Setting up an iGaming company in Malta
Malta makes an obvious destination choice for your remote gaming company. iGaming is booming in Malta with more companies starting up or relocating to Malta all the time. With that comes a wealth of expertise and a great community in which to thrive, not to mention some excellent weather and a great backdrop for the office.
How to set up your company
Knowing where to start can be the tricky thing in setting up your iGaming business in Malta. Fortunately it is not that complicated a process, albeit it is a thorough one so expect it to take about 6 weeks. Here are a few pointers to getting started:
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Register your company in Malta. Your main business must be operational from Malta – support functions i.e. call centres etc can be outside of Malta. You can get an application form for this from the LGA (Lotteries and Gaming Authority – lga.org.mt). You’ll also need to submit a business plan, declaration from shareholders, personal documentation like passport/ID and original birth certificate as well as a conduct report from the Malta police. An investigation into the financial viability of your company will then be undertaken.
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Assuming the above is satisfactory and cleared by the LGA, you’ll get a first stage approval letter and will be free to start operating in Malta. This is only a provisional license however, and you will be guided through testing and establishment of your business by an LGA compliance officer. If all your systems and processes meet with approval, you will be granted a compliance certification and full licence to operate permanently in Malta. It’s worth noting that all pending third party contracts must also be completed in this 3 month probationary period.
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There are certain fees that will need to be paid at varying stages. The initial application has a non-refundable fee – even if you are rejected. You will then pay an annual fee for operating in Malta there-after. A company fee and all fees with third parties will be another obvious overhead. Other costs include corporate tax and gaming tax that will be paid monthly and be relative to the gaming class you are in.
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There are 4 classifications for remote gaming operators that will dictate your tax band as mentioned above. These cover lotteries, through to spread betting, betting exchanges and remote gaming and software vendors. Visit the LGA or seek legal advice for more information as to the most relevant class categorisation for your business before you start.
Once all of the above is in place you are free to run your business in Malta as you see fit. Just make sure you abide by the rules and regulations of the LGA in Malta. Due to the high number of gaming companies that reside in Malta, there are a number of Maltese law firms that specialise in company formation in the gaming industry so it is worth seeking some sound local, legal advice from those in the know before you get started. Then, you can get on and enjoy making money in the sun.