Valsen Corporate

Andorra Gaming License_Guideline

Andorra Gaming License
The legal framework for the provision of the Gaming Services in Andorra is currently being written.
Permitted Activities
Gambling legislation in Andorra as of 2017 is being actively discussed and rewritten. At the present time the main law is 37/2014 dated December 11. This is the law that regulates all trends of the gambling industry. Bingo was the only game that has been regulated up until now by Law 28 that came into effect in November 1996. Not too long ago the government introduced some amendments and today bingo is regulated by Law 28/2012 that was adopted October 18, 2012.
Legal Requirements

Sr.
No		 Element Requirement(s)
Entity Requirements The entity making the application is an Andorran Company under the Corporation Act 1983.
Company includes:

  1. Limited Liability Company
  2. Corporation
  3. General Partnership
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Gaming Company will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Legal Representative The Applicant must employ at least one legal representative residing in the Country or appoint a resident Agent.
Local Office The applicant must have premises acceptable to the AFA. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the AFA.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.
The prescribed minimum paid-up capital is € 3,000 (Approximately USD 3,300)

Ongoing Obligations

  1. Licenses are to be renewed annually. On application for renewal of a license, the AFA, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal license fee.
  2. Filing of Reports: It is a requirement to file Company Reports with the Authority.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s Gaming business.

About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details
Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com
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