The license in Montenegro
Montenegro is a state with many land-based casinos. Usually they are located in tourist cities. The Gambling Act implemented a long time ago in Montenegro regularizes the activity of gambling business.
Licensed casinos, bookmakers, poker rooms and that sort of institution win from the state the support in their development. That is why they can make possible the big wins of their users.
The licence for gambling activity is necessary to each operator who wants to work in the country. Moreover the licence is necessary not only for land-based casinos, but also for online casinos.
In order to base a licensed casino in Montenegro and work online, first of all the operator must get permission for a land-based institution. There is no way without it. It follows that online licenses essentially just fill up the license of classic casino, and it is not a separate state license.
Casino licenses: what are the requirements to the declarant
In fact, the main key criteria is registration on the territory of the state of company, in a form of limited liability company, or stock company. If we speak about other criteria: registered capital, guarantees of fast withdrawals, the investment security, conditions of citizenship of the European Union or Montenegro of company’s managers and so on – all these criteria are changing depending on the license.
The license for opening a bookmaker
In the country, placing bets on the outcome of political elections is restricted. Moreover, the owners of bookmakers cannot serve as the owners (shareholders) of sports clubs. If there are any of them as managers, then the bookmaker cannot place bets on the matches of this team. There is the possibility to get the bookmaker licence for 3 years at once. According to the results of the first year, the regulator will decide to extend the license or not. The company that owns the bookmaker is obliged to get a separate licence on all sport kinds that are available for placing bets on. In addition the bookmaker must provide access to its platform to the local oversight body.
So, before filling an application for bookmaker licensing, make sure that your capital stock constitutes more than 75000 euro, and the bank banker guarantee is minimum 30000 euro.
Learning the slots that are used on the land-based institutions
All classic gambling clubs must have this kind of licence. It is granted for 3 years, after this period of time is taking the decision to extend the licence or not. There are situations when it is not necessary to have it. For instance, the operator already has the permission on a classic casino working, and it is planned to install slots there.
So, before filling an application, the operator must make sure that his further capital is more than 75000 euro, and the bank banker guarantee constitutes 25000 euro.
Licensing of a classic land-based casino
In the country it is possible to open an own classic casino, but there are limits in its amount. One operator is allowed to open no more than 8 institutions. Licenses are issued through an open competition (in fact, it is a tender), which is established by the government of the country. In case of winning the tender, the operator will be issued a license for a period of 10 years, in case of successful operation of the casino, it will automatically extend for another 5 years. As mentioned above, this license allows the installation of slots in the casino.
If we talk about the criteria imposed on the operator, then everything is individual. Every time the regulator arranges a tender, the entire list of criteria is published on his website. However, there are some specifics. The minimum capital of the organization is 300000 euro, and the bank guarantee is 90 thousand. Very loyal demands, aren’t they?
Licensed online casino in Montenegro
In fact, all you need to get a state license is to have a permission to operate a classic casino. And if you do have it, you will only need to collect a package of additional documents and send them to the regulator, which will quickly approve your request.
There are some limitations. So, all authorized representatives of the operator should not have a criminal record. You will also need to provide documents copies that all employees of the online casino are competent specialists who have received proper training.
Licensed online casino: what documents you need to provide for licensing in this jurisdiction
- A document confirming the official registration of the company.
- A copy of the pre-incorporation contract.
- A well-thought-out business plan that takes into account all the risks.
- Documents from the police that show that all executives have no criminal records.
- If you are going to open a land-based casino, you need to provide a loan agreement or proprietary rights to the premises where the establishment will be located.
- The rules and detailed descriptions for each slot machine.
- Confirmation of the minimum further capital.
- Provide a description of the technical capacity from which the regulator should conclude the availability of providing online services.
- Confirmation of payment of the fee and availability of a bank guarantee.
Gambling taxes in the country
The Republic has established a single rate on profit and income tax. This is only 9%, which is much lower than in most other jurisdictions.