Gambling License in Estonia
Gambling license in Estonia
The gambling business is known to be prohibited in many countries of the world. Estonia is a country that allows the gambling business, but this business has strict requirements. In particular, for gambling business the owners should have the good will.
On the top of it, they must obtain the permission to engage in such activities. It is important to note that the gambling license in this Baltic country will be issued only if the gambling is the only activity of the company.
Gambling license in Estonia and gambling
A business in this area is possible to be created if the company is set up as:
- Joint stock company.
- Limited Liability Partnership.
This will require an auditor to hire and the capital to be accumulated of at least 130 000 Euros. Besides, the auxiliary financial resources will be required. Usually their size is calculated based on the size of the share capital (33%).
The reserve fund needs to be replenished from the net profit of the gambling facility. 1\7 part of this fund should be used to form the capital until the gambling establishment facilitators are able to collect the required amount.
All tax payments should be declaredand then paid by the 15th day of each month following the tax period. The rates in Estonia are as follow:
- 1278.23 Euros on the one table for games.
- 300 euros for each slot machine.
- 10% of the money received from the bets. This amount will be reduced by the amount of winnings paid.
Gambling license in Estonia and local legislation
For license obtaining, range of documents should be prepared. What should be collected?
- Information of the gambling facility representatives as well as of the members of the Board of Directors.
- Copies of many documents of business owners and managers.
- Documentation on persons who have a significant share in the company.
- Information on auditors.
- The petition that is required to obtain a license to arrange and manage the kind of business as gambling.
- All corporate documents.
Licenses are issued by Tax and Customs Board of Estonia. The decision can be made 4-6 months after the application (petition) has been submitted. Once license is granted, all documents must be submitted for final approval. This is about 2 to 4 months.
In order to arrange all the documentation as soon as possible, many companies seek the advice of specialists. We will help to cope with all tasks as quickly as possible. What exactly can the Private Financial Services offer to help?
- Usually the company specialists render support with all registration issues. This refers to document preparation, negotiation with state bodies, and opening of the account in one of the banks in Estonia.
- After that, we will help to prepare all the documents and applications as they are required to be submitted for licensing and communication with the Tax and Customs Board of Estonia.
State fee for license starts from 31 960 EUR depending on class of the license. There are different licenses for games of chance and betting.
We offer support from the beginning to the successful end.
Gambling license in Estonia and possible rejection
- A criminal record of a shareholder or a member of the Board of the company is found.
- Illegal activities and violations of gambling rules in other jurisdictions.
- The bankruptcy of previous enterprises.
- Negative reputation of key shareholders and directors.
For more detailed information and prices, please contact our specialists. We will be glad to assist with licensing and have extensive experience of doing that!