Description
Nearly every case, you must create a gambling license application and present it to the Gambling Commission before providing gambling services in the UK. There are severe licensing standards implemented by the commission. The set of guidelines is called the License Conditions and Codes of Practice. Below the LCCP’s guidelines, an applicant for a license should meet the following criteria:
• The person need offer fair and open gambling.
• The person must never misuse, abuse, or otherwise use kids in any way, and kids are not permitted to partake in the gambling exercises.
• The person must offer support programs, 12-step or otherwise, to assist players who exhibit an addiction or other gambling problem.
These guidelines apply to all gambling transactions, whether they are occupied by individuals or institutions. In addition to fulfilling these three standards, gambling operators have a responsibility to assist stop the criminal movement that is related to gambling, including money laundering and the funding of terrorism.
The Different Licensing Categories
Because of the characteristics of the different forms of gambling, it was important to establish somewhat separate guidelines for each. The LCCP identifies the following eight categories:
• Arcades
• Betting
• Bingo
• Casinos
• Gambling software
• Gaming machines
• Lotteries and fund-raising
• Remote
Incorporation & obtaining license: 2,5-3,5month
Minimum paid-up capital: *****GBP (unimpaired by losses) or its equivalent in any international currency. We advice holding approx. USD ****** as a paid-up capital
Company structure
Only 1 shareholder. No nationality or residency restrictions
At least 2 directors. no nationality or residency restrictions
Privacy
Beneficial owners’ records – Not part of the public record
Shareholders’ records – Not part of the public record
Directors’ records – Not part of the public record
Taxation
0% – Corporate income tax
Other benefits
- There is no limitation on the form of meeting for shareholders and executives and no restriction for a place of meeting.
- It is welcome to open a variety of Banks in the UK for the business.
Accounting requirements – A UK Offshore Company requires to have an audit done by an authorized auditor. A yearly return must be filed 30 days prior to the companies’ anniversary date of incorporation.
- Secretary – Secretary, delivered by local company
- Registered Agent – Required, local trust company
- Local office – Needed together with a country phone line
- Local employees – Required
Company name
- Language: Any
- Letters: From Roman alphabet
- Company name needs to complete with such suffixes or their restrictions: Limited, Incorporated, business, Anonyme, Anonima.
- Names Claiming Approval or a Licence: Building a society, Bank, insurance, insurance, reinsurance, fund administration, finance fund, trust, governors, Chamber of Commerce, school, community or their foreign language equivalents.
N.B.
- Limited connections for company name: name of country, national or local government.
- Any name that indicates illegal exercise or indicates royal or government aid is restricted.
- The registrar may refuse any name which it deems objectionable or contrary to the public interest.
- The company name is defined to be identical or similar that of an existing company.
- In a case when a foreign language is applied for company name the translation may be demanded by Registrar to guarantee compliance to above-listed restrictions.
In order to receive a license, the subsequent actions will be carried out:
- Gathering and preparation of the documents for primary verification
- Once the verification is completed and initial paperwork is made, the originals must be couriered
- Other important documents should be presented to the LCCP based on their demand
- The application will be concocted with the LCCP for the license
- Conditional approval will be offered by LCCP so that you will have enough time (usually 3 months) to:
Fulfill the capital requirements for the company.
After the capital is invested, you can employ the funds for the company’s operator.
- Find and set-up an office,
- Appeal for the phone number,
- Find a local employee,
- Comply with other requests.
You will need to pay an annual fee to ensure your operating license remains valid.
In order to obtain a license, Startup Formations will fill all required application forms and further acquire apostilled corporate records.
For that purpose, kindly give us the following documents.
For bank:
- (Each beneficial partner, shareholder, administrator, authorised signatory)
- A notarized copy of valid passport
- Utility bill that is not older than three months old for residence address.
- A notarized copy of Letter of Recommendation form Bank, Attorney or Accountant
For local governing authority:
- (All beneficial owner, shareholder, administrator, authorised signatory, and secretary must provide)
CV
- A notarized copy of valid passport
- Utility bill that is not older than three months old for residence address.
- Two Acknowledged letters from a notary, lawyer, auditor or similar,
- Bank reference
- A notarized copy of a University Diploma
- For shareholder: 3 months bank account statement with sufficient funds to cover the capital requirements
N.B.
- If papers are not in English language or language of the particular country, then they need to be followed by a notarized translation.
- Please guarantee that notarization is in the English language if not then kindly provide with notarized English translation.
- Further papers may be asked by the governing authority or local Bank at any point to verify specific information
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