The Isle of Man is a dependent territory of Great Britain, an island in the English Channel. This offshore territory is one of the most prestigious for obtaining a license for the gambling business. The first gambling regulation commission was created here in 1962, and in 2001, an organization for controlling online gambling appeared.
Mann has several significant advantages, due to which applicants are recommended to use this particular country for registering a gambling business:
If in other jurisdictions you need to submit several documentation packages and obtain different permissions for a slot machine, bingo, lottery, and poker, here it is enough to prepare one bulk package and one application form for all types of games, as well as for bookmaker activities. This significantly speeds up the review period and the launch of the project.
There is an opportunity to obtain not only the main license but also the sublicense. The first one is issued to corporations that independently acquire the necessary software, conduct advertising campaigns, and comprehensively develop without the help of other business entities.
Sublicense allows a small casino to work on behalf of a larger independent organization, which is beneficial for beginners in gambling. After a certain period of time, a small business can be re-qualified as the main corporation. The conditions for changing the status can be clarified with our lawyers.
Another type of license that can be obtained in addition to the main license is a network service license. Such a license allows its holder to conclude agreements with other operators and offer users gambling on their online platform outside the Isle of Man, eliminating the need to re-register user data.
Before obtaining a license for a casino, you should familiarize yourself with tax rates that depend on the income level of the owner of the gambling structure. The lower the corporate income level, the more tax it is subject to. With an income of less than £ 20 million per year, the tax will be 1.5%. With an income of 20 to 40 million pounds per year, the tax will be 0.5%. With an income above 40 million pounds per year, the tax rate will be 0.1%. When calculating the tax amount, the net profit of the casino is taken into account.