Registration of on-line casinos
Since July 1, in accordance with Federal law № 244-FZ dated 29.12.2006 in Russia banned gambling establishments outside of designated zones in the Kaliningrad Region, Altai and Primorye territories, and on the border of the Rostov region and Krasnodar territory.
Recently Russia has become one of the countries which prohibits (confusing) the acceptance of funds in the form of electronic payments in the event that associated with gambling activities.
The only legitimate solution for Russian citizens to open an online casino is to organize activities abroad. It implies not only the establishment of a legal entity and obtainment a license in one suitable for this purpose country, but also the imposition of all the software to servers outside of Russia.
As a multi-international company, West Union Group has extensive experience of online casino for foreign clients and is ready to provide full services for this type of business to customers from Russia.
A crucial factor of building online casinos is the choice of jurisdiction. Currently there are four main jurisdictions offering preferential path of development of this type of business in its territory. These include: Malta, Costa Rica, Dominica and Grenada.
Gambling activities in Malta are legally prohibited, but despite that, the country introduced low-tax environment to organize online casino for non-residents. The advantage of organizing the online casino in Malta is a high level of technological development on the island that there are thriving IT-companies specializing in this market segment, which provide comprehensive services for the placement of servers, creating a graphical environment, as well as processing for receiving electronic payments. In addition to this, Malta is a member of the EU and, despite the high cost of organizing a large online casino provides a high level of respectability and protection of investment for large-scale, long-term project.
Term of license: 4-6 months
Contribution to share capital: from 40.000EUR to 100.000EUR depending on the type of license
The cost of the organization: 86.000EUR
Costa Rica is located in the Caribbean and is a classic offshore,tax havens. The authorities were also chosen as the main source of replenishment to promote registration and operation of online casinos, strictly limiting the access of residents of Costa Rica for this kind of entertainment. The requirement to restrict access IP-resident of the country to the casino, as well as the need to obtain a license at this point is only legally prescribed obstacles to this kind of business. Nominal capital as well as the division of licensing types, in particular, is not required. Such an important component as Merchant Account, a system to receive electronic payments, in the case of Costa Rica, as a rule, not necessarily selected on the territory of this country. Furthermore, there is no restriction regarding the location of the bank and processing center, the organizer can choose the least expensive option for the behavior of transactions.
Term of license and the establishment of the company: from 2 weeks to 1 month
Cost of organization: from 25.000USD to 35.000USD
Specialists of the Moscow office of West Union Group will endeavor to answer all your questions regarding the organization of online casinos anywhere in the world by telephone +7-495-987-1855
The list of countries where it is officially banned to accept payments for the services of online casinos:
- Berlin +49 30 24724252
- London +44 78 12524249
- Paris +33 14 7430883
- Nicosia +357 22377311
- New York +1 347 4509922
- Hong Kong +852 28910030
- Riga +371 28455799
- Kiev +380 96 1892877
- Luxembourg +49 171 4139820
- Shanghai +852 61483894