Cape Verde Gaming License

Introduction

The Law no. 77/VI/2005 of 16th August, provides the gambling legal framework, and the Decree no. 1/2017, of 9th January, establishes the basic rules on the various gambling games. Regulated by the Cabo Verde General Gaming Inspectorate.

Permitted Activities

As per the Act, the allowed gaming activities are; Casino gambling, Bingo, Poker in Cape Verde, Sports betting, Lottery, Bitcoin and Online gambling.

Legal Requirements

Categories

Entity Requirements

The entity making the application is a Cape Verde company under the Commercial Code, Law No. 3284.
Company includes:
a) A corporation.
b) A limited liability company.
c) A general partnership.
d) A limited partnership.

Director’s Requirements

The licensee requires a minimum of three (3) director. Director can be of any nationality and need not be resident in Costa Rica. Corporate directors are permitted.

Shareholder requirements

• The investment dealer will need at least 2 (two) shareholders.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.

Licensed Principle

The Applicant must employ at least one individual who is licensed as a principal. The Principle must:
a) Have successfully completed the ECSM Certification Examination Program.
b) Have sufficient educational or other qualifications or experience;
c) Have sufficient authority within the company;
d) Be a fit and proper person, to supervise the business for which the company that has nominated him is licensed or is applying to be licensed;

Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer

The Compliance Officer must be approved by the Gambling Board committee from any jurisdiction

Authorized Representative

The Applicant must employ at least one individual who is licensed as a representative. The representative must:
a) Have successfully completed the ECSM Certification Examination Program.
b) Have sufficient educational or other qualifications or experience;
c) Be a fit and proper person to be licensed as a representative;

Local Office

The applicant must have a local office. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.

Auditor

The License, to establish an internal Audit department.

Insurance

Indemnity insurance coverage or a fidelity bond is mandatory.

Minimum Capital Requirements

The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities. The prescribed minimum paid-up capital of USD 100

Ongoing Obligations

• Licences are to be renewed every 3 (three) Months.
• It is not a requirement to File Audited Accounts. But filing of Annual returns is a requirement.
• The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.