5 Reason why Malta is attracting Gaming Companies
For the last decade, Malta has enjoyed a strong position as one of the most respected global jurisdictions for iGaming. Year on year, its reputation has grown exponentially as it attracts more big businesses, start-ups, and gaming entrepreneurs.
1. An Island of Experience
iGaming has been a part of Malta’s business economy for over 10 years now, and as such, there are a wide range of ancillary and support businesses that have set up to cater to the industries specific needs. These businesses include IT firms, marketing agencies, head-hunters, data centres, and of course, legal and corporate services advisors such as Babbington Croft Associates. In addition to this, there is substantial pool of multi-lingual (English, Italian, French, German, and a high number of Nordic expats) and highly educated residents and citizens with gaming experience, on hand to staff your business venture.
2. Favourable Fiscal Regime
A gaming operator operating from Malta is able to avail themselves of the countries favourable tax regime. With corporate tax set at 35%, Malta offers a EU compliant full imputation system that provides shareholders with refunds on the tax paid, therefore offering significant mitigation on the overall tax liability. There are also a large number of double taxation treaties in place, as well certain provisions that allow the recovery of input VAT subject to the satisfaction of applicable criteria.
3. Outstanding Reputation
Malta was one of the first jurisdictions to legislate in favour of online gambling. Since then, several other countries have followed its lead but Malta retains its position as a leading jurisdiction of excellence for iGaming operations. The Malta Gaming Authority is widely respected on an international scale and possession of a license from them is seen as a vote of confidence and seal of approval in terms of reputability, accountability, and integrity.
4. Inviting Corporate Environment
The most popular and effective entity for a gaming business is the international trading company. This entity can be set up in as little as 48 hours and with only 20% of the EUR 1,165 share capital being payable upfront, as well as low registry fees and incorporation costs, it is a small price to pay for opening a company in a reputable EU jurisdiction.
5. Streamlined Licensing Procedures
Earlier this year, Maltese Parliament made some significant changes to the countries iGaming laws. The previous legislation entitled “The Remote Gaming Regulations” was replaced by a simpler, more streamlined, yet more effective set of laws, entitled “The Gaming Act”. The most significant change to the previous system is a simplification of the licensing procedure that now offers just two types of licenses; a business to business (B2B) and business to customer (B2C) license. Holders of a B2C license can just add on different game types to their existing license, without having to go through a full license process.
Other changes include an extension on the validity of each license from five years to ten years, revised licensing fees, a greater upfront licence fee, but exemptions applicable to start ups under certain circumstances. Additional measures were also introduced to increase consumer protection standards, responsible gaming measures, and the reporting of suspicious sports betting transactions.
Interested in exploring Malta’s potentials?
Contact Babbington Croft Associated: https://babbingtoncroft.com/contact-us/