The Isle of Man is home to some of the most successful eGaming and software businesses worldwide, with its offer demonstrating a proposition that includes a competent and experienced regulator together with a strong, mature licensing regime.
Home to some of the most influential companies in the industry, the Isle of Man has, therefore, proven to have benefits like no other to offer for eGaming companies seeking licences, be it from start-ups, SMEs, or multinational organisations.
The Isle of Man Software Supplier Licence is a worldwide renowned licence that offers a wide range of business expansion opportunities and integration agreements with Tier-One providers.
The Isle of Man Software Supplier Licence, launched just in 2019, has attracted a significant amount of interest, with holders including many of the industry’s veterans: 3 Oaks, EveryMatrix, Hacksaw Gaming, Hubb88, Pronet Gaming, Slotegrator, T1Soft, and Yggdrasil.
“Highest Standards of Regulations”
Regime change is imminent in more than one jurisdiction, and legislation and regulation continue to address change and development within the eGaming industry. Over 20 years ago, the Isle of Man introduced the Online Gambling Regulation Act. During this period, the Isle of Man has maintained a robust regulatory framework which is what consolidates the reputation of the Island as a stable and dynamic base for online gaming businesses.
The Isle of Man also represents an International Financial Centre of excellence and repute, ensuring access to the markets worldwide and perennial adoption and operation of the highest standards of regulations. The Isle of Man Financial Services Authority is committed to ensure that its applied policies and procedures are in line with recognized international best practices. These standards are from relevant bodies including the Basel Committee on Banking Supervision, FATF (Financial Action Task Force), and MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism).
“Best Practices in the Industry”
Businesses demonstrate, through an Isle of Man Software Supply Licence, credible and proven frameworks of rules and regulation within which it significantly enhances its reputation amongst its partners and clients. In essence, it is a licence that is a clear statement by a business confirming it adheres to the best practices in the industry. This proves how the company complied with the strictest requirements of best practice and communicates the adherence to, and respect, by the supplier of the software for the internationally recognised standards and the legal and regulatory requirements governing the operations.
Key Points
- Fees – All licence applicants must pay a Governmental £5,250.00 licence application fee and a further £36,750.00 per annum for the annual licence fee. The licence is renewed every five years.
- Local Requirements – Isle of Man Company and two resident directors.
- Taxes – Corporation tax is set at 0%, Capital Gains Tax does not apply and VAT is 20%
(only charged when supplying to UK/IOM entities).
- Timeline – The Isle of Man offers a quick licencing process, with most licence approvals taking 12 weeks from submission of application.
Conclusion
The Isle of Man is one of the leading jurisdictions in the eGaming sector, enjoying a position that has steadily been rising in the last 24 months in terms of attracting international gaming firms. The Isle of Man Software Supplier Licence is one of the most strategically important assets for a business that underlines its credibility, brings trust to clients, assures them of the legality of business and drives new business growth.
Acquiring this licence is a crucial step for any software supplier aiming to excel in the global market.
Please visit our website at https://quadrant.global/egaming/. If you wish to speak to one of our team, please email Tim Cox, Director of Quadrant Gaming, at tim@quadrant.im.
19 July 2024
