Acquiring a Belize Online Casino License
A rapidly developing Central American nation, Belize is a new global business and financial services destination. The country is a member of the Caribbean Community (CARICOM) and also has strong business relations with other Latin American economies. It is an English speaking nation that has made it a popular destination for investors from the United States, Canada, and the United Kingdom. The government of Belize has made significant efforts to diversify the economy which was previously dependent on Tourism, Oil, and Fishing. Financial services have emerged as a preferred option owing to the creation of jobs and the potential for the development of ancillary sectors.
Belize Online Casino License
Belize was among the first countries to recognize the potential for electronic gaming and introduced the Computer Wagering Licensing Act, 1995. The sector, however, received a major boost when the Government introduced the Gaming Control Act, 2000 to regulate the entire gambling sector. The Government also supplemented the laws by the introduction of the Gaming Control (Online Gambling) Regulations, 2004. The entire online gaming industry including the license issuance process and the control of the functioning of the Online Casinos are under the Gaming Control Board of Belize.
Gaming Licenses in Belize
There are three main types of gaming licenses issues in Belize
- Gaming Licenses for land-based Casinos
- Gaming Machine License for land-based gaming machines such as poker machines, slot machine or any other electromagnetic machines.
- Online Gaming License which is also called the Belize Online Casino License.
The Online Gaming License allows the operation of all forms of games including:
- live dealers entertainment,
- sports betting,
- Slot machines or other gaming programs.
Basic Eligibility for a Belize Online Casino License
The basic eligibility requirements for a Belize Online Casino License are:
- The applicant has to be a domestic Belize Company
- The personal identification details of directors, officers, partners, and major shareholders of the company must be submitted.
However, before the submission of the application, the applicants have to ensure that they fulfill the following conditions:
- They have not been convicted by any court of financial crimes or violation of corporate governance principles within the last ten years.
- They have not been penalized by any Regulatory body or any government within the last ten years for any act of dishonesty or misuse of funds.
- No conviction for any tax-related offenses in the last ten years.
- Have not been convicted within the last ten years for perjury, forswearing, failing to cooperate with a law enforcement investigation, or making false statements to a law enforcement agency or representative.
- Has never been convicted of any cyber crimes or crimes involving telecommunication networks.
- Has never been convicted for any crimes involving arms or use of force.
- Has never been involved in any sexual offenses involving children, elderly or disabled.
- Has never been convicted or extradited for any crimes under Article 3 of the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988.
- Has never been convicted or extradited for any crimes under the United Nations Convention against Transnational Organized Crime (all Protocols);
- Has been convicted, within the respective time frames, of aiding, abetting, facilitating, enabling, conspiring to commit, or failing to report any of the listed crimes above (i.e. within the past 10 years for crimes listed in (a) — (d) above, or ever for the crimes listed in (e) — (i) above);
- Has entered a guilty plea as part of a plea agreement or has a court case in any jurisdiction with a disposition of Adjudicated Guilty or Adjudication Withheld (or regional equivalents), within the respective time frames listed above for any of the listed crimes (i.e., within the past 10 years for crimes listed in (a) — (d) above, or ever for the crimes listed in (e) — (i) above);
- Is the subject of a disqualification imposed by the Court/ Government and in effect at the time the application is considered;
- Fails to provide with the identifying information necessary to confirm identity at the time of application or to resolve questions of identity during the background screening process;
- Fails to provide a good faith effort to disclose all relevant information relating to items (a) –(m).
Belize gaming license cost
The cost of the Belize Online Gaming License involves a number of components and the costs can vary according to the type of license.
The first part of Fees is the One Time Fees which are as follows:
- Guidebook Application Fee / Fee for the application form and Guidebook to submit the application $500
2. Offshore Company Application Fees / Fee to apply for a Belize IBC $2000
3. Belize Gaming Trade Association & Organizational Dues / Special Fee to be paid for operations $5000
4. Gaming License Application and Admission Fees and Legal Advisory Fees Fee for application and services On Request
The second part of the Fees is the Annual Fees and they have to be paid every year. The Annual Fees are as follows:
Offshore Company Renewal Fee (Annual) / Fee for renewal of the Belize IBC initially formed $500
Belize Gaming Trade Association & Organizational Renewal Fee / Fee for Membership of the Organizations necessary for Gaming Licensees Online Gaming License $5000
Renew Fee (Annual) / Annual Fee to be paid for the Online Gaming License charged by Govt. $15000
The Third part of the Fee is for running the operations in the Free Trade and Free Development Zone. They are as follows:
0–15 Million 0.07% of Turnover
15–50 Million 0.06% of Turnover
Above 50 Million 0.05%
Annual Renewal Fee in Total 30,500 + Development & Construction Fees.