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CityConsult – legal and business advisory service to the iGaming industry

City Consult is a leading Malta based Corporation and Commerical Consultancy firm offering a full range of legal and business advisory services to both national and international clients. City Consult is also founding member of iGaming NETworks alliance, on igaming services network. Services include Banking & Finance, Gaming, Insurance, Taxation, Corporate, Residence & Employment, Fiduciary & Trustee and Real Estate

Over the past years Malta has successfully established itself as a serious, well-regulated European jurisdiction attracting on-line gaming companies.

Our firm can assist operators to either establish processing operations with back office activities and while no licence is required, the company can still benefit from preferential tax rates and refunds.

Alternatively, a betting company can decide to establish a call centre to receive bets together with a processing operation and still benefit from reduced rates of taxation and refunds.

We can also assist in the setting up of an online gaming operation from Malta requiring a licence to run its operations. Remote Gaming Regulations are in place providing for the regulation of such gaming activities as online casinos, casino-style games, betting exchanges and lotteries. These new regulations ensure that not only those who are highly interested in the commercial advantages offered by Malta, are satisfied, but even those concerned about a proliferation of under-regulated Maltese licensed sites. These laws ensure a system of checks and balances which uphold an advantageous and competitive regime on one hand and regulation and seriousness on the other.

The classes of licenceable activities are:

•Class 1 – Online Gaming
•Class 2 – Online Betting Office
•Class 3 – Promoting and Abetting of gambling from Malta, including P2P, poker networks, betting exchanges and game portals
•Class 4 – Hosting and Management of online gaming operators, excluding the licensee himself
The application fee for a new licence of any class is LM1,000 (€2,300), and this is payable together with the submission of an application for the licence. The fee for the licence renewal during the subsequent 5-year period is LM500 (€1,150). The annual licence fee, for any class of licence is LM3,000 (€6,900).

The corporate vehicle for an online gaming operation from Malta, is subject to a corporate tax of 35% on profits like any other Maltese company. However, shareholders of an international gaming operation benefit from a substantial refund of the tax paid by the company, whereby on distribution of dividends to shareholders, such shareholders have the right to claim certain refunds amounting in aggregate to 30% of the 35% tax paid by the company. This means that an effective rate of tax of around 5% on profit is applicable.
In all cases the total maximum of tax payable per annum by one licensee in respect of any one license is capped at Lm200,000 (€466,000).

123 St. Lucia Street
valletta VLT 1183
Phone:   +356 212 236 10
Fax:   +356 272 236 10
Website:  www.cityconsult.biz
Email:  info@cityconsult.biz

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CityConsult – legal and business advisory service to the iGaming industry

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