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Belize- Adventure's Paradise |
but retained its status as a member of the British Commonwealth. The British Monarch is head of state, represented in Belize by a Governor General.
Belize is an adventurer's paradise offering diverse adventure prospects. The island is thriving with lush greenery and has 40% of its area protected as parks and natural reserves with an intriguing range of wildlife. Belize is a fascinating amalgamation of majestic mountains, warm and friendly people, mysterious Maya temples and diving and fishing options. Unlike other Caribbean countries Belize is a mainland country with easy access by land, sea and air to North America, South America and Central America.
The online Gaming Industry is a relatively new industry in Belize and legislation has been introduced to attract genuine investors to participate in the expansion of the financial services sector. Regulations of the Gaming Control Act, Revised Edition 2000, have been adapted from similar regulations in successful gaming countries and adjusted to suit the Belizean situation. New regulations have been approved for the Gaming Control Act of 2000 and can be found in the Gaming Control (Online Gaming) Regulations which came into force in October 2004.
Types of gaming licenses
The gaming industry of Belize is tailored to attract the participation of genuine investors. There are two venues for gaming operators in Belize:
1: Domestic Gaming License:
A Domestic Gaming License aimed at casinos operating within Belize.
2: Internet Gaming License:
An Internet Gaming Program operating in the Export Processing Zone.
Administration
The Gaming Control (Online Gaming) Regulations provide for the regulation and administration of online casinos. Online gaming covers the spectrum of any games played by one person by means of a computer or other device, even though no other person participates in the game. It also includes games of combined skill and chance conducted by means of telecommunication for winnings in money or money’s worth, the negotiation or receiving of any bet by means of telecommunication; or, any lottery in which any participant acquires a chance by means of telecommunication.
The online gaming regulation of October 2004 is specifically designed to cater to online gaming operators. A licensed online gaming operator is allowed to maintain servers elsewhere, but customer service operations should be conducted from within Belize. A licensing fee has to be paid to the Government of Belize at the time the license is granted. One license is held per company at any given time and is valid for a period of twelve consecutive months commencing on such date on which the license is granted. The licensee has 60 days prior to the date of the expiration of the license, to apply for a renewal. If approved, an annual renewal fee becomes due and payable to the Government of Belize.
Slogold can facilitate your online gaming application paperwork quickly. The best time to apply for a license is now as the Government of Belize is open to applicants and the application procedure is relatively efficient. Assuming that the applicant is in possession of all the necessary documents, the entire procedure should not take more than six to eight weeks.
Belize gaming license export processing zone
In 1996 Belize was the first country to enact legislation to legalize Internet Gambling. However this proved to be unsuccessful because first the Act imposed a very high license fee, a gaming tax, the posting of a substantial bond and second the very high cost of telephone and internet service.
Having acknowledged these two problems, the Government moved to address them. They did so by allowing the establishment of an Export Processing Zone to cater specifically to internet and telephone gaming and other forms of electronic data processing. This solved both the license, taxation problems and the communications cost.
Firstly, it solved the license and taxation problem because under the Export Processing Zone Act, once an operator in an Export Processing Zone Receives a Certificate of Compliance from the Government allowing him to conduct internet and telephone gaming in the EPZ, he needs no other license. Secondly, it solved the communications-cost problems because under the EPZ Act the developer of an Export Processing Zone is entitled to set up its own telecommunications facility so as to provide telecommunications services at a competitive rate.
The present gaming regulations have been adapted from similar systems based in successful gaming countries and then adjusted to create a modern program to suit the gaming industry of the new millennium. Under the Export Processing Zone Act the scope of the zone was expanded to encourage telemarketing, data processing, internet and telephone gaming operations to license their operations in Belize.
The internet gaming program operating in the Export Processing Zone, is designed for select individuals and corporations operating internet casinos whose clientele are not located in Belize.
