Isle of Man Online Gambling License
The Online Gambling Regulation Act 2001 defines online gambling as:-
- Any gaming, where any player enters or may enter the game, or takes or may take any step in the game, by means of a telecommunication,
- The negotiating or receiving of any bet by means of a telecommunication, or
- Any lottery in which any participant acquires or may acquire a chance by means of a telecommunication.
A person “conducts” online gambling where —
- In the case of gaming or a lottery, he takes part in its organisation, management or promotion;
- In the case of a bet, he carries on any business involving the negotiating or receiving of the bet; or
- He maintains, or permits to be maintained, in the Island any computer or other device on or by means of which the game or lottery is operated, or the bet is received, as the case may be.
|Entity Requirements||A company limited by shares and incorporated in the Island|
The licensee will need at least 3 (three) natural person Fit and Proper Directors of any jurisdiction.
One director must be a resident
|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.|
|Local Office||The applicant must have premises acceptable to the Isle of Man Gambling Supervision Commission. 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 shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant or some other professionally qualified accountant, satisfactory to the Isle of Man Gambling Supervision Commission.|
|Insurance||The applicant will need to have indemnity insurance coverage or a fidelity bond acceptable to the Isle of Man Gambling Supervision Commission.|
|Minimum Capital Requirements|
- Filing of Audited Accounts: A licensee shall within three (3) months of the end of the financial year forward the audited financial statements to the Commission, unless prior written approval for an extension has been granted by the Commission.
- 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 online 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.
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- 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
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- Tel: +248 4321018
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- Email: [email protected]