The Tobique license allows you to legally offer eGames on your website.
Tobique offers online gambling operators a simple and fast licensing process, with low application fees and ongoing expenses.
If you wish to build an online casino, or another type of online gaming website, Tobique is for you!
Advantages of the Tobique Online Gambling License:
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Very little taxes, thanks to a special structure explained below.
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Save money. Tobique is considered a more affordable option compared to other prominent licensing jurisdictions.
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Save time. Fast and straightforward licensing process that ensures minimal delays in getting your business up and running.
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Low annual fees and minimal administrative burdens.
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Conduct your business in English under modern, well-written, and fair regulations, based on international standards.
What is the Tobique Online Gambling License?
Tobique is a reliable option for operators in the industry.
The jurisdiction offers the benefits found in other jurisdictions, at lower licensing fees.
Tobique First Nation is located in New Brunswick, Canada. It operates as a self-governed region under section 35(1) of the Canada Constitution Act, 1982. Being the first self-governing area to create a regulatory body, it oversees all forms of gaming from its territory, including land-based and online gaming.
The formation of the Tobique Gaming Commission allowed the issuance of licenses to gaming operators and appointed a third-party direct licensee who is entitled to recommend the issuance of licenses on behalf of Tobique.
The Tobique gaming license presents an enticing alternative to recent regulatory uncertainty in Curacao. It is an economically viable option that can be attained with relative efficiency and speed.
Types of Products You Can Offer Under This License:
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Casino
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Betting
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Poker
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Lottery
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Provision of software and white-labeling services
Requirements to Start an Online Casino or Gambling Site
First of all, you need
a license. This license ensures that you can offer your services legally. At the same time, it mandates that your website and organization adhere to safety standards. This signals to your customers that it is safe to gamble on your site!
The license needs to be held by a legal entity. In order to apply for a license, you need to set up
a company. This company needs to comply with the regulations.
This company needs to have the ability to
accept payments.
There are no requirements to set up a local entity in Tobique. We recommend the direct acquisition of the license by an offshore entity. Using an offshore company reduces paperwork and lowers the tax burden.
Next, you will have to buy and install
casino software. If you do not know how, we have contacts for you with the best builders in the industry.
Payment Processing Agent
It is crucial for online casinos to accept payments. However, due to ongoing regulatory scrutiny, it is almost impossible for offshore companies to accept online payments.
What you need is a payment processing agent, also known as a Payment Agent Company.
A Payment Agent Company is a client-facing company in a reputable jurisdiction. It processes payments for your website. For this, it receives a small fee (to satisfy tax rules). The main profits can be forwarded to your offshore company.
For this to work, you need to use a jurisdiction with both a low tax rate and access to accounts with Electronic Money Institutions (EMIs) or banks, and credit card payment providers.
A good option is Cyprus.
Cyprus to Accept Payments
Cyprus is an EU country. It has one of the lowest corporate tax rates in the developed world. It allows access to payment systems, and its regulatory body accepts these setups.
Like other jurisdictions, in order to start this kind of business, you need what is called
substance. This is a hard requirement of payment providers before they can open a merchant account. This is why offshore companies no longer work, because nothing really happens there.
In Cyprus, you can satisfy these requirements, and we can help.
Examples of what you need are a local address, a director, a company secretary, and an accountant.
Summarizing the Recommended Structure
We recommend either a St. Lucia, Belize, or another offshore holding company holding the license along with a Cyprus (EU) company acting as a payments agent. The holding company will be the 100% shareholder of the Cyprus (EU) company.
An agency agreement will engage both companies. This agreement will be used for the recharge processing of fees, marketing expenses, web development, maintenance, and operational fees carried by the Cyprus company on behalf of the holding company.
Based on our experience, we recommend 4% on the total Gross Gaming Revenue (GGR). This is taxed at 12.5%, making it an effective tax rate on total income of 0.5%.
Profits in the offshore holding company are not taxed. From there, your profits can be freely distributed to you without withholding taxes on dividends.
