Company in Malta with Gaming License

In 2011 year company obtained B2C - Gaming Service License:
Type 1 – games of chance played against the house, the outcome of which is determined by a random number generator. This type includes casino type games such as roulette, blackjack, baccarat, poker played against the house, lotteries, secondary lotteries and virtual sports games.
Type 2 – games of chance played against the house, the outcome of which is not generated randomly but is determined by the result of an event or competition extraneous to a game of chance and where the operator manages his or her own risk by managing the odds offered to the player, typically a sportsbook.

Bank accounts could be transferred to the new owner after due diligence/KYC procedure.

Requirements:
There are no specific requirements for company owners apart from the clean background and being able to justify their wealth and investment in the Maltese company. There is also no minimum number of shareholders officially, although if it is only one owner - due diligence process will be more strict and therefore unless the single owner would have a quite comprehensive wealth it would normally be better to have more than one owner. In terms of local directors, there is no requirement for this. There are however a number of Key Function roles which need to be appointed for the MGA’s requirements (most can be the people which are then involved in the day-to-day running of the company but there also needs to be someone on MGA compliance and internal audit). There are also ongoing requirements for any Maltese company related to the submission of accounts etc. We offer all of these services so we would then be able to assist with everything that you would require.

Required information:
We would need the whole corporate structure involved up to all the actual beneficial owners. For any beneficiaries having a 10% or more ownership we would need to carry out a full due diligence, which includes the completion of a statement of affairs document to get a complete picture of the wealth of the beneficiary, together with standard due diligence documents like passport, utility bill, bank statement, birth certificate and any proof related to the declared statement of affairs (eg. cash at bank, income tax return, etc.)

Timeframes:
Once we receive all the necessary documents, we would be looking at around 2-3 months until we go through all the documents, submit the share transfer for approval and undergo the due diligence acceptance by MGA.