Curacao + Cyprus incorporation and gambling license

[Bots]

You can trust them, they are part of HB Management I have meat them years ago personally.

If the hard part is to find a trusted provider then I recommend you to buy a ticket to Curacao, schedule a meeting with PricewaterHouse coopers there and get the thing going.

PWC is good connected for obvious reasons on this island they will bring you to HB Management as well as few others.

There is a PricewaterhouseCoopers location in my city. I wonder if they would be able to help me with business in another country because I am not able to fly anywhere right now.

 

[JohnLocke]

There is a PricewaterhouseCoopers location in my city. I wonder if they would be able to help me with business in another country because I am not able to fly anywhere right now.

It is never going to be the same. They can make the connection for you but they will not be the same as if you fly there!

 

[Bots]

It is never going to be the same. They can make the connection for you but they will not be the same as if you fly there!

I understand that, unfortunately it's not an option for me at this moment :/

 

[Sols]

Processing crypto deposits and withdrawals through our own wallets and using a 3rd party payment provider like Gamepay or Payop would be doable with the setup I have mentioned right? You seem to be very knowledgeable about this.

You need to check with your master licensee about that. Some of them don't like it when you let customers play in a non-fiat currency. Some don't let newbies on the market offer it.

From what I understand money deposited onto our site via Gamepay for example would be withdrawn into the Cypriot company and then to the curacao account, but since the Cypriot company is a subsidiary of the Curacao company tax is only paid within Curacao at the rate of 2%.

That's generally correct but it's also not quite that simple. It's not possible to just magically move money from Cyprus to Curaçao. It has to be done under a proper agency agreement that's compliant with transfer pricing regulations. These aren't hard to prepare, though.

Depending on the PSP, you might not need the Cyprus company. There are times when it's advantageous and necessary, and sometimes it's not needed at all.

 

[Gediminas]

Hey @Bots,

Drop me an email and let's schedule a complimentary call to speak this through. We provide such services (including legal advice).

 

[nitehawk]

why even get a gambling license? The beauty of crypto is that its unregulated. The only purpose of a curacao gambling license is payment processors and gaming providers require it. Some game providers dont give a f**k.

 

[uplana]

You can still get lot's of troubles if you run a unregulated Gambling website anywhere.

Unless you are going to hide your identity I would not go all on on such a solution unless it's licensed. OP claim he has the money, so I don't understand why he can't fly, maybe he is posting from inside of a prison, counting his money and gold bars from there which he want to invest in a license, not sure, but if he has the money requires a license will be the best.

 

[nitehawk]

You can still get lot's of troubles if you run a unregulated Gambling website anywhere.

Unless you are going to hide your identity I would not go all on on such a solution unless it's licensed. OP claim he has the money, so I don't understand why he can't fly, maybe he is posting from inside of a prison, counting his money and gold bars from there which he want to invest in a license, not sure, but if he has the money requires a license will be the best.

if its a pure crypto casino what troubles can he get in?

there are plenty of reliable sources. Look for the legal/advisory companys that exhibited at London Ice. There are many there that can help you.

 

[pluto]

It is possible.

Sure, nothing is impossible but speaking from actual experience and observation I'd say it is extremely unrealistic.

The risk is that you then you spend time and money setting it up only for a scheme auditor to detect your layering within a couple of days, and then the MID gets shut down and the UBO and directors end up blacklisted. I've seen it happen several times when people with limited experience try to build these solutions themselves.

That's why you diversify with multiple mids but for it to only survive a few days is just very bad luck. Not to mention that it's also illegal.

Visa and Mastercard aren't involved in the approval of MIDs, and acquirers do issue gambling MIDs for offshore setups, virtual skins, and crypto. You need the right connections and understand the risks and limitations involved. That's the hardest part.

Assuming you rub shoulders with C-level executives of said banks, sure. If you truly believe you can get MIDs for this I know people personally that would pay $100,000 for these kind of introductions (assuming there's a reasonably low % of declines and success).

 

[Don]

80% of your business is 20% of your clients, isn't that right

OP. You're not going to find a payment processor through these incorporation consultants for virtual item/crypto gambling by googling. What they just do is "introductions". I have looked into this industry aswell and the only solutions that I found were to make your own third-party crypto exchange with Estonian licenses with a payment flow that permits the user purchasing crypto through your exchange and opt-in into transfering it to your business in exchange of site credits. Or, you can use a payment wallet such as G2A Pay.

