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Belize Gambling Licence: Conditions for Candidates, Prices, and Strong Points

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Belize

The successful and profitable operation of an iGaming project is not possible without a permit. The document makes the business legal and trustworthy and serves as a guarantee that all prize money and bonuses will be paid in full.

Belize gambling licence: general info

CASEXE offers to obtain a licence from Belize. The jurisdiction is characterised by low taxes, high speed of application processing, and access to advanced IT infrastructure.

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The Features of the Gambling Field’s Regulation

Belize is a rapidly evolving state in Latin America. The country is considered to be the financial centre of LatAm. It maintains and strengthens partnerships with Asia, Europe, and North America.

For a long time, Belize was a colony of the British crown, so English is the official language here. Due to this, the jurisdiction is popular with investors from the USA, Great Britain, and Canada.

Until the 90s of the last century, the country was completely dependent on external subsidies, the tourism and oil industries, as well as fishing. Large-scale reforms in the mid-90s made Belize a financial and banking centre in the Caribbean region. They attracted huge investments in the country's insurance and healthcare sectors.

The jurisdiction was one of the first in the world to assess the potential of the gambling industry:

  • It has been possible to buy a casino licence in Belize since 1995. That year, the island government introduced the Computer Wagering Licensing Act, which regulated the acceptance of sports betting and slot machines on the Web.
  • The operation of land-based gambling halls became available in 2000 with the adoption of the Gaming Control Bill. The government has created a comfortable working environment but with one requirement for managers: the organisation of gambling should not be directed at the local population.
  • Opening licenced web casinos in Belize has become easier since 2004. This year, the government has reduced the fee for receiving the permit and introduced a flexible taxation system.

How to Obtain a Casino Licence in Belize?

The state puts forward minimum requirements for gambling permit applicants.

There is not much information in the public environment on how to get a casino licence in Belize. Therefore, we recommend you consult with the experts of the CASEXE studio before filling out an application. Such a step will help you save time on launching an iGaming project and allocate the starting budget rationally.

The Registration of the Company

An entrepreneur needs to establish a company in Belize, as well as open a local office and a bank account.

At least one gambling company founder or investor must reside in Belize. This fact is confirmed by the lease agreement for the last 6 months. Otherwise, it is necessary to apply for citizenship. The norm was introduced relatively recently — in 2019.

Passing the Due Diligence

An independent check is carried out by the main regulator of the country — the Gambling Control Board (GCB).

The focus is on the reliability of investors and ultimate beneficiaries of an iGaming start-up, as well as sources of funds. The commission checks the previous work experience and competencies of the founders and evaluates their readiness to make weighted decisions in favour of their businesses.

The list of the required documents includes:

  • passport, individual tax number and two black and white photographs;
  • certificate of no criminal record;
  • a brief summary of previous work experience;
  • income and expense reports for the last 3 years, etc.

Financial Guarantee Depositing

To launch a casino platform online with a Belize licence, the operator needs to make a $500,000 payment to the Central Bank of the country.

This amount is intended to cover unforeseen expenses of the entrepreneur (for example, large jackpots), as well as to guarantee protection against fraud and illegal actions of the businessman.

The deposit is kept in a special account of the GCB regulator and is returned to the applicant upon expiration of the document.

The Certification of Gambling Software

The entrepreneur must use only the components of a gambling website that have been tested by independent experts:

To open a turnkey casino with a Belize licence, the entrepreneur sends a layout of a site, a description of the depositing and withdrawing procedures, and software quality certificates to the GCB regulator.

Belize is one of the few jurisdictions where a business plan is not required to open a business.

Obtaining a Permit

The operator signs an agreement on:

  • compliance with Responsible Gambling principles;
  • mandatory verification of gamers and check of their age;
  • promptness and completeness of payouts;
  • using only certified software, etc.

The term for consideration of the final application is 24 hours. After the Belize gambling licence is approved, the entrepreneur can accept bets from gamers.

The document is valid for 1 year. Further, it can be extended by a simplified procedure. Regardless of the obtaining date, its validity always ends on March 31st. For this reason, it is necessary to apply as close to this day as possible to manage an iGaming project for a longer time.

How Much Does a Belize Casino Licence Cost: Tariffs and Taxes

Casino licence in Belize: cost

The main costs of the entrepreneur are:

Item of Expenses

Amount

Application fee for the Gambling Control Board

$10,000

One-time GCB payment

$5,000

Guidebook registration fee

$500

Document renewal payment

$10,000

The answer to the question of how much a Belize casino licence costs depends on how long a businessman has worked in the gambling market. If the company plans to operate a gaming site for 5 years, it needs to spend at least $50,000 on regulated fees.

