The Curacao Gaming Control Board (GCB) has recently announced an extension for sublicensees to apply for transit licenses, pushing the deadline to April 30, 2024. This update arrived just two days prior to the original deadline, effectively landing on the last business day of the quarter. This move follows six months of firm declarations that March 31 would be the absolute cutoff.
Does this seem unusual? Indeed, it does.
🚨🚨🚨 SPECULATIONS ALARM!🚨🚨🚨
We reached out to insiders for their insights on the sudden extension. The consensus suggests that the GCB found the quality of applications and the persons governing gambling companies (including directors and Ultimate Beneficial Owners (UBOs)) lacking. Among the issues encountered were incomplete applications, vague business plans, and casino owners reporting a monthly income of merely $2,000, despite their million-dollar ventures. In a bid to give applicants one final opportunity, the GCB has now extended the deadline, marking it as the definitive last chance.
What does this mean for those seeking licensure? Prepare for rigorous checks on the directors' and UBOs' wealth sources, along with an interview with the regulator. These requirements underscore the need for credible and seasoned professionals at the helm.
So, what makes an ideal UBO?
Firstly, a solid track record in fields like fintech, gambling, marketing, or other high-risk sectors. Additionally, clear evidence of wealth sources is non-negotiable, whether it be a lottery win declared on a tax return or earnings obtained more traditionally.
Age also plays a role, with a typical UBO being a businessman aged 30 to 40 years old.
📝Consider the following examples:
❌ Funding from dubious company-affiliated relatives? Not acceptable.
❌ A 21-year-old student claiming five years of industry experience? Unlikely.
❌ A retired military personnel with poor English and zero tax returns? Not suitable.
✅ Projects backed by businesses with audited accounts? Ideal.
✅ A British director with extensive local gambling expertise? Exactly what's needed.
While these rules might seem tedious, they're the current standard. So, prospective licensees should:
— Gather and translate all required documentation related to the company’s, UBO's and directors’ income;
— Draft a straightforward, comprehensive business plan for submission; and
— Thoroughly prepare the UBO for their interview, emphasizing common sense, industry knowledge, and familiarity with their business plan.
Stay tuned for further updates!
Does this seem unusual? Indeed, it does.
🚨🚨🚨 SPECULATIONS ALARM!🚨🚨🚨
We reached out to insiders for their insights on the sudden extension. The consensus suggests that the GCB found the quality of applications and the persons governing gambling companies (including directors and Ultimate Beneficial Owners (UBOs)) lacking. Among the issues encountered were incomplete applications, vague business plans, and casino owners reporting a monthly income of merely $2,000, despite their million-dollar ventures. In a bid to give applicants one final opportunity, the GCB has now extended the deadline, marking it as the definitive last chance.
What does this mean for those seeking licensure? Prepare for rigorous checks on the directors' and UBOs' wealth sources, along with an interview with the regulator. These requirements underscore the need for credible and seasoned professionals at the helm.
So, what makes an ideal UBO?
Firstly, a solid track record in fields like fintech, gambling, marketing, or other high-risk sectors. Additionally, clear evidence of wealth sources is non-negotiable, whether it be a lottery win declared on a tax return or earnings obtained more traditionally.
Age also plays a role, with a typical UBO being a businessman aged 30 to 40 years old.
📝Consider the following examples:
❌ Funding from dubious company-affiliated relatives? Not acceptable.
❌ A 21-year-old student claiming five years of industry experience? Unlikely.
❌ A retired military personnel with poor English and zero tax returns? Not suitable.
✅ Projects backed by businesses with audited accounts? Ideal.
✅ A British director with extensive local gambling expertise? Exactly what's needed.
While these rules might seem tedious, they're the current standard. So, prospective licensees should:
— Gather and translate all required documentation related to the company’s, UBO's and directors’ income;
— Draft a straightforward, comprehensive business plan for submission; and
— Thoroughly prepare the UBO for their interview, emphasizing common sense, industry knowledge, and familiarity with their business plan.
Stay tuned for further updates!