Feel free to reach out to me if you are interested in the Estonian crypto solution.

 

[Sols]

Sure, nothing is impossible but speaking from actual experience and observation I'd say it is extremely unrealistic.

Opening a regular gambling MID for a Cypriot subsidiary of a Curacao company is not extremely unrealistic. It's basic stuff. A lot of countries will be blocked so it might not fit your business model but we don't know the target geos here. If you need access to those countries, that's when you need more sophisticated solutions.

That's why you diversify with multiple mids but for it to only survive a few days is just very bad luck. Not to mention that it's also illegal.

What good is another MID for your Estonian crypto exchange if the directors, the UBO, and the URL all end up on the scheme black lists?

A few days isn't bad luck. It's bad management and can happen to anyone who doesn't know what they're doing.

Assuming you rub shoulders with C-level executives of said banks, sure. If you truly believe you can get MIDs for this I know people personally that would pay $100,000 for these kind of introductions (assuming there's a reasonably low % of declines and success).

Then I wish those people one day meet with some of the experts in the industry, because this really doesn't sound impossible at all. It's all about networking to find those people.

 

[pluto]

Opening a regular gambling MID for a Cypriot subsidiary of a Curacao company is not extremely unrealistic. It's basic stuff. A lot of countries will be blocked so it might not fit your business model but we don't know the target geos here. If you need access to those countries, that's when you need more sophisticated solutions.

In this thread we are discussing crypto/virtual items gambling e.g CSGO skins and not FIAT. FIAT processing with Curacao licensing is quite simple.

What good is another MID for your Estonian crypto exchange if the directors, the UBO, and the URL all end up on the scheme black lists?

A few days isn't bad luck. It's bad management and can happen to anyone who doesn't know what they're doing.

You wouldn't have to cloak your crypto exchange since the payment flow makes the user opt-in to transfer the bought cryptocurrency to the gambling website. With cloak, I was more addressing e.g a e-commerce websites selling dog toys as an example when in reality it's just a front to receive payments for your casino.

 

[Sols]

In this thread we are discussing crypto/virtual items gambling e.g CSGO skins and not FIAT. FIAT processing with Curacao licensing is quite simple.

I know. It's a slight quirk but nothing insurmountable. It comes down to networking.

You wouldn't have to cloak your crypto exchange since the payment flow makes the user opt-in to transfer the bought cryptocurrency to the gambling website. With cloak, I was more addressing e.g a e-commerce websites selling dog toys as an example when in reality it's just a front to receive payments for your casino.

That doesn't mean anything if it's a scheme auditor signing up and "opting in." What you're doing is still transaction layering. If you read the scheme notices that have been going out over the past two years, you'll see that they are targeting exactly these kind of crypto setups. It can be done, it's just not as easy as setting up a crypto exchange and off you go.

 

[Bots]

I think I will try to speak with my local pwc or the pwc in curacao since they're probably bilingual. I can't see as many things going wrong if I go through them. Thanks everyone for the information and if there is any other key info I should know please respond to this. Thanks!

 

[JohnLocke]

is any other key info I should know please respond to this.

open a thread inside mentor group gold and I will give you some hints for your venture, just to get you started.

 

[Bots]

open a thread inside mentor group gold and I will give you some hints for your venture, just to get you started.

Done, thank you very much!

 

[sonato]

looks like I have to get mentor group for another month.

Done, thank you very much!

 

[Johnycash888]

Hi all, i am looking to acquire a curacao licence with cyprus entity to deal with psps in Europe. Does anyone know the correct set up for those companies ? Curacao company needs to own the cyprus company or it can be the other way around ?

Thank you

 

[James Webb]

Curacao company needs to own the cyprus company

 

[bountymounty]

There are specialists around, one of them are e Management, there are even a few more in the Resource section of the mentor group gold
https://www.offshorecorptalk.com/resources/e-management.127/
If you contact them they can tell you everything about to set this up, so they can help you to setup everything, they are not cheap but they have decades of experience and are well connected.

Yeah they know how to set this up.