Belize Gambling License
Gambling activities in Belize is regulated by the Belize Control Board under the Gaming Control Act Laws of 2000.
The online Gaming Industry is a relatively new industry in Belize and legislation has been introduced to attract genuine investors to participate in the expansion of the financial services sector. Regulations of the Gaming Control Act, Revised Edition 2000, have been adapted from similar regulations in successful gaming countries and adjusted to suit the Belizean situation. New regulations have been approved for the Gaming Control Act of 2000 and can be found in the Gaming Control (Online Gaming) Regulations which came into force in October 2004.
The online gaming regulation of October 2004 is specifically designed to cater to online gaming operators. A licensed online gaming operator is allowed to maintain servers elsewhere, but customer service operations should be conducted from within Belize. A licensing fee has to be paid to the Government of Belize at the time the license is granted. One license is held per company at any given time and is valid for a period of twelve consecutive months commencing on such date on which the license is granted. The licensee has 60 days prior to the date of the expiration of the license, to apply for a renewal. If approved, an annual renewal fee becomes due and payable to the Government of Belize.
The “Gaming Control Board” consisting of nine persons appointed by the Minister is established to regulate gaming activities in Belize and shall comprise:
- a representative of the Ministry of Natural Resources and the Environment;
- a representative of the Ministry of Tourism;
- the Financial Secretary or his representative;
- a member of the Lotteries Committee established under the Lotteries Control Act;
- two members appointed by the Minister in his discretion;
- a representative of the Ministry of National Security;
- a representative of the Ministry of Industry or Commerce.
- a representative of the Ministry of Economic Development;
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction|
|Shareholder requirements||The licensee will need at least 2 shareholders|
|Audited accounts||The applicant shall provide details to the Gambling Board committee of an approved auditor of any jurisdiction|
|Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer||The Compliance Officer must be approved by the Gambling Board committee from any jurisdiction|
|Belize Office||The applicant must have licensed gaming premises for visit by the Board|
|Minimum Capital Requirements||The Licensee shall at all times keep deposited with a bank or other licensed financial institution in Belize the minimum paid up and unimpaired capital of as advised by the Boards|
- Every licence issued under this Act shall be valid for a period of twelve months but may be renewed on the payment of such annual fee as may from time to time be prescribed by the Board by regulations made under this Act.
- A tax to be called “gaming tax” shall be charged in respect of gaming at every licensed gaming premises.
- Every licensee shall keep and maintain such record of the amount collected in respect of gaming as the Minister may be Regulations provide
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.
- Company formations and Administration
- Assistance with Bank Account opening
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- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
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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
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