charge backs are accompanied by documentary support evidencing the original credit and the charge back.
- The 3% tax on Net Win and the deductibles, as described at (a), (b) and (c) above, are fixed until 2006, after which they will be subject to review by the Government and the representatives of the Industry.
- Operators are entitled to a maximum cap of US$50,000.00 per month on taxes and the Commissioner of Inland Revenue would have no interest in the books of entities that pay the full cap. However, such operators are obliged to continue to maintain financial books and records and to provide access by the Government through its authorized agencies in the event of the need to examine such books and records in accordance with the laws of the State particularly the Money Laundering (Prevention) Act, the International Business Corporations Act and the Proceeds from Crime Act and their amendments.
- The maximum cap of US$50,000.00 per month on taxes and the terms and conditions described in (e) above would remain unchanged until 2004, after which they will be subject to review by the Government and representatives of the Industry.
- Gaming License fees are US$75,000.00 per annum for those Operators who maintain a primary server and operations in Antigua and Barbuda and who pay the tax as described above.
- Wagering License fees are US$50,000.00 per annum for Operators who maintain a primary server and operations in Antigua and Barbuda and who pay the tax as described above.
- The internet gaming industry benefits from high quality telecommunication facilities provided by Cable and Wireless. The costs of such telecommunications are highly competitive and are lower than in the vast majority of jurisdictions which provide a home for internet gaming.
- In order to obtain a Gaming Licence it is necessary to have an offshore company formed and that company will make the application. A company can apply for an interactive gaming licence or an interactive wagering licence. The application must be made on certain prescribed forms provided by the Government. Detailed Information must be given about the company, the directors, officers and the shareholders holding more than 5% of the shares of the company. The applicants will be required to submit certified copies of their passport, passport sized photographs and reference letters in support of the application. The fee for the interactive Gaming Licence is $100,000.00 and the fee for the interactive wagering licence cost $75,000.00. It is necessary for a âKey Personâ to be appointed. That person is the one with whom the Government will communicate about the company. The licence application process can take up to 30 days to be completed and for the licence to be granted.
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