Curacao is moving towards the implementation of the National Ordinance for Games of Chance. (LOK). Questions have been raised about what the transition process for existing licence holders will look like.
Two key functions are provided by the portal. The portal has two main functions. The second step is to register all sublicensees who wish to continue their operations uninterrupted after the LOK has been enacted, and the new Curacao Gaming Authority is created.
Same law, new applications
The law only allows Curacao registered companies to be registered. It means they have to meet two requirements. First, they must have a Curacao registered address and at least one director named in the country.
In advance of the LOK, all new applications will be processed by the government under current legislation. The Minister of Finance has confirmed that iGB there are no requirements for local employees or physical offices at this time.
Sublicensees and new operators who apply for a license on the portal need to submit the required documentation.
Under the current system, master licensees are required to register Curacao. Many operators are from other countries such as Cyprus.
This requirement will not be a problem for entities already registered in Curacao.
The portal currently hosts information about how to apply and official guidance regarding the process. Operators will be able to upload their applications starting 15 November.
Three forms are required to complete the application process: a form for an individual, one for a corporation and another form for a corporate. Download all forms from the portal.
Ultimate Beneficial Owners who hold more than 10% of the capital must complete a personal disclosure. The same applies to CEOs and other top-level executives.
Within two months from the date of submission, the government will review and process all applications that are correctly filled out, along with any supporting documents. The successful applicants will receive an interim licence, and they will have six months to provide the requested policies and procedures.
Once the LOK is in effect, the government will transfer all existing applications from operators to the new format. The government will transfer existing applications from operators to the new regime format once LOK comes into effect.
Sublicensees of the LOK
Operators who want to continue as master licensees or sublicensees under the LOK, must register in the portal before the LOK is implemented by the government. The CGA will then become the regulator.
All master licenses in force can be used as usual for day-to-day business. It is important that the new regulator have a list of all licence holders currently in the country.
Sixienne Jansen announced at iGB L!VE, in July, that Curacao’s Ministry of Finance would be extending master licences by an additional year.
She said that one of the most important elements of transitioning to the new regime was to ensure the continuity of operations for all sub-licence holders.