The Philippine online casino license is a document that allows you to conduct business in the Asia-Pacific region legally. Until now, the Southeast region is considered highly profitable for online gambling. With full confidence, we can say that the Philippines is the center of the local gaming industry. So the vast majority of licensed institutions have rather high revenues and a huge target audience in local jurisdictions.
The low tax level in the Philippines is steadily attracting new investors. The highest standard of user protection, free access to create an online casino from scratch and the ability to implement your own data center – a combination of these factors has made the Philippines one of the best places to conduct a business related to gambling.
Legal framework: Any organization can grow into a CEZA-enterprise and become an independent market unit.
Interest rates: tax and gaming ones
Local law states that all companies operating in the online gambling market in local jurisdictions are exempt from taxes for the next 4 years. And all new organizations that do not have branches in other countries, receive 6 years of freedom from taxes. A special interest tax rate on gross income of 5% of profits was also introduced. The country’s leadership is loyal to foreign counterparties and offers them very favorable conditions.
Regarding the additional gaming rates, the interactive license provides for the payment of 48 thousand dollars in the first year of operation of the gaming institution, and 60 thousand in the following. This tax must be paid in a single payment.
In addition, for licensing in this jurisdiction it is not necessary to acquire authorized capital.
Basic safety requirements
● Financing of the organization should be regular, and not fall below the required level.
● Pay taxes in a timely manner, without violating the deadlines.
● At the first request of the regulator, the operator must provide information about the winnings, and the balance of users of the institution.
There are not many types of licenses that legitimize the online casinos’ operation, and they all have different prices. In addition, there are several points that will require certain financial injections.
This type of license covers all types of virtual gambling: sportsbooks, online casinos, poker rooms and other services. So, such a license will cost 40 thousand dollars, and its extension – another 40 thousand.
In case of licensing denial, only 25,000 will be returned to the operator who submitted the application. For any outcome, 15,000 will go to the country’s treasury. Game fee is 2% of monthly income. In addition, it will be necessary to pay 48 thousand after the license is issued (this fee pay only bookmakers and online casinos that have sports bets).
15 thousand can be recorded as a game fee when updating a license at the beginning of the year. But the percentage of game collection from this will not decrease and will still be 2%.
A full license also includes a restrictive interactive license that will need to be renewed in a timely manner. So, the operator will have to pay $ 60,000 immediately after the current license has been renewed.
Interactive license for bookmakers (sports betting)
The cost of this license is only $ 26,000. If the regulator refuses licensing, the operator will be returned $ 18,000. In addition, $ 3,500 will be withheld as fair value.
To renew the license, you will need to pay $ 15,000. In addition, you also will need to pay for a limiting interactive license, which will cost the operator another 60,000. This should be done immediately after obtaining a license for a new term.
Other important and useful information.
● A license is issued for only 12 months after the issuance of documents.
● In this jurisdiction, all transactions are permitted to be processed using local banks.
● All software installed on the online casino site must be licensed and work around the clock. User information and tools – must be well protected.
● Cash transactions must be conducted in accordance with international standards used in the banking sector.
● Every online casino is subjected to multiple laundering checks during the year. In addition, the regulator has the full right to carry out various checks to identify fraudulent schemes.
● Residents of the Philippine Islands are prohibited from playing in casinos and bookmakers in this jurisdiction.
The game portal server can reside on clustered servers. Thanks to this, it is easy to create an information center on First Cagayan server, which has the highest parameters and high data processing speed.
Contact details of the Department of Government or regulatory body:
Address: First Cagayan Holiday and Resort Corporation
26th floor – West Tower, Philippine Stock Exchange Center, Exchange Road, Ortigas Center, Pasig, Philippines 1605
Phone Number: (632) 638-55-56