Last Updated: Wednesday, 20 December 2023 07:42
Online Casinos with Costa Rica License
Costa Rica is a good option for developing a gambling business. We will tell you why it is so in this article.
Introduction
Costa Rica is known as a tourist destination. But businessmen are not looking for sand or the ocean. They are looking for business opportunities. Costa Rica offers entrepreneurs favourable tax benefits. Also, casino operators are attracted by soft legislation. They have the opportunity to launch an online gambling business.
The commercial Code of Costa Rica prescribes forms. It lists the cases in which you can register a company. The code has been in existence since 1964. Foreign investors create corporations here. The legislation of Costa Rica sets out requirements for organizations. They must have a legal address in the territory of the country. It is usually done by renting.
The Costa Rica gambling license gives you the right to create your gambling business. There are online casinos, slot machines, poker rooms, and other entertainment.
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Costa Rica Gambling Licensing
It is important to say that Costa Rica has never had a licensing system. It means that Costa Rica has an illegal gambling business. There are also no permits or regulatory authorities. Operators conduct their gambling business. Costa Rica does not have laws on online gambling. But there is still one law. Costa Rican company is not allowed to accept bets from residents. In other words, operators must block the IP addresses of Costa Rica.
Even though Costa Rica does not issue a license for online casinos, a lot of good sites work there. Not every operator can keep the business in this country. It has a good tax rate, but limited rules.
So, Costa Rica Internet gambling license does not exist. It’s due to the lack of regulation of gambling activities. But you can get a Data Processing License in Costa Rica.
This license is not issued by the regulator, as is customary in many countries. The license is issued by municipalities. Thus, it is important to have local gambling companies in Costa Rica. A license is not issued to foreign business. The company must be registered not only on the territory of Costa Rica. It must be also located here physically.
The company must have a rented or purchased office. It also needs to have employees who perform the assigned tasks. Employees must be worked legally. In other words, operators register them with the relevant authorities and insure them.
Profit from income is not subject to income tax due to territorial taxation. All profits made outside of Costa Rica are not taxed. You must pay a fixed annual license fee.
Costa Rica Online Gambling Regulations
Today, more than 400 online casinos and bookmakers are registered in Costa Rica. Despite it, the country has not developed legislation governing. It is important to conduct the online gambling business on the Internet. That is, any company in Costa Rica can carry out this activity without getting extra permits. Even offshore gambling companies don't get permits in Costa Rica. Only Costa Rica citizens can’t take part in such gambling projects.
Operators use the Data Processing license to carry out their activities. There is no direct sign of the right to act as an online gambling operator. But they still use it as a formal authorization document. Having registered a company in Costa Rica, the operator can work on the Internet. It gives you the right to accept bets from all over the world, except for residents of Costa Rica.
The Costa Rica government started taking of gambling regulation and licensing in 2013. The Ministry of Finance has even published draft plans for issuing licenses. The annual fee was about 50,000 euros. Also, Costa Rica gambling tax was offered. This is a 0.5% tax on gross income and a 5% tax to combat any criminal activity.
Unfortunately, this idea is still not accepted. None of its provisions is currently in force. But we hope that Costa Rica will reconsider its approach to getting a gambling license in the future.
How to Get a Gambling License in Costa Rica
As we have already mentioned, you need to get a license to start a Costa Rica gambling business. Then you need to block all local users (located in Costa Rica) by IP addresses. The data servers may be located in this jurisdiction. You will need to open an office. Also, you hire an employee who will deal with organizational issues.
If the company is not in Costa Rica, it is considered a self-regulating organization. It is not subject to income tax. The period for getting a Data Processing license is from 2 to 4 months. Data Processing licenses are given by the local municipality. You need only to rent an office and hire staff. Foreign businesses must appoint a resident of the country as their legal representative.
The procedure for obtaining a license in Costa Rica consists of the following steps:
- Registration of a local company;
- Opening a Bank account (an account in any country of the world is allowed);
- A preliminary review of documents;
- Applying for an online gambling license in Costa Rica. The application is submitted to the local municipality. It needs accompanying documents and payment of the state fee;
- Consideration of the application by the municipality and decision. If the requirements are met, it will be positive.
The registration of Costa Rica online gambling companies takes up to 3 months. It takes the same time to get a license. You choose one of two forms of business. There are S. A. (Sociedad Anonima) and S. R. L (Sociedad de Responsibilidad Limitada).
Both forms of doing business have limited liability. We recommend using an SRL for a small structure with few shareholders (such as an LLC). SA is more often used for large businesses. There are many shareholders. So, the shares can be sold on an exchange.
