Isle of Man General Aspects
The Isle of Man is a self governing jurisdiction, however, it still is a British dependency. Ruled by the Tynwald legislature and is not bound to the UK`s laws. This independency benefits residents, individual and companies from overseas.
The Isle of Man is an associate member of EU, meaning it is not required to follow its legislation, however it can be favoured by any decision made by the EU.
Isle of Man is one of the favorites jurisdictions for non-UK companies to incorporate when thinking of listing on London`s Alternative Investment Market. The Isle of Man has been awarded with an "AAA" accreditation, which set the Island as the perfect place for an offshore center.
Isle of Man Online Gambling Commission
By offering a stable government, a strict regulatory system and a wide variety of business benefits, the Isle of Man Government promotes the gambling and e-gaming businesses within the territory.
As of 2001 the Isle of Man introduced a legislation specially designed for gambling and e-gaming, Online Gambling Regulation Act (OGRA), which protects clients. Now, including recent changes the regulatory controls are more responsive to the needs of these two industries.
The Isle of Man Gambling Commission was founded in 1962 and is fully independent and committed to the player protection.
Licensing Process in The Isle of Man
Main Objectives of The Isle of Man Gambling Commission:
- Ensuring that gambling products promoted by operators in the Island can compete effectively throughout the world
- Facilitating competition
- Facilitating the provision of modern products and services
- Ensuring that gambling is conducted in a fair and open way
- Protecting children and other vulnerable persons from being harmed or exploited by gambling
- Preventing gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime.
Operators who intend to establish themselves in The Isle of Man must satisfy the following criteria:
- They must establish a Manx company
- They must have at least 2 local directors, who must be individuals
- They must appoint at least one resident Designated Official (Dos), or where that Designated Official cannot reside in the Isle of Man, an Operations Manager (OM)
- They must register players in the Isle of Man and their servers, where bet is struck, must also be on the Island, with their games hosted from these servers
- Gambling and trading accounts should be located in a bank in the Isle of Man
- It reserves the right to decline applicants who appear to be creating a nominal Isle of Man presence in order to advertise in the UK their parent organizations located elsewhere.
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