Among the most profitable businesses in the world, the gaming industry is booming in 2024. More and more players join every year, pushing up the number of gambling venues and investment amounts. In the above context, a Comoros gaming license is one of the best choices for licensing a gambling business.
To start your gaming project legally, be prepared to invest in a respected gambling license. By doing so, you will also contribute to improving the image of online casinos, as licensed companies are considered safe and reliable. Although many jurisdictions offer gaming licenses today, Comoros is rapidly gaining popularity in the gambling industry. The reason is simple: its regulations are more flexible than say in Curacao or Malta. The country has passed new legislation that aims to ensure security in transactions and stop illegal money laundering. Thus, under the newly adopted law on gaming, the registration of online casinos in Comoros is now perfectly legal.
How to launch your gambling business in Comoros: first steps
If you want to start an online casino or sports betting site in Comoros, you need to get a license from the Comorian Gaming Board. The application process is complex and requires a detailed business plan and proof of your financial stability. Don’t forget that you will have to register a company in Comoros first. Should you experience any difficulties along the way, contact International Wealth pros for professional support and recommendations.
All in all, you will pay approximately EUR 40,000 to get your gambling license in Comoros. The license is issued within a matter of weeks and any non-resident companies may get it. With this license, you are free to pursue different kinds of gambling and related activities. Here belong games, software development, and services that you may render to other companies in the industry.
Comoros gambling license: global prestige
Getting a gambling license in Comoros boasts a major advantage of being cheap. This is especially evident if you compare the corresponding costs to the ones in other well-known jurisdictions like Curacao or Malta. The license fee in Comoros is reasonable and fixed, covering all taxes and charges for the company’s first year of operation. The gambling license you will get in Comoros is respected in the global gambling industry. It allows you to pursue different kinds of gambling activities, thus providing more options and chances to diversify your business.
Comoros offers significant tax advantages for gaming licensees that are exempt from tax audits and taxes on their gross gaming revenue. This enables Comoros gambling operators to enjoy more financial flexibility and concentrate on business growth. The above favorable conditions not only enhance profitability but also contribute to operational efficiency, reducing the overall cost of doing business in Comoros.
You shouldn’t forget that Comoros benefits from its advantageous location in the Indian Ocean. This gives the country access to regional and international markets in Africa, the Middle East, Asia, and Europe. Comoros plays a strategic role as a member of the Common Market for Eastern and Southern Africa (COMESA) and the Indian Ocean Commission (IOC), which offer opportunities for preferential trade agreements and enable the free movement of goods, services, and people within these blocs. As an international trade and tourism hub, Comoros leverages this unique position, reaping all the related benefits.
Operating a gambling business in Comoros: challenges you will encounter
Although Comoros attracts gambling licensees from all over the world with its appeal, it also comes with certain challenges. The main issue is the weak supervision in the country, reflected in its complicated and bureaucratic business regulation system. Hence, entrepreneurs are likely to face obstacles and delays due to these complexities. Moreover, the country’s limited and underdeveloped financial sector may hinder access to credit and banking services, creating difficulties for future businesses.
Comoros suffers from a poor reputation and a high risk of money laundering and fraud, which may impact the credibility and security of local companies. With this background, potential gambling business owners should exercise a prudent and diligent approach at all times. The latter requires extensive research and analysis of the jurisdiction before you proceed with your business activities there.
Political instability and social unrest are another source of concern. A history tainted by coups, conflicts, and violence casts doubt on the stability of the local business environment and the rule of law. External threats like piracy, terrorism, and natural disasters further emphasize the need for resilience, prompting newly established companies to develop contingency plans and backup strategies for emergencies.
The small and isolated market in Comoros is also a challenge. Marked by a low GDP, a high poverty rate, and weak infrastructure, it may imply limited potential for growth and diversification. Insufficient internet penetration, a low literacy rate, and a budding gambling culture aggravate the challenges, demanding a realistic and innovative approach for businesses to succeed.
License alternatives: consider Malta and Curacao
If for whatever reason a Comoros gambling license is not what you are looking for, you are welcome to consider the opportunities offered by the gambling licenses of Malta and Curacao. They come with different features and requirements that may suit varying business needs and preferences. Curacao has a long history and reputation in the iGaming industry, but it has recently introduced stricter regulations and higher fees that may pose challenges and costs for licensees. Malta, on the other hand, allows access to the highly lucrative and competitive European gambling market. However, Malta has high license fees and tax rates, alongside a long and complicated registration procedure. It also requires some gambling transactions to pass through Malta, which means new challenges and higher costs for license holders.
As a developing market, Comoros offers many exciting business opportunities, including those in the gaming industry. If you are interested in learning more about them, contact the International Wealth team today for a comprehensive guide to a gambling license in Comoros, and let us help you achieve your goals! Besides, our experts are here to offer you recommendations on how to obtain a forex or crypto license in the jurisdiction and expand your business. For more details, you are welcome to visit the International Wealth website or contact us directly.