Comoros: A Great Choice for Your Gambling Business in 2024
Let me ask you one question. Suppose you are searching for a spot on the map to start your gambling business in the post-pandemic world of today, would you want to consider Comoros first thing? Regrettably, few have ever heard about the superb gambling opportunities the jurisdiction offers. As a would-be holder of a gambling license, you might have studied the matter already and are likely to know that although this island nation in the Indian Ocean has been issuing gambling licenses ever since 2005, it is still not particularly well-known among entrepreneurs.
Comoros edge: affordable licensing and tax benefits
Comoros has many advantages that make it an attractive location for gambling operators. To begin with, the Comoros gambling license is much cheaper than those offered by other popular jurisdictions, say Curacao or Malta, which is a crucial factor for a novice gambling operator. In Comoros, you only need to pay a fixed annual fee that covers all the duties and taxes. The opportunity is ideal for small-scale enterprises and startups with scarce funds.
The Comoros gambling license allows you to operate different types of gambling activities, with B2C and B2B projects among them. Simply imagine that you will be able to offer games, develop software, and provide services to other companies in the gambling industry all in one bottle. With the Comoros gambling license under your belt, you have the opportunity to enter the international market, as it is recognized as one of the most prestigious licenses in the industry.
It is no secret that Comoros boasts a favorable tax policy for gambling operators. There, you do not need to undergo an annual tax audit and pay gross gambling income tax. Besides, you can save money to later on invest it in growing the scale of your current business operations.
The Comoros gambling license is surprisingly fast and easy to obtain, as you can apply via the Internet and complete the procedure per se within a few weeks. To get it, you do not need to be physically present in Comoros, and the paperwork is minimal. The only move for you to make is to form an IBC (or International Business Company) in Mwali, the island that hosts the free zone for foreign companies.
Apart from the Comoros gambling license, the above jurisdiction also offers crypto and forex licenses, and they may beneficially complement the gambling business you run. Using crypto assets as a financial guarantee for the gambling license, you can also offer crypto and forex services to the clients of yours.
Getting your Comoros gambling license: how easy can this be?
To get your Comoros gambling license, simply follow these steps:
- Step 1: Set up an IBC in Mwali with at least one director and one shareholder, who can be individuals or companies from any place on the globe.
- Step 2: Pass a due diligence check by providing a copy of your ID (passport), a bank statement, and a proof of address for all the directors and shareholders of your IBC.
- Step 3: Have a minimum capital of EUR 250,000 or (alternatively) USD 250,000, which can be in the form of cash, crypto, or a financial guarantee from another company under your control.
- Step 4: Submit a corresponding application form to the Financial Sector Conduct Authority (FSCA), the regulator that issues the gambling licenses in Comoros.
- Step 5: Pay the required annual fee for your license, which includes all the taxes and duties.
Comoros gambling license: compliance requirements and obligations
Did you succeed with obtaining your Comoros gambling license? Congratulations, you are halfway there! Still, for your road to success not to be cut short, remember to always observe the rules of the Gambling Act adopted in 2005 and the Financial Sector Conduct Authority (FSCA):
- Fight money laundering and protect those gamblers who are vulnerable. As a Comoros gambling operator, be sure to implement responsible gambling measures. It basically means, be prepared to identify and help players who may potentially develop gambling problems. Do everything in your power to prevent your services from being utilized for money laundering purposes by detecting any suspicious financial operations and reporting them to the FSCA.
- Submit the corresponding reports to the FSCA and inform the authority of any incidents or essential changes. You are obliged to submit regular reports to the FSCA, as specified by the regulator, in the required format and frequency. Another requirement to meet is to inform the FSCA within 7 days should any changes occur in your beneficial ownership or any associated or parent company with a stake of 3% or higher. Should any changes take place or incidents happen that affect your gambling operations, notifying the FSCA thereof is a must.
- Advertise your gambling services responsibly. You are eligible to market your interactive gambling services in the way you think fit, as long as you do not harm the reputation of Comoros or encourage underage gambling. For the above purpose, follow the guidelines established under the FSCA and the Gambling Act 2005 and meet the current advertising standards.
- Support the financial coefficients and avoid cash transactions. The FSCA financial coefficients determine the minimum and maximum amounts of bets and payouts for your gambling activities and you must support any of these. NB: Avoiding any cash transactions associated with your gambling accounts and using only approved payment methods and processors is strongly encouraged in Comoros.
- Appoint a senior employee for the latter to prepare and file the corresponding reports on money laundering. You need to appoint a senior official who will be responsible for reporting any money laundering activities to the FSCA. This employee will have to inform the FSCA of all suspicious activities and follow the procedures set by the regulator, e.g., payments processing, identifying players, training staff, and handling all accounting processes.
If you want to learn more about the Comoros gambling license and how to get it, you are welcome to contact Offshore Pro Group industry experts. They will do their best to help you find that perfect offshore solution for your gambling business. Life is but a game, remember? Hurry up to start yours!