As Curaçao prepares to implement the National Ordinance for Games of Chance (LOK), there are many questions surrounding the transition process for current license holders in the region. The transition period, which began September 1, is expected to bring significant changes to the licensing process and the establishment of the new Curaçao Gaming Authority (CGA).
The new licensing process officially began when the Gaming Control Board (GCB) opened the license application portal three weeks ago. The portal serves two key functions: processing new applications under the existing legislation and registering all sublicensees that wish to continue operating under the new regime.
To be eligible for registration, companies must be registered in Curaçao and meet certain conditions. These conditions include having a registered Curaçao address and at least one named director in the country. At this stage, there is no requirement for physical offices or local employees.
The portal currently provides information on how to apply for a license and offers official guidance on the process. Operators will be able to upload their completed applications starting from November 15.
The application process consists of three forms: an application form, a corporate disclosure form and a personal disclosure form. These forms are available for download on the portal. Ultimate Beneficial Owners (UBOs) holding over 10 percent capital and top-level employees such as CEOs are required to fill out a personal disclosure form.
Correctly filled out applications, accompanied by the appropriate supporting documents, will be processed by the government within two months of submission. Successful applicants will receive a provisional license and will have six months to submit requested audited policies and procedures.
Once the LOK comes into effect, existing applications from operators will be transferred to the new regime format. This applies to applications at any stage of the process.
Existing operators who wish to continue operating as master licensees or sublicensees under the LOK must register on the portal before the enactment of the LOK. The CGA will become the new regulator, and day-to-day operations under all active master licenses can continue as normal.
To ensure uninterrupted continuity of operations for sublicense holders, all master licenses will be extended for an additional year. This extension was announced by Sixiènne Jansen, legal advisor to Curaçao’s Ministry of Finance, at the iGB L!VE conference in July.
