Company Registration
2 Week
Local Director?
Yes
Bank Account Opening
4 Weeks
Travel Required?
No
Excellent
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Isle of Man B2B Software Supplier License
- The Isle of Man B2B Software Supplier License offered by the GSC as of February 5, 2019, is a voluntary certification offered specifically for the software suppliers in the eGaming industry. Such a license shows that the issuing license demonstrates high standards of corporate governance and game fairness offered to the supplier. It brings great benefits, including streamlined integration processes and increased international credibility.
- Although not necessary in the supply of software to licensees from the Isle of Man, the license is popular since it helps develop cooperation between licensees and relevant stakeholders worldwide. Licensed suppliers get an advantage when their products feature on the list of games held by the GSC’s approved game registry. Hence, such listed products are expediently deployable without demanding extra testing certificates. In this guide, Tetra Consultants will take you through the key aspects of the Isle of Man B2B Software Supplier License a valuable offshore gaming license destination, and how you can seamlessly obtain it by engaging with our expert team.
Advantages of obtaining Isle of Man B2B Software Supplier License
- Obtaining the Isle of Man B2B Software Supplier License brings about several significant benefits to software suppliers in the gaming industry. Even though it is not obligatory, it has a quality and regulatory compliance stamp. Key benefits include:
Credibility and trust:
- Holding this license shows a commitment to transparent and fair gaming, which thus benefits a company’s reputation amongst partners, from the operator and bank to the investor. In turn, credibility builds smoother negotiating relationships and partnerships in various markets.
Streamlined integration:
- Licensed software providers are allowed to enter their products into the approved games register maintained by the Isle of Man Gambling Supervision Commission (GSC). This facilitates Isle of Man licensees offering these games with no requirement for additional testing certificates, thus potentially saving much time-to-market and associated costs.
Simplified compliance:
- The GSC carries out testing and certification for all games submitted by license holders, thereby obviating the need for multiple compliance checks. This efficiency not only saves time but also lowers operational costs for both suppliers and operators.
Market opportunities:
- The license allows entry into new business opportunities with licensed operators in other jurisdictions, which expands market reach and potential revenue streams.
Support for innovation:
- The Isle of Man has a very robust regulatory framework, which is a strong enabler for innovation in the gaming sector. The license, therefore, can help companies to establish themselves as market leaders in this competitive landscape.
Timeline to obtain Isle of Man B2B Software Supplier License
- The timeline for obtaining the Isle of Man B2B Software Supplier License spans several key phrases. It takes about 2 weeks for company registration, corporate bank account opening usually takes 4 weeks, and preparation of the business plan and license application takes another 3-4 weeks. The GSC will review the case once an application for a license is submitted. The period to get to the full hearing after submission takes about 12 weeks. It will take approximately 5-6 months for the entire process, depending on how efficiently one submits documents and how fast the regulatory review goes.
Key regulatory authority for Isle of Man B2B Software Supplier License
- The Gambling Supervision Commission (GSC) is the main regulatory authority of Isle of Man B2B Software Supplier License. Formed to oversee the provision of gambling within the island, GSC guarantees operators and suppliers follow strict integrity, fairness, and transparency in the management of operations.
- The B2B Software Supplier License is created by the GSC, catering to growing needs of international software providers looking for opportunities to showcase that they operate under these requirements. The process therefore is streamlined into compliance pressures applied to the suppliers of the software while simultaneously providing credibility for these products within the eGaming market.
- The above regulatory framework provides assurance not only to operators but also to various stakeholders, enabling the same environment of growth within the industry to flourish as they have faith that licensed software passed the tests for certification in rigid criteria.
Types of B2B Software Supplier License in Isle of Man
Software Supplier License:
- This is a license meant for businesses that provide gambling software and services without involving blockchain technology. It generally becomes suitable for the traditional gambling software suppliers, platform providers, software resellers/distributors, and live dealer studios. This license lets firms show compliance with the high regulatory standard of the Isle of Man and obtain access to the approved software registry at the GSC.
Token/Blockchain-based software supply License:
- This license is specifically aimed at businesses using blockchain technology or digital currencies. It is suitable for developers who create software products that use tokens, coins, or blockchain-based solutions. The same benefits offered by the standard software supplier license are available but tailored to the growing sector of blockchain and cryptocurrency gaming applications.
