On the other hand, as part of the European Community, Malta imposes strict demands for gambling companies and requires a mandatory licensing of their activities. A license is granted only after rigorous and even captious examination of an applicant.
Features of the Organization of Online Casino in Malta
The cost of license granting starts from €50,000. A license is valid for 5 years. For online casinos, Malta provides the same tax opportunities as for trading enterprises, charging a tax of 5% to 6%. Owners can get a co-benefit – residence permit in the Island. A licensed company can be directly connected to a merchant account.
The requirements for conducting a licensed business include:
- payment of fees for registration;
- existence of charter capital in the amount of €40,000 to €100,000 paid at the time of application for the starting a business;
- drafting financial reports and carrying out system audits;
- agreement with a resident of Malta on representing a company in State bodies;
- submission of certified and translated in English registration documents: certificate of company structure and operation, personal details of all participants, recommendation letters from a bank and law firms, residency proof, and technical documentation on software.