The features of working in the jurisdiction:

  1. The permit has to be renewed every year. The entrepreneur always has a choice: to continue operating in the state or change the development vector of the gambling project. The fee for updating the document is $10,000. The application is considered under the accelerated procedure.
  2. Loyal taxes. Belize offers one low fiscal burden on businesses. This is 0.75% of the total annual income, excluding taxes on real estate, withdrawn capital, and dividends. The maximum amount of contributions to the budget for a year is $250,000. Even if the entrepreneur earns more at the end of the reporting period, the operator will still transfer a smaller amount to the budget.

Why is it Worth Opening an iGaming Start-Up in the Offshore Jurisdiction?

Consider why the Belize casino licence is highly valued in the global gambling market:

Comprehensive Management

The government of the country grants one permission for all types of gambling:

  • placing of games with a built-in random number generator;
  • accepting bets on athletic, fantasy, and eSports disciplines;
  • managing sites with lottery draws and scratch cards;
  • launching a poker room;
  • creating a casino with live dealers, etc.

When preparing documents for the GCB, the applicant should provide the regulator with a business model for the future iGaming project. After the expiration of the permit (1 year), the entrepreneur can easily change the vector of business development or add new activities.

Low Cost of Operation

The gambling commission is working on reducing the price of the permit. In 1995, casino licensing in Belize cost $50,000. In 2004, the price of the document dropped to $15,000.

In 2020, the regulator reduced the financial burden on entrepreneurs further by offering an annual permit for $10,000.

Depending on the chosen business model, operators may qualify for tax incentives. These are reduced rates of deductions on the wages of hired personnel, the minimum commission for banking services, and other benefits.

Global Coverage

The Belize online casino licence allows its owner to work in the .com domain zone and accept bets from players located in different countries. The main requirement is the fact that the attraction of Internet traffic should not contradict the local legislation of a particular state.

The launch of an iGaming site in the jurisdiction ensures legitimate interaction with gamers from Spain, Poland, France, Malta, and other prestigious countries. At the same time, the operator is obliged to identify gamblers promptly, check their age, and scan payments for compliance with the AML policy.

Fast Permitting

The Belize gambling licence is issued in just 24 hours if the application is correctly filled out and the documents provided are complete. According to this indicator, the country ranks first in the world and surpasses many offshore zones: Malta, Kahnawake, Panama, and others.

The document is valid for one year. Then, it can be extended under a simplified procedure. All applications are accepted digitally without the personal presence of the operator at the office of the gambling committee.

International Prestige

Belize is the financial centre of the Caribbean region. The country maintains close ties with Europe, North, and South America. It offers concessional financing and discounts for large investors.

The gambling licence from Belize is highly valued in the international gambling market.

Gamers and B2B partners trust entrepreneurs due to the availability of a financial guarantee. The money is accumulated on a special GCB account and can be used to cover the operator's monetary obligations:

  • jackpot payouts;
  • settlements with contractors (software suppliers, hosting providers, etc.);
  • payment of fines and penalties.

Access to Advanced IT Infrastructure

Several large fintech companies with powerful server hardware and global data centres are located on the island.

The entrepreneur can rent a physical server or a virtual cloud to store sensitive data securely. The connection to advanced data centres guarantees high performance of the gambling site.

The platform can process over 10 thousand requests per minute:

  • the registration and verification of clients;
  • the acceptance of deposits;
  • the accrual and payment of deposits;
  • the attraction of Internet traffic from the .com domain zone, and others.

The Main Things about Obtaining a Licence in Belize

Belize casino licence: advantages

The considered country is a beneficial option for obtaining a gambling licence, launching, and scaling an iGaming project.

  • One document is suitable for all types of gambling. It is possible to open a digital casino, start a betting site, and organise the work of a poker room or a lottery portal. The permit is valid for 1 year. Then, you can apply for an extension of the document under a simplified procedure.
  • The benefits of licensing in Belize include global market coverage, comprehensive management, fast acquisition, international prestige, and access to advanced IT infrastructure.
  • The cost of the document is $15,500. It consists of a one-time GCB fee, a commission application payment, and a guidebook registration contribution.
  • The jurisdiction is famous for its minimal fiscal burden on business. Entrepreneurs transfer only 0.75% of the turnover, while the maximum amount of deductions to the budget cannot exceed $250,000.

CASEXE provides assistance in obtaining a Belize licence. We are engaged in the preparation and submission of documents, the creation of a business plan and other supporting documents, as well as the consultation on tax issues.

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