Malta Gaming License
The Gaming Act (Cap 583), provides the legal framework for the provision of the Gaming Services in Malta.
Permitted Activities
As per the Act, gaming means an activity consisting in participating in a game, offering a gaming service or making a gaming supply;
Legal Requirements
|
Sr.
No |
Element | Requirement(s) |
| Entity Requirements |
The entity making the application is a Maltase company under the Companies Act (Cap 386).
Company includes:
|
|
| Director’s Requirements | At least one director (two in the case of a public company), who may also act as the company secretary in certain cases | |
| Shareholder requirements | The licensee will need at least 2 (two) shareholders who may be individuals or corporate. | |
| The Key Official |
The Applicant must must appoint at least one Key Official who shall also be a director of the company and is resident in Malta employ at least one individual who is licensed as a principal. The person appointed as a Key Official shall be subject to the MGA’s (Malta Gaming Authority) approval.
The Key Official is the guardian of a remote gaming license as he / she is responsible to see that the operation is compliant with the Remote Gaming Regulations. He/She is considered as the main point of contact between the MGA and the licensee and must therefore necessarily be readily available when required by the MGA. He oversees the licensed gaming operation, carrying due representation and hence being able to take decisions and respond to the obligations stipulated at law. All the operations of the licensee should run through the Key Official and any required reports should be formulated and submitted to the Authority under his guidance |
|
| Local Office | The applicant must have a local Office registered in Malta | |
| Auditor | The Licensee shall establish an internal audit / audit committee in order to undertake the internal audit function of the company and which shall be independent for the management of the company or outsource. | |
| Insurance | The applicant must have indemnity insurance coverage acceptable to the MGA’s (Malta Gaming Authority) | |
| 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 is; Gaming Service Licence with a Type 1 and 2 approvals are required to retain a minimum share capital of € 100,000 while Gaming Licence with Type 3 and Type 4 approvals are required to retain a minimum share capital of € 40,000. |
Ongoing Obligations
- A gaming licence is issued for a period of 5 years. On expiration of such term, the Malta Gaming Authority may renew such licence for further 5 year periods, subject to continued compliance by the Licensee and upon payment of the renewal fee.
- Filing of Audited Accounts: Audited financial statements should be filed after the end of year of assessment, within 180 days from the end of their financial year, Prepared, in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- 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.
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- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
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- Trusts and Foundations setup 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
Our Contact Details
Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com
OR Contact us on:
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