For the online gambling industry, Malta is the ideal home as it has not only made a name for itself as one of the most attractive financial European services in terms of economic benefits but also oversees a more regulated online gambling industry which upholds responsible gaming as a major priority. Moreover, Malta is also known for its highly reputable licencing process which boosts client confidence.
For one to register their online gambling company on Malta, the processes involved in the acquisition of online gaming licences are rigorous to ensure credibility. The process is split into three distinct stages. The first stage involves a review of the prospective iGambling business owner’s business plan is closely reviewed and information on the financial and managerial plans are analysed as part of the Know Your Customer (KYC) process, which marks the end of this stage.
At the second stage, the prospective online gambling business owner is issued with a six-month validity provisional licence, usually presented in the form of a letter of intent. Into the third stage, the prospective iBusiness owner’s operation financing is audited to check for and lower the risk of compliance issues. Advice legal counsel on the same and assistance in developing tailored compliance tools may be sought from GTG Advocates. The professional regulatory board oversees this stage to ensure that the business prospects outlined in the earlier stages are implemented during actual operations. For the final stage, the professional regulatory board renews the provisional licence which would then have a validity of 5 years.
On Malta, the online gambling business owner is subject to an initial application fee, approval fee, yearly licence fee and licence renewal fees. Moreover, on Malta, there is a variable gaming tax and 35% flat rate tax which translates to a 5% effective tax rate after a dividend refund to the stakeholders of 14.29% of the tax. On Malta, the entire provisional licencing process takes about 18 weeks if all the necessary documentation is delivered to the professional regulatory board on time.