E-Gaming in the Isle of Man
Why the Isle of Man? The Isle of Man entered the e-gaming scene in the late nineties and by 2007 had 12 licence holders, some of which base their entire operation in the Island.
The Isle of Man is a British Crown Dependency which makes its own laws and determines its own fiscal policy and only relies on the UK for foreign representation and defence. It has adopted a policy of low or zero tax. Corporation tax is paid only by banking and property businesses. There is no inheritance tax and no capital gains tax. Income tax is low with generous personal allowances.
The business community has grown and prospered since the economic downturn of the 1970s when mass tourism to the Island vanished for ever. The finance sector now represents over 40 per cent of the Island’s economy which means that: Visit :- UFABET
o Among a population of more than 80,000 there is a large and talented workforce available, offering a variety of international skills and languages
o Specialist lawyers, accountants and other professionals are on hand to solve any complex issues
o The island has developed a special relationship with the City of London, a great asset when it comes to successful companies launching on a stock exchange
With a land mass of 572 sq km there is more than four times more space for every inhabitant than in the UK. Housing is plentiful at prices a fraction of those in London, yet London is only an hour away by plane. Office space s readily available at reasonable cost. The electronic communications infrastructure is second to none.
September 2007’s changes to the UK’s 2005 Gambling Act created a small list of countries from which licensed operators could advertise gambling in the UK. The Isle of Man appears on this ‘white list’.
How to get started
Obtaining an e-gaming licence. This can be a relatively straightforward process, but an understanding at outset of all the requirements is essential to success. The regulator, the Isle of Man Gambling Supervision Commission takes a serious view of its obligations:
o To keep the gambling industry crime free
o To protect the young and vulnerable
o To ensure that the facilities offered by licence holders are fair and that players receive their true winnings
In order to discharge these responsibilities the Commission asks for in-depth details of the proposed business, its management, operations, individuals, business plans, banking services, Anti Money-Laundering provisions and more. The licence application is made in the name of an Isle of Man Limited Company and there must be at least two individual (non-corporate) directors resident in the Isle of Man. Experts at the Isle of Man Department of Trade and Industry will help you through this application process.