GBO’s Success Story: Curacao Gaming Companies Case Studies

Learn From Our Experts About Curacao Gaming Companies Formation

GBO has been active for many years in providing assistance for investors looking to establish a presence in the attractive Curacao online gambling jurisdiction. In this article, we will present summaries of our actual experiences for customers who run profitable e-gaming operations in Curacao as well as in other similar jurisdictions.

Through GBO’s worldwide network of gaming-friendly banks and payment processors, and our great expertise in dealing with the Gaming Control Board, we will help you through all the hurdles. We have over twelve years of experience in Curaçao and other countries, and have hundreds of satisfied customers. In just a few weeks, and at minimal cost, you will be ready to launch!

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    In general terms, many banks lack knowledge of the online gaming industry and regulations so they are hesitant to open accounts for e-gaming companies, treating them as “high-risk” operations regardless of the financial and managerial strength of the operation.

    Financial institutions often impose strict requirements on e-gaming companies before allowing them to open accounts.. This has led to obstacles for many companies seeking to establish themselves in their chosen sector, and has also threatened the viability of existing companies when the banks suddenly impose new rules and restrictions.

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    Case 1 – Overcoming banking restrictions in Malta that were blocking e-gaming companies

    The company had a requirement to receive payment from their merchant account provider from players residing outside of the EU. The bank would only allow transfers into the corporate account via SEPA and only in Euros. Because of the bank’s policy, funds were being held up in foreign accounts and were not accessible by the company. The bank was limiting money transfers to the SEPA system, which meant that only funds coming from the member countries, and only that had been transferred in Euros, could be moved.

    We have had considerable experience in the past in dealing with similar problems, and could identify their needs and current difficulties. In the past, we have worked with Electronic Money Institutions (EMIs) which can provide money transfer facilities that are neither geographically limited nor bound to any single currency.

    The simplest approach, when choosing which is the easiest way to open a business account in European countries, is to consider setting up a multi-currency business bank account with one of the many new EMI and Fintech services. Such an account enables multi-currency balances, fund transfers, IBAN account identification and making payments internationally. 

    The process we followed was fairly straightforward:

    • Assembling company shareholder’s information including disclosure of the ultimate beneficial owners of any corporate investor as well as from individuals.
    • Detailed proof of incorporation
    • Certificate of incorporation
    • Articles of association
    • Details from the company register with information about the company’s directors and shareholders
    • Proof of identity for each director and senior manager as well as majority shareholders (usually over 10% stake) of the company
    • Proof of address of the company, with some validation (utility bills, etc.)
    • Filling in the information in the financial institution’s Corporate Questionnaire.

    We worked closely with the EMI to ensure a smooth process and the financial institution approved the application and opened the company an account with the required services within two weeks.

    Case 2 – Establishing corporate and banking structure to support a Curacao online gambling operator

    The company, which was based in the UK, was already running a successful online gaming operation in Curacao. Before partnering with us, the company struggled with its banking options and almost had to close its business due to lack of an operational bank account.

    They came to us asking for assistance to open a business bank account in Europe that was able to receive funds from their merchant account provider in Euros as well as US dollars, via SWIFT and SEPA. They also needed multiple debit cards to pay for online services.

    Our solution was to locate an EMI in Europe that would not regard them as high-risk, and was e-gaming friendly. We assisted their Curacao company, which was running operations under their Curacao gambling license costs, to open a bank account in Europe.

    In that way, the company now has an account in Europe into which all incomings from their merchant accounts and PSP’s are sent. As well, the company uses 2 debit cards for making online payments.

    The time taken to open the account from first contact with us until the bank approved the application was about 24 days. The company has now been working with the bank we provided since mid 2020 and the account is still fully operational.

    Case 3 – Replacing existing banking structure for an on-going gaming operation after imposition of tough new restrictions

    The company’s existing bank closed their account due to perception of the industry risk category of online gaming. Even while their bank account was operating, the bank held-up incoming transfers in US dollars, due to the need to provide justifications to US intermediary banks again and again for those payments.

    They came to us asking for assistance, and our offer was to open a business bank account in Europe handling both Euros and US Dollars, with SWIFT and SEPA. We also were able to find for them a financial institution that understood their business’ operational needs so that their transactions would be processed smoothly and easily.

    Our solution included a way to open an account with a gaming bank account based in Europe while retaining their current company, without the need to form a new company in a EU jurisdiction.

    Now, the company has an account in Europe where all incoming transfers from operators are sent and the company can easily transfer back to its corporate bank account which has the same company name so it’s regarded as an internal transfer – no questions asked.

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