You might also consider using an experienced company to handle the day-to-day administration and management of the corporate structure; this way you can focus on the important matters of promoting the platform and driving up revenues!
The Tobique Online Gambling License Process:
Step 1: Preliminary Review
A preliminary review of your activities is conducted, which includes providing information about your intended operations and target markets.
Step 2: Pre-Approval Application
Submit a pre-application with supporting documents and a non-refundable fee.
Step 3: Gaming License Approval
Upon approval, settle all necessary one-off fees and deposits.
Step 4: Application Evaluation
Work on incorporating the gaming license holding company and gather and prepare all required documents for the license application.
Step 5: Incorporation of Cyprus Payment Processing Company
Set up the Cyprus company and approach payment processing service providers for your target markets. Once all requirements are met, the license is approved, and you can commence operations.
Why Choose the Tobique E-gaming License?
Regulation and Compliance
The compliance and regulatory environment governing the Tobique Gaming License is business-friendly yet regulated effectively. It has clear and concise gaming laws providing protection and responsible gaming for the operators and the users. The administrators of the Tobique Gaming License are responsive and keen to help the license operators. The licensing process in Tobique is fast and efficient, from setup to operation.
Costs and Charges
Obtaining a Tobique Gaming License is cost-effective. Furthermore, the license can be held by a holding company of any jurisdiction worldwide—provided that the jurisdiction does not prohibit E-gaming activities.
Tax System
Tobique does not tax online gross gaming revenue, which helps foster an excellent effective tax rate when the structure above is applied.
Frequently Asked Questions:
What is the cost of a gambling license in Tobique?
Feel free to contact us to get a customized proposal tailored to your needs.
Are there countries that do not accept this license or are restricted?
Restricted countries include the U.S., U.K., China, North Korea, Russia, Iran, Sudan, Syria, Cuba, Belarus, the Central African Republic, and Libya. This means that the entity or company with the license does not have legal authorization to operate or offer its services in these specific countries.
What is the duration of the Tobique gambling license?
The license lasts one year and has to be renewed annually.
How challenging is it to secure a gambling license in Tobique?
Through our experience, we have made this process as efficient as possible. We know what is needed and how it should be presented. This makes your application timeline short and successful.
From our experience, the following are requirements for the individuals involved in the structure:
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Passport copies of directors and shareholders
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Utility bills for all shareholders and directors (no more than three months old)
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Bank statements for the last three months and a Source of Wealth statement
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CVs and experience certificates
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Clean criminal records for directors and shareholders
And these are the requirements for the website:
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Business plan
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Responsible gambling policies and guidelines on the website
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A compliant website with an active license validator, an “About Us” section, responsible gambling resources mentioned, a complaints resolution process, contact information, and other essential policies (Terms of Use, Privacy Policy, Bonus Policy, AML & KYC Policy)
There can be additional requirements asked by the licensing authority or the financial service providers not mentioned here.
Can Tobique E-gaming license holding companies have directors who are not local residents?
Yes, Tobique gambling companies can have directors who are not residents of Tobique.
Can a license be obtained without a bank account?
No. E-gaming companies need to have a bank account as part of their business operations. This is where the Cyprus company comes into play to be used as a payment processing company for the E-gaming company.
Is getting a license a long process?
Although the process depends on various factors, including the completeness of the application, it usually takes several weeks to obtain a gambling license in Tobique.
Why Choose Internet Incorporate For Your Tobique Online Gaming License?
We have been setting up gaming licenses with this structure for a decade. We know what the requirements are, what procedures need to be followed, and what agreements need to be signed.
We assist you with bank and merchant account opening through our extensive network of banks and payment processors.
We can also assist you with setting up just the right corporate structure to suit your needs. We guarantee a hassle-free application. We work fast and at reasonable costs.
Are you interested in obtaining a license for your online gaming website and want an experienced agent to help you obtain it?
...Then contact us by filling in the form below.