How to obtain a Vanuatu Gaming License?

Vanuatu, a pioneer in online gambling licensing, has unveiled an updated framework designed to cater to operators targeting pre-regulated markets. This initiative marks a significant step forward in the island nation’s commitment to fostering a robust yet business-friendly regulatory environment.

Streamlined Application Process

Central to the new framework is an entirely online application process, simplifying and expediting the licensing procedure. Scheduled to commence in the coming weeks, the process will be facilitated through a newly developed administration portal, ensuring efficiency and accessibility for prospective licensees.

Core Requirements for Licensing

In collaboration with the Vanuatu Department of Customs and Inland Revenue (VDCIR), the licensing requirements strike a balance between stringent regulation and operational ease. Key prerequisites include:

• Due Diligence on Ultimate Beneficial Owners (UBOs): Applicants must provide proof of identity and address for UBOs, along with an explanation of their sources of wealth.
• Corporate Structure Transparency: Detailed due diligence on all associated entities and holding structures is mandatory.
• Financial Accountability: Submission of a business plan outlining operational strategies and financial statements demonstrating the project’s funding sources.
• Compliance Measures: Adoption of robust anti-money laundering and counter-financing of terrorism (AML/CFT) policies and procedures.

License Details and Benefits

The Vanuatu Interactive Gaming License (VIGL) is tailored for business-to-consumer (B2C) operators targeting diverse gaming verticals, including sports betting, online casinos, poker, and more. Valid for 15 years from issuance, the license supports transactions in both fiat and cryptocurrencies, reflecting Vanuatu’s progressive stance on digital currencies.

Financial Implications

While the application fee stands at €5,000, with an annual license fee of €10,000, Vanuatu’s tax regime offers significant advantages. In addition to these fees, operators are subject to a Wagering Activity Tax of 1% on Gross Gaming Revenue (GGR). Gaming companies benefit from exemptions on corporation tax and VAT, enhancing the appeal of the jurisdiction for operators seeking a favorable fiscal environment.

Future Developments

Looking ahead, Vanuatu plans to introduce a business-to-business (B2B) license to complement its current offerings, expanding opportunities within the global gambling sector. Moreover, ongoing efforts to streamline game certification processes aim to further support licensee operations.

Conclusion

As Vanuatu prepares to accept applications under its enhanced gaming framework, prospective operators can anticipate a transparent and supportive regulatory landscape. With its updated requirements and competitive pricing, Vanuatu reaffirms its position as a preferred jurisdiction for online gambling licensing, offering a strategic gateway to emerging markets worldwide.