How to Apply for a Curacao Gaming License: A Step-by-Step Process

In 2024, the Curacao gaming license remains one of the most sought-after in the iGaming industry, thanks to its affordability and ease of application. However, recent regulatory changes mean that obtaining or renewing this license now requires more careful consideration. This is the Fast Offshore guide to everything you need to know about applying for the Curacao iGaming license, under the new rules.

Overview of the Curacao Gaming License

The Curacao gaming license has a long history, dating back to the National Offshore Gambling Decree of 1993. Initially, Curacao offered two types of permits: master licenses, issued by the Ministry of Justice, and sub-licenses, which allowed holders to operate under a master license.

However, in 2023, Curacao's licensing framework underwent a significant overhaul to comply with evolving international standards and to improve the jurisdiction's reputation. The old system was replaced by two primary license types: B2B licenses for service providers catering to businesses and B2C licenses for operators providing services directly to consumers. This simplified structure, overseen by the newly formed Curacao Gaming Control Board (CGCB), streamlines licensing and compliance efforts.

Step 1: Establish a Local Presence

Before you can apply for a gaming license, you must establish a registered company in Curacao. The company must maintain a local office and appoint a local representative who will be responsible for ensuring compliance with Curacao’s legal and regulatory requirements.

Fast Offshore can take care of this requirement for you.

Key Requirements for a Local Company:

• Local incorporation: Your company must be legally registered in Curacao.
• Local office: You need to have an actual office in Curacao, which can be arranged through Fast Offshore.
• Local representative: Appoint a local compliance officer to manage relations with regulatory authorities and ensure your business stays compliant with Curacao's rules.

Step 2: Prepare and Submit Required Documentation

The Curacao Gaming Control Board (CGCB) requires applicants to submit detailed documents during the application process. Gathering all necessary paperwork in advance will help you avoid delays and extra costs. The key documents include:

1. Company Information: Details of your Curacao-registered company, including its legal name, office address, and the names of all directors and shareholders.
2. Personal Identification: Notarized passport copies, address verification documents, and proof of a clean criminal record for all key executives, shareholders, and directors.
3. Financial Information: Proof of the company’s financial stability, including a bank reference letter and recent financial statements.
4. Business Plan: A detailed plan outlining the company's business model, target markets, and projected financials.
5. Anti-Money Laundering (AML) Policies: Documentation showing the company’s commitment to preventing money laundering through comprehensive AML procedures.

Working with a professional service provider such as Fast Offshore, which specialises in navigating the Curacao license application process, can help ensure that your documents are correctly submitted.

Step 3: Undergo Technical and Compliance Audits

Once your documentation is submitted, the Curacao Gaming Control Board will conduct thorough technical and compliance audits. These audits are designed to ensure that your gaming systems meet the necessary technical requirements and are compliant with anti-money laundering (AML) laws.

During this phase, the following aspects of your gaming operation will be evaluated:

1. Gaming Software: Your software must be audited to ensure it operates fairly and securely. This includes random number generators (RNGs), live dealer technology, and other systems used for offering online gambling services.
2. Server Setup: Your hosting environment must be secure and compliant with data protection standards. Although Curacao does not mandate that your servers be physically located on the island, they must adhere to international cybersecurity protocols.
3. AML Compliance: You must demonstrate that your business has strong AML policies in place. This involves conducting customer due diligence, monitoring transactions for suspicious activities, and maintaining records of all financial activities.

Failing these audits will result in delays or rejection of your application, so it is critical to ensure that your systems are fully compliant with Curacao’s standards before submitting the application.

Step 4: File the Online Application

Curacao has streamlined its licensing application process, and in 2024, you can file your application online via the official portal managed by the Curacao Gaming Control Board. This user-friendly platform guides applicants through each step, ensuring a smooth submission process.

Once submitted, the CGCB will review your application, which can take one to two months, depending on the completeness of your documentation and the results of the technical audits.

Application Process Key Steps:

• Filing the application: Through the CGCB’s online portal, submit all necessary documents and pay the application fee.
• Application review: The CGCB reviews the documents, verifies compliance with Curacao’s laws, and assesses the viability of your business model.
• License issuance: Upon approval, the CGCB will issue either a B2B or B2C license, depending on the nature of your business.

Step 5: Pay Fees and Maintain Compliance

While Curacao’s gaming licenses were traditionally seen as cost-effective, recent regulatory changes have led to increases in application, due diligence, and annual fees. Despite this, Curacao remains more affordable compared to other jurisdictions.

Costs Involved:

• Application fees: A non-refundable fee is required when submitting your application.
• Annual fees: Once your license is granted, an annual fee must be paid to maintain your license in good standing.
• Due diligence fees: This covers the background checks and audits conducted during the application process.
• Local office setup: Costs associated with establishing a local office and appointing a representative.

Additionally, operators must renew their licenses annually and remain vigilant for regulatory updates.

Final Thoughts

Obtaining a Curacao gaming license in 2024 offers several advantages, including global recognition, broad market coverage, and flexibility for cryptocurrency transactions. However, navigating the updated application process can be challenging, particularly with the stricter compliance requirements and technical audits.

Working with a reliable service provider like Fast Offshore can make the process smoother and ensure your business complies with Curacao's laws. By staying informed and adhering to the latest regulations, you can build a successful iGaming business and expand your reach in the global market.