If you want to open a gambling business in Cyprus, you must start with the company registration procedure and then proceed to apply for one of the licenses available. Below, our experts in company formation in Cyprus explain both procedures and how they can help you in this matter.
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What are the 3 most important things to consider for setting up a gambling business in Cyprus?
The first, most important thing to consider is the choice of the legal entity: in most cases, a private company must be registered. The second one is to have a local address in Cyprus: specific documents will be required, namely the lease agreement/property title. The third aspect to take into account is that, depending on the license, specific share capital requirements apply.
What are the documents to open a gaming facility in Cyprus?
The following documents must be filed with the Companies Registrar in Cyprus when opening a gambling business:
- an application form: it must be signed by all the shareholders;
- the Articles of Association: they can be drafted in Greek or English;
- a list of the shareholders and directors;
- copies of shareholder and directors’ identification papers: certified copies only;
- the written consent of the director as a responsible for the facility’s operations;
- in case the proof of address is a lease agreement, a consent letter from the building owner is required.
The Cyprus company formation procedure takes about a week, and it is followed by the licensing phase.
What gambling activities are acknowledged in Cyprus?
According to the Betting Law, there are two main types of authorized gambling activities:
- class A: betting activities and services that take place in licensed premises, except those in class B and horse race betting;
- class B: online gambling, except for certain benefit games machines, online casino games, and electronic horse race betting.
Our company formation experts in Cyprus can give you detailed information about these types of activities.
Please note that online casino gambling is prohibited in Cyprus, and only sports online betting is permitted. As such, if you want to open such a business, you must consider setting up a land facility if you want to provide your services for local clients.
How do I apply for a class A/B bookmaker’s license in Cyprus?
The application must be submitted to the National Betting Agency and must include the following documents:
- proof of depositing the minimum share capital of EUR 500,000 (the amount must be paid up in full at the time of the filing);
- proof of a bank guarantee of EUR 500,000 deposited in a local or EU bank;
- the application form;
- details of the company;
- details of the responsible for the gaming facility’s operations.
The same documents are required for a branch of a foreign company, as well as for license renewal.
How are gambling licenses awarded in Cyprus?
Licenses for gambling activities are given according to the class of activity, as described above. The request for a gambling licence can be submitted by a company incorporated in Cyprus or a foreign company that has a branch in Cyprus, whose principal activity is carrying out betting activities. The application must be submitted with a bank guarantee from a bank in Cyprus or an EU member state.
Companies registered in other EU states that have a betting licence in that state (limited only to betting and no other gambling activities) can provide these services until the NBA issues a licence for this purpose, provided that the company has also applied for a licence with the NBA. The licenses are not transferable or assignable.
What are the laws governing gambling/gaming in Cyprus?
The following Acts and legislative documents are the most relevant legislative documents that govern any gambling activity in Cyprus:
- the Betting Law of 2012 – Law 106(I)/2012,
- the Gambling Law 108(I)/17/7/2012,
- th Gambling Law 4374/28/12/2012,
- Directive 98/34/EC amended by Directive 2006/96/EC,
- the bilateral agreement between Cyprus and Greece regarding the Greek Organization of Football Prognostics.
According to this law, the central authority for gambling and betting matters in Cyprus is the National Betting Authority (NBA). It issues the licenses needed to conduct such activities in Cyprus and supervises authorized gambling operators.
Our partner law firm in Cypruscan tell you more about how the law influences and regulates gambling activities in Cyprus.
Is there any other gaming authority in Cyprus? If yes, what does it do?
Yes, gaming companies must respect the requirements of the Gaming Casino Supervision Commission. Its role is not only to supervise the activities of such businesses, but also to issue specific licenses to casino employees and key officers, as it is important for such facilities to appoint such persons. The main requirement is for this type of personnel not to have a criminal record in any country when applying for the license.
Gambling licenses in Cyrus are issued for one or two years, and they can be renewed. For more details about the application documents and other details, you can contact our experts in company formation in Cyprus.