Dominica Gaming License
According to the Small Charges Act, Chap 10:39; it is illegal to “receive any other person in any house or place for the purpose of gaming” in Dominica.
However, Internet gaming business in Dominica do operate, but, under the terms of an agreement drawn up between the gaming company and the Government of Dominica. The gaming business is STRICTLY OFFSHORE and any agreement will be specifically strong on this issue.
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Sr.
No |
Element | Requirement(s) |
| Entity Requirements | The entity making the application must remain strictly offshore business. All Internet Gaming Companies have to be registered under the International Business Companies Act 1996 of Dominica. | |
| Director’s Requirements | The licensee will need at least 1 (one) natural person Fit and Proper Directors of any jurisdiction. | |
| Shareholder requirements |
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| 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. | |
| Local Office | The applicant must have premises acceptable to the DFSU. 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 shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, satisfactory to the 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 US$ 500,000 Also, on notice from the Financial Services Unit, the applicant arranges with the Ministry of Finance and Planning to purchase Treasury Bills in the amount of US$100,000. Treasury Bills will be rolled over until six months after termination of agreement. |
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.
- It is not a requirement to file the Audited financial Reports
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
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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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