Activities allowed under Isle of Man B2B Software Supplier License
The Isle of Man B2B Software Supplier License permits different activities for the software suppliers within the eGaming industry. The main permitted activities under this license include:
Software development and supply:
- A license enables users to create and provide gambling software, such as RNG games, casino platforms, and betting systems.
Platform provisioning:
- Suppliers can offer holistic gaming platforms to operators that may be used for running their online gaming businesses and back-office solutions that support their operational needs.
Live dealer services:
- The license also allows for the provision of live dealer studios, allowing suppliers to offer real time gaming with a live dealer.
Resale and distribution:
- Licensees can be resellers or distributors of gambling software. This means that they can work with multiple operating companies without requiring separate licenses for every individual partnership
Integration with Isle of Man operators:
- Once a supplier’s games are compliant and appear on the GSC games registry, then Isle of Man licensed operators do not need supplementary testing certificates and can deploy said games.
Blockchain integration:
- The blockchain-specific variant license holder can engage suppliers to produce and supply gaming applications that may use blockchain and digital currencies for their operations.
Who can apply for Isle of Man B2B Software Supplier License?
- This license is voluntary, however, within the last couple of years, many software companies have chosen to do so in order to confirm their commitment to the high standards of the Isle of Man, which will serve as a reassuring factor for any B2B partners, including operators, banks, payment processors, investors, and shareholders.
- This license is suitable for the B2B suppliers:
- Gambling software suppliers
- Platform providers
- Software re-sellers/distributors
- Live dealer studios
- Blockchain tech and token/coin suppliers
- Software providers for skins gambling
Why proceed for Isle of Man B2B Software Supplier License?
- Going with the Isle of Man B2B Software Supplier License is an important strategic step for software vendors looking to carve out a place in the eGaming competitive market. It is not obligatory to hold a license, but it is the most important piece of documentation in respect of the Gambling Supervision Commission (GSC) having set high standards for regulatory compliance.
- This can be crucial, especially for the gaming industry when it strives hard to increase its reputation and assure its gaming operations. The attainment of this license has been shown to demonstrate a best practice commitment, corporate governance which can act as a key issue for possible partnering with operators, banks, or investors. Moreover, the license allows easier incorporation of games into platforms provided by Isle of Man licensees, which consequently increases operational effectiveness and responsiveness in the market.
- Moving forward with the Isle of Man B2B Software Supplier License will place companies on an advantageous footing for growth and collaboration in the global gaming landscape in a highly trust and credit-sensitive environment on an advantageous footing for growth and collaboration in the global gaming landscape.
Procedure of obtaining Isle of Man B2B Software Supplier License
Step 1: Company registration
- Initially we will proceed to register company in Isle of Man which will take around 2 weeks. Company registration is an essential requirement for Isle of Man B2B Software Supplier License.
Step 2: Identify the license type
- Further, our experts at Tetra Consultants will begin by guiding you in determining the right type of B2B Software Supplier License for your business model. You can select either the Software Supplier License or the Token/Blockchain-Based Software Supply License for companies that will use blockchain technology or digital currency. This determination ensures that operations are carried out in compliance with regulatory requirements.
Step 3: Gather required documentation
- After forming or transferring the company as per the wish of the clients, Tetra Consultants will assist you in collecting all the documents necessary to support your license application.
- This may include completing forms for applications, preparing a comprehensive business plan which describes your operations and objectives, and preparing financial statements that show your ability to be financially responsible.
- We will also assist you in drafting robust anti-money laundering policies and customer due diligence procedures. Furthermore, technical system testing reports and third-party RNG certificates will be obtained to ensure that your games are fair. All the submitted documents shall be accurate and updated in preparation for submission purposes.
Step 4: Submit the application
- After collecting all the documents, we will submit the application to the Gambling Supervision Commission. At this point, we make sure that all the forms are completed with utmost care, so there are no delays in processing the same.
- We represent your company during the review process and communicate with the GSC during the review process about further clarification and information requirements for your application to smoothly pass through to the approval stage.
Step 5: Respond to GSC inquiries
- We will then handle all communications with the Gambling Supervision Commission (GSC) on your behalf. Our experts at Tetra Consultants will promptly address any inquiries or requests for additional information or clarifications raised during the review process.
- We will ensure that your application progresses efficiently and maintains momentum toward approval by providing timely and comprehensive responses.