Costa Rica Gambling License Cost
It should be noted that the country's authorities are interested in attracting entrepreneurs. The entrepreneurs are from the gambling sphere. Costa Rica gambling commission is part of the revenue to the budget. By the way, registration of offshore companies is part of it, too. There are many companies and private specialists who work in this area. This is a huge number of professional lawyers and consultants. There are the authorities authorized to register companies. They also give gaming licenses in Costa Rica.
Cost of the Costa Rica gambling authority and getting a license is from €54,530. The price includes:
- Preparation of documents for company registration;
- Notary fees;
- GOS. Duties;
- Registration of a legal address;
- Registration agent services;
- Help in opening a Bank account;
- Preparation of an application for a license;
- Help in collecting due diligence;
- Writing a business plan based on the information provided.
The extra paid are nominal service and state annual fee for the license. It is important to say that the license prices are different.
Requirements for Costa Rica Gambling License
Costa Rica does not need a profit and loss plan. It doesn’t ask gambling prevention measures or a high initial capital to get a license. But the operator must pay at least 25% of the issued share capital when registering. Gambling is only offered outside the jurisdiction. It is due to the only restriction imposed by the government of Costa Rica. Companies should not conduct virtual gaming activities in Costa Rica. Residents of this state may not take part in or use the services of this company. Also, servers and all equipment must be located outside of Costa Rica.
By the way, there are no special requirements for software either. The location and the composition of the company's directors are not important. Verification of the identity of business owners is carried out most superficially. These are some of the most attractive jurisdictions. It is for hosting online casinos licensed in Costa Rica.
If there is no legislation, then there is no regulation or testing. As we have already mentioned, the gambling license of Costa Rica does not impose taxes. We mean the profit received from gambling activities.
The main disadvantage is that local banks do not want to process transactions. It is impossible to get a simple corporate account from a local bank. The banking sector is under US control. It’s due to the signing of an information exchange agreement. Thus, it is necessary to conduct financial transactions outside of Costa Rica.
Business in Costa Rica: How to Start
Gambling is a vast field of activity. It includes a variety of online casinos, betting sites, and slot machines in Costa Rica. Any of these areas can be successfully developed in Costa Rica officially. Even sports gambling based on a license is legal in Costa Rica. We have already told you how to get it.
You will be required to provide a set of documents. It needs while preparing to register a company. It is suitable for every director and shareholder:
- Certificate of non-criminal record;
- A copy of a valid passport;
- Letter of recommendation from the Bank;
- Proof of living address (most often a payment of utility bill);
- Resume (CV);
- Contact information.
You have to provide a business plan and a company registration certificate. Also, you need copies of statutory documents. It must be done when applying to the municipality.
So, gambling websites operators can buy a ready-made company in Costa Rica. A lot of businessmen use the opportunity. Why? Well, the speed of processing documents is much higher. Usual company registration can be delayed for 2–4 months. Getting a license takes up to six months. The acquisition of a ready-made company solves both of these issues at once.
Advantages of Costa Rica Licensing
Costa Rica is a friendly country. It has built its economy not only on tourism but also on gambling. By the way, Costa Rica gambling sites bring significant revenue to the jurisdiction. There is a whole army of professional lawyers. There are many financial specialists in this country. They are ready to help each of their international clients.
The government of Costa Rica has been encouraging gambling for many years. We have collected the advantages of operating under a Costa Rican license:
- There are requirements for the software and the composition of Directors. As well as initial capital, financial statements;
- This jurisdiction does not force businesses to operate on its territory. The Director, accounts, and server can be located anywhere;
- There is no income tax or gambling or betting tax;
- Registration as soon as possible;
- Costa Rica is not considered an offshore jurisdiction in the international arena;
- Other states cannot enforce an injunction against companies in Costa Rica. Costa Rica does not have legal aid agreements with other countries.
Conclusion
To sum it up, the legal framework is ideal for registering Costa Rica gambling websites. The procedure is simpler not only for registration. But it is also simple for obtaining a license for this type of activity. There is also a territorial principle of taxation. Thus, Costa Rica can be considered a very good option for developing a gambling business.
The legislation does not regulate the activities of virtual casinos and other companies. For example, it does not regulate Costa Rica Bitcoin gambling. Thus, Costa Rica is one of the most attractive jurisdictions in the world for companies. Some companies provide virtual services in the field of gambling.
A license in Costa Rica will allow you to conduct legal business. Costa Rica's company law is one of the most liberal in the world. It does not contain strict requirements about the location of the company's servers. The terms of registration, consideration of the license, and their cost are the lowest.
We hope that the article was helpful for you. You have learned a lot of important information. Good luck with your business!
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