Curaçao, the Dutch Caribbean island that everybody in the iGaming world knows very well, is currently going through a transformation process when it comes to licensing online casinos as the government implements the National Ordinance for Games of Chance.
The new portal is processing new applications under the rules of the current legislation while also registering all sublicensees which want to continue their operations without interruptions when the National Ordinance for Games of Chance go into effect. Moreover, when the new law comes into force there will be a new regulator in charge: the Curaçao Gaming Authority.
The new law stipulates that only companies that are registered in Curaçao can receive licenses. That leads to two main obligations for online casino operators: have a registered Curaçao address and employ at least one director in the country.
Until the National Ordinance for Games of Chance comes into effect, the government will process all new applications under existing legislation, so for the moment the operators are not required to have a physical office on the island or local employees.
In fact, those two aspects are the main changes that affect online casino operators that apply for licenses in Curaçao and for current license holders that desire to continue their operations.
The portal set up by the government contains all necessary information on how to apply for a gaming license, along with guidance on the entire process. Operators can submit their application starting on November 15.
Application Process in Detail
The application process is not very complicated, companies have to fill in just three forms: an application form, a corporate disclosure and a personal disclosure. All three forms are available to download from the government portal.
The personal disclosure form must be filled out for every Ultimate Beneficial Owners which hold at least a 10 percent stake in the respective company. The form also applies to top-level executives such as Chief Executive Officers.
The government has set a processing interval of two months, but that is the case only for applications which are filled out correctly. Applicants that are successful will receive a provisional license for six months and during that period they must submit audited policies and procedures.
Once the National Ordinance for Games of Chance will come into effect, the government will proceed with transferring all existing applications over to the new format, regardless of the stage of the application.
Source: “What will Curaçao's transition period look like?“. iGaming Business. September 15, 2023.
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