Cape Verde Gaming License_Guideline

Cape Verde Gaming License

The Law no. 77/VI/2005 of 16th August, provides the gambling legal framework, and the Decree no. 1/2017, of 9th January, establishes the basic rules on the various gambling games.

Regulated by the Cabo Verde General Gaming Inspectorate.

Permitted Activities

As per the Act, the allowed gaming activities are; Casino gambling, Bingo, Poker in Cape Verde, Sports betting, Lottery, Bitcoin and Online gambling.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Cape Verde company under the Commercial Code, Law No. 3284.

Company includes:

  1. A corporation.
  2. A limited liability company.
  3. A general partnership.
  4. A limited partnership.
Director’s Requirements The licensee requires a minimum of three (3) director. Director can be of any nationality and need not be resident in Costa Rica. Corporate directors are permitted.
Shareholder requirements
  • The investment dealer will need at least 2 (two) shareholders.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Licensed Principle The Applicant must employ at least one individual who is licensed as a principal.

The Principle must:

  1. Have successfully completed the ECSM Certification Examination Program.
  2. Have sufficient educational or other qualifications or experience;
  3. Have sufficient authority within the company;
  4. Be a fit and proper person, to supervise the business for which the company that has nominated him is licensed or is applying to be licensed;
Authorized Representative The Applicant must employ at least one individual who is licensed as a representative.

The representative must:

  1. Have successfully completed the ECSM Certification Examination Program.
  2. Have sufficient educational or other qualifications or experience;
  3. Be a fit and proper person to be licensed as a representative;
Local Office The applicant must have a local office. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee, to establish an internal Audit department.
Insurance Indemnity insurance coverage or a fidelity bond is mandatory.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

The prescribed minimum paid-up capital of USD 100

Ongoing Obligations

  1. Licences are to be renewed every 3 (three) Months.
  2. It is not a requirement to File Audited Accounts. But filing of Annual returns is a requirement.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
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The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

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