Step 6: Attend the license hearing
- Going further, we can guide you through preparing for the license hearing, which is an inevitable step, during which the Gambling Supervision Commission will scrutinize your application formally. We can request to have an online conference meeting with the GSC for this purpose; however, this request has to be approved by the regulators. Usually, hearings take place in person.
- Our experts at Tetra Consultants will prepare you to effectively present your case and respond to concerns raised in the hearing. This will help ensure you have the best possible opportunity for a successful outcome in getting your gaming license.
Step 7: Receive approval and maintain compliance
- Once a hearing is attended, our experts at Tetra Consultants will ensure that our clients have secured the approval of B2B Software Supplier license. Following the successful approval, we will help you in observing compliance with the further regulatory requirements put in place by the Gambling Supervision Commission (GSC) for keeping your license live.
- Among all other requirements, including corporate governance standards, and game fair standards, and others, adopted during the licensing agreement, we provide support for systematic audits and upgrades to ensure and maintain compliance according to the growing regulations in this gaming industry.
Step 8: Corporate bank account opening
- Once the Isle of Man B2B Software Supplier License is approved, our experts will be prompted to assist with corporate bank account opening services. We ensure that a banking account with one of the well-established banks of the Isle of Man for our clients is open within 4 weeks.
- It is important to understand that the accounts for gambling and trading must be maintained in a bank here in the Isle of Man, unless agreed otherwise. Banking outside the Isle of Man can be permitted if there is a valid commercial justification, and then only if necessary.
Documents required for Isle of Man B2B Software Supplier License
- Notarized valid copies of passports of all beneficiaries.
- A detailed business plan outlining the company’s operations and objectives.
- Information about the types of games and software that will be supplied.
- Documentation demonstrating that the software has undergone technical testing.
- Certification from an approved testing house confirming the fairness of the Random Number Generator used in games. (If applicable)
- An overview of the intended market for the software products.
- Evidence that player registration servers are located within the Isle of Man.
- Documentation confirming that directors and key personnel have no criminal record.
- References from banking institutions to establish financial credibility.
- Recent utility bills to verify residency and address information.
Requirements for Isle of Man B2B Software Supplier License
- Incorporated an Isle of Man company which will hold the license.
- All applicants have to demonstrate a clear understanding of their technology.
- The license is eligible for Initial Coin Offering funded businesses, which allows them to prove their compliance with high standards in the gaming sector.
- All tokens should be available and not under development.
- There must be a minimum of two local directors, which are not corporate entities but rather individuals. Tetra Consultants can provide nominee director and shareholder services to comply with the requirements.
- It is necessary to have a resident Designated Official (DO) or, if that is not possible, an Operations Manager (OM).
- An AML/CFT Compliance Officer is required without any residency requirement.
- Keep their gambling and trading accounts in a bank of the Isle of Man without a specific commercial justification only with an agreement from the authority concerned.
- Distribute audited company accounts to the GSC, of each accounting year, within six months of their end Pay the annual fee for a license for GSC after having approval.
Cost of obtaining Isle of Man B2B Software Supplier License
- Obtaining the Isle of Man B2B Software Supplier License with Tetra Consultants, there may be several costs that are incurred at different stages of the application. These are normally an application fee, payable at the time of submission, and annual fees paid to maintain the license. The cost of other expenses may include compliance advice, testing on a technical system for any document preparatory work which may be deemed necessary.
- Tetra Consultants also ensures there is transparency of their process whereby the client understands what it cost them to pay for the licenses. This ensures that applicants know exactly all the different components of the financial commitment that go into the process, thus better planning financially and making decisions. By detailing these costs, Tetra Consultants ensures that clients understand the overall investment required to achieve compliance and gain all the benefits associated with the license.
Looking to obtain Isle of Man B2B Software Supplier License
- With Tetra Consultants, getting an Isle of Man B2B Software Supplier License is very hassle-free and smooth, right from the submission of an application to subsequent compliance management.
- Our team helps you understand and comply with regulations while improving your business process. In addition to our license services, we also provide various other services such as offshore financial license services, offshore company incorporation, and much more tailored for your business.
- Working with Tetra Consultants allows you to experience a well-rounded support that ensures success in gaming and other markets.
- Contact us to know more about Isle of Man B2B Software Supplier License and our team will revert back in 24 hours.
FAQ:
What is the Isle of Man B2B Software Supplier License?
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