If you’re considering setting up an online gambling business, you might evaluate which jurisdiction best suits your licensing needs. The Kahnawake gaming license offers operators a flexible, cost-efficient, and straightforward process with many benefits. In his latest column for Yogonet, iGaming industry consultant Ron Mendelson analyses the benefits of this jurisdiction.
A well-respected jurisdiction and a preferred location for startups, operators can enjoy competitive setup and maintenance costs, enticing fiscal benefits, and an agile licensing process.
Partner with Fast Offshore
Fast Offshore has been working in the corporate services sector for 26 years, with a particular focus on online gambling. Our team has assisted many startups and established operators in getting their licensing in Kahnawake and managing all ongoing matters. This includes discussing various options and approaches to the licensing process, compliance, payments, and ongoing maintenance. Our team can offer an off-the-shelf package for clients or create a tailored one for your specific needs and goals. Regarding unparalleled professionalism and experience, Fast Offshore is the obvious choice.
Refine your business plan
Before starting an online gambling business, you must have your business plan in place. This should cover every aspect of your operations and planning, including funding, staff, marketing, business model, games, goals, and a backup plan. It should account for every eventuality and include contingency plans and how you envision the company’s future growth. This plan should also take into account the specificities of the jurisdiction you will be located in, for example, Kahnawake. Matters like licensing, recurring fees and costs, and ongoing obligations must all be highlighted and planned for. If you need assistance with your business plan, particularly in a jurisdiction-specific context, Fast Offshore is ready to help.
Consider corporate structuring
The applicant must first incorporate a company to operate an online gambling company from Kahnawake. Our turnkey package includes the incorporation of an offshore license holding company and a contracting company, both of which are fundamental to operating a business licensed by the Kahnawake Gaming Commission.
Apply for a Kahnawake license
The next step is to apply for your Kahnawake online gambling license. While each process might vary, depending on their unique situation, this is a standard guide.
-
There are three different kinds of gambling licenses in Kahanwake. As an online gambling business, you must apply for a license and a key person license. Upon starting the application process, a payment of $40,000 must be made to the Kahnawake Gaming Commission, which includes application costs and the fee for the first year of the license.
-
The application must include a police conduct report from company owners, passport copies, bank references, birth certificates, personal financial statements for directors, shareholders, and UBOs, utility bill proof of address, details of games offered and software being used, confirmation of RNG application and fairness with third party certificate, hosting of servers in Kahnawake. All documents must be in English and no more than 30 days old. You must also be sure that you comply with all ethical considerations as laid down by the commission.
-
Once the application has been filed, a decision can be expected between 4-8 weeks. The first license will be issued for six months, during which time ongoing analysis of the entity will be conducted.
-
It is then necessary to create the corporate structure that will hold the online gambling company. This will be a company such as an offshore license holding company and a contracting company. Fast Offshore can help you with the entire process and recommend the best options for you.
Sort payments
You will also need a bank account to remit payments to, which will require setting up an offshore account. Fast Offshore can assist with this and can also help you build relationships with payment providers so you can receive payments and make payouts easily and efficiently. We also recommend you consider including crypto payments on your site, along with fiat, to meet the demands of players in 2023.
Get compliant
Another important step of the process is ensuring compliance with ethical considerations. These include fair play policies, transparency, and making sure that the entity is not affiliated with crime or criminality in any way. The operator must also ensure they are not offering or allowing access to their games to minors of vulnerable users. Steps must also be taken to ensure data privacy, user confidentiality, and security. Fast Offshore can help you ensure compliance from the moment you start working and then maintain it as you continue. Compliance can be tough for operators, not to mention expensive and ever-changing, so partnering with us on it can help lighten the load.
Manage ongoing maintenance
As long as you have a Kahnawake online gambling license, you will need to file annual obligations, renew fees and licenses, and stay up to date with any changes in regulations. To do this, we recommend partnering with Fast Offshore, who can manage everything for you. This makes your life much easier and leaves you more time to get on with the fun side of running a gambling site. It can also prevent delays or mistakes, which could see you end up with a fine or penalty. Let us focus on the background work while you spend your energy on making your business a success!
Original article: https://www.yogonet.com/international/news/2023/02/15/66104-how-to-get-a-kahnawake-license-step-by-step
