Comoros On-line Gaming License

Introduction

The Computer Gambling Act of 1999 and amendments on the Betting and Gaming Act 2005, provides the legal framework for the provision of the Gaming Services in Comoros.

Permitted Activities

As per the Act, Betting and Gaming means computer internet gaming, horse or greyhound betting and sports book betting Casino, lottery and bingo on line gaming.

Legal Requirements

Categories

Entity Requirements

The entity making the application should be an International Business Company (IBC) in Comoros

Director’s Requirements

The licensee will need at least 1 (One) natural person Fit and Proper Directors of any jurisdiction.

Shareholder requirements

• The investment dealer will need at least one shareholder.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.

Compliance Officer

The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.

Local Office

Not required

Auditor

The Licensee, to establish an internal Audit department.

Insurance

The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Anjouan Offshore Finance Authority.

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 is € 46,850 (Approximately USD 51,535)

Ongoing Obligations

• Licences are to be renewed annually on payment by the applicant of the annual fee
• Filing of Audited Accounts: The licensee shall for the financial year prepare and file audited financial statements in accordance with international accounting standards, and which contain such additional information as may be prescribed.
• 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 Gaming business.