Dominica internet gaming licenses
Dominica offers internet casino and sportsbooks licenses. Dominica is speedily becoming a leading internet gaming jurisdiction in the Caribbean. The offshore gambling or internet gaming business of Dominica is governed by laws of Dominica. The offshore gambling businesses or business operates under terms and conditions outlined in an agreement or legal contract between the Commonwealth of Dominica (the licensor) and the applicant company (the licensee).
Offshore Gambling or internet gaming business, incorporates âinternet sports booksâ, â800â number and âcyber-casinoâ businesses. These businesses must remain strictly offshore business. All Internet Gaming Companies have to be registered under the International Business Companies Act 1996. The telecommunications system can be provided through fibre-optic and satellite facilities on most modern switches and carriers.
All Internet Gaming and wagering business can only be carried out pursuant to an agreement entered into between the operating company and the Government.
Under such an agreement, the applicant is granted a licence usually for five years and is required to state the number of persons they intend to employ in their operation. The business must be strictly offshore business.
The applicant must be an International Business Company (IBC) and is charged a one-time fee of US$15, 000 for the licence as well as an annual fee of 5% of its gross revenue or US50, 000 whichever is greater. You must state the different forms of gaming. If more than one form of gaming is made on an application then the following application fee structure applies; US$15, 000 for the first application, US$10, 000 for the second application and US $10,000 for the third application.
The company is otherwise exempt from all other taxes and levies in Dominica. It also enjoys duty-free concessions in respect of imports required to carry on its gambling business.
The documents required to complete applications are:
- one completed application form
- at least two (2) Character references with fingerprints for each director, shareholder and senior officer
- at least one financial reference for each director, shareholder and senior officer
- certified copies of Certificate of Incorporation, Memorandum of Association and/or Articles of Association
- financial statements for each shareholder and director a five (5) year business plan
- audited financial reports for holding company of applicant
- Evidence from holding, parent of applicant or other affiliated company that the fully paid up capital of US$500,000 will be provided and set apart before license is issued, or an irrevocable letter of credit drawn on a reputable international commercial bank.
- Receipt from Accountant general for application fee of US$15,000.
The licensee must maintain a presence on the island, and as Dominica maintains a large pool of young, educated and trainable individuals, this venture provides jobs for the country. Where companies require more specialized technical and managerial skills, work permits are facilitated and expedited. Dominicaâs offshore internet gaming companies also benefit from a telecommunications system which is one of the most advanced systems in the Caribbean thus allowing streamlined service to maintain and conduct efficient business.
Click here to contact us for more information