Benefits of Export Processing Zone Program
The EPZ programme has been considered advantageous to investors as Belize has a preferential market access to the CARICOM under the treaty of Chaguaramas, the European union under the Lome Convention, Canada under the CARIBCAN and the USA under the Caribbean Basin Initiative (CBI) and the Generalized system of Preferences(GSP).
The rules and regulations governing the EPZ Programme are contained in the EPZ Act 1990 and Export Processing Zone Regulations 1992. Various incentives to investors under the EPZ Act include:
- Full import and export duty exemptions. Import duty exemptions extend to capital equipment, intermediate goods, spare parts and service vehicles utilized inside the EPZ;
- Exemptions from capital gains, property and land tax, excise, sales, and consumption tax, trade turnovers, foreign exchange, and transfer tax;
- A guaranteed income tax holiday of 20 years with an option to extend and deduct losses from profits following the tax holiday period;
- Divided tax exemption in perpetuity;
- Opportunity to open foreign currency bank accounts in Belize and abroad;
- Opportunity to sell, lease or transfer items, goods and services within an EPZ;
- Customs inspection at the zone for expediency;
- Work permits at no cost for all professionals and technical staff;
- Exemption from the Supplies Control Act and its regulations;
- No raw material import restrictions;
- No import or export- licensing requirement;
- No trade licensing for business to operate;
- No licensing requirement for domestic suppliers who sell to EPZ business.
Documents and fee details
The important features of a gaming license from the Export Processing Zone Act are;
- No other license except the letter of compliance from the Government is needed by the operator and this allows him to conduct internet and telephone gaming in the zone.
- The developer of an Export Processing Zone is entitled to set up his own telecommunications facility and hence provide communication services at competitive rates.
- Unmatched incentives for telemarketing, data processing, internet and telephone gaming operations.
Procedure to Apply for an on-line Gaming License in Belize
The requirements for the fulfillment of an online gaming license application are:
•The applicant must be an International Business Company that is incorporated in Belize. Slogold will incorporate such a company and provide registered agent and registered office service.
•The applicant must be able to demonstrate the adequate financial means of the company’s beneficial owners and the integrity and competence of its board of directors and management by submitting the particulars of each person who has any financial interest in the entity that is applying for the license.
•Copies of audited accounts of the applicant must be submitted comprising balance sheets and profit and loss accounts for the last three years, including the most recent.
•Full set of fingerprints must be submitted for each person who has any financial interest in the online gaming entity.
•Copy of the personal identification card and two recent black & white photos must be submitted for each person who has any financial interest in the online gaming entity.
•Copy of Naturalization Documents must be submitted for each person who has any financial interest in the entity if such persons are naturalized citizens or permanent resident of another country.
The conditions of the license require the holder of the license holder to:
•Provide and maintain security deposits and reserves with the Central Bank of Belize for the payment of debts arising out of online gaming being conducted;
•Notify the Online Gaming Licensing Committee if it has to withdraw or call upon its security, deposits and reserves
•Comply with the recommendations and directions of the Committee for the provision of substituted security, deposits or reserves.
•Become liable to any person to whom any winnings, wagers, prize money or money’s worth of any kind becomes due and payable.
Who qualifies for an on-line casino license?
For the purpose of the new online gaming regulations, a person who “conducts” online gaming is anyone who is actively engaged in the organization, management or promotion of gaming or a lottery or any business involving the negotiation or receiving of a bet or the maintenance of any computer or other device in Belize by means of which a game or lottery is operated. Anyone intending to conduct online gaming in Belize must be licensed by the Gaming Control Board. The conditions of the license prohibit the online gaming operator from accepting bets from any person resident within Belize.
With a government that is committed to maintaining high standards for its new online gaming industry, Belize is one of the best choices to consider for an online gaming license.
Fee details for license
The initial fee is around $30, 000 which includes the establishing of operational company, obtaining the Certificate of Compliance, applying and obtaining all work permits as needed, and all expense of the government. The annual maintenance and compliance fee is around $25,000 which covers all disbursements. It takes three to six weeks to complete the procedures and obtain the license.
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