To obtain a gaming/gambling license in the BVI, the company that offers the services submits an application to the Virgin Islands Casino Control Commission and follows any other required licensing procedures, based on the specific games or services it will provide to clients. Our BVI company formation specialists assist investors who open companies that will be operating in the gaming or gambling sector and can also provide adequate guidance during the licensing phase.
Table of Contents
Regulations for gaming and gambling companies in the Virgin Islands
Casinos and other companies that conduct business with casinos, as well as those that offer other types of gaming or gambling services, are required to obtain proper licenses and, at all times, to function according to the local laws.
Investors who open a gaming or gambling company in the BVI follow the basic steps to open a company in the BVI and, once this is complete, they submit their application for a business license.
Our team reminds investors who want to set up a gaming or gambling company that, to open a BVI company, they must:
- Choose a suitable business form: most commonly, this is the private limited liability company;
- Prepare information on the company: its type, scope, duration, and other data are included in the Articles of Association. Other information about the company’s beneficial owners is disclosed later on (according to the law);
- Submit the application for registration: the documentation is submitted to the Registry of Corporate Affairs, which maintains the registers on BVI business companies, foreign companies, and other entities such as the limited partnership;
- Have the company licensed: companies require special permits according to the industry in which they operate. Casinos and other establishments obtain a gaming/gambling license in the BVI before they start their activities.
In addition to the mandatory licensing requirements that apply as directed by the authority that governs this business sector, entrepreneurs who set up a gaming or gambling company in the British Virgin Islands follow the accounting and reporting requirements, along with the ones for hiring and managing staff.
Other types of services, such as foreign exchange trading, are also subject to licensing. Our team can give you more information.
Gaming and betting in the British Virgin Islands
The Virgin Islands Gaming and Betting Control Act, 2020, is the main legislative document that governs the establishment and control of companies that operate in this sector. It is also the main source for the regime applicable to those who want to obtain a gaming/gambling license in the BVI.
Some of the applicable license categories are as follows:
- Gaming machine operator;
- Gaming machine owner;
- Gaming machine distributor;
- Bookmakers, for conducting betting activities (other than pool betting);
- Staging live racing and pool betting.
Application and registration fees
Casinos and other gambling or gaming companies in the Virgin Islands are subject to certain registration fees according to their type. Our team lists some examples below:
- Casino I license fee: $350,000 for the initial 10,000 square feet of the premises (more of the space is larger);
- The Casino II license fee is $150,000 and more for each additional 5,000 square feet;
- The slot machine license fee is $260 per unit per year, and this tax is due on the 1st of July each year.
In addition to the requirement to obtain a gaming/gambling license in the BVI, casino and other gambling or gaming service providers are also asked to hold licenses for the key employees of the casino. Our agents who can help you with company formation in the BVI can give you more details.
Please keep in mind that the fees listed above do not refer to the overall costs to open a gaming or gambling company in the BVI, only to the ones applicable to certain types of licenses.
Contact our experts in company formation in the BVI if you want to know more about how to start a gaming or gambling business here.