Why set up an iGaming Company in Malta?
The sunny Mediterranean island of Malta makes the perfect destination for your iGaming business. Remote gaming companies have been flooding into Malta in the last few years due to the favourable taxation and licensing laws. As a result, Malta enjoys a bustling and burgeoning gaming community that is only enhanced by the fantastic climate and social nature of the island. Regular industry events encourage sharing of knowledge and passion amongst iGaming professionals which serves to promote the industry as a whole and create a strong business network. We get lots and lots of questions of how you set up a company in Malta so here is a short FAQ.
How do I register my iGaming company? Registering a remote gaming company is fairly straight forward. You need to get an application form from the Lotteries and Gaming Authority (LGA) of Malta. They can be found at www.lga.org.mt and the form can be downloaded from here. You will need to check that your main business will be operational in Malta or you may run into problems. Support functions such as call centres can be outside of the island but core functions must be based in Malta for successful registration. The registration process has a non-refundable fee attached to it, paid on submission of your application. You should be aware that even if your registration gets rejected, you will not be reimbursed.
What documentation do I need? Along with your registration application you will need to provide personal documentation such as passport or ID, original birth certificate and acquire a police conduct report from the Malta constabulary. In addition, you must submit your business plan and declarations from all shareholders. All of this is clearly listed on the LGAs site.
How will my iGaming company be assessed? On receipt of your application, the LGA will investigate the financial viability of your company. If you are found capable to run an iGaming business in Malta, you will receive a first stage approval letter. You are free to start operating in Malta on receipt of this letter. However, this is a provisional license and you will be assessed further by an LGA compliance officer. They will be assessing whether your processes, procedures, systems and third party agreements are compliant with Malta business requirements. If all the above meet with approval you will receive your full license.
How long will it take to get my iGaming license? The initial application stage will take around six weeks but the period of assessment by the LGA compliance officer will be a three month probationary period. However, if any of your information is missing or incomplete this could see significant delay to your application. It is important to check you have been thorough and clear with all information submitted.
How much tax will I pay? Your tax band will be dictated by the class of operating license you apply for. There are four classifications with definitions that best describe your business. You will notice differences between lotteries, spread betting companies, betting exchanges, remote gaming definitions and software vendors. Again, all information is on the LGA’s site but it is best to seek some advice if you are unsure as to how your company is categorised.
Can I get help with my application? Yes. The LGA provide a lot of information and you will be assigned an officer who will deal with your case. However, if you need more advise before you start your application process in order to ensure it goes through smoothly, there are a lot of Maltese law firms who are set up to deal specifically with company formation in Malta. The number of iGaming companies setting up on the island means the local law firms have become very well versed in iGaming law and advice.
If you need help with company formation in Malta or you want to apply for a LGA License you know where to start.