Applicants for a Class B licence must provide information about a backup server located in
Cyprus. Tis server must be connected to the main server and back up in real time all necessary data as required by the rules of the National Betting
Service of Cyprus. Te specifications and use of this equipment shall be clearly defined and may be reviewed by the NBA as necessary.
u
A positive reputation of the applicant and a high financial level of the company to ensure payments to players.
u
Minimum authorised capital for the applying company of €500,000, which applies to both Cypriot and foreign companies.
u
Opening a bank account with a bank in Cyprus, into which the operator will accept funds from players. Licensed online gambling operators are only allowed to make payments to players through NBA-approved payment systems.
u
A bank guarantee from a bank in Cyprus or a bank in another EU member state for €550,000 valid for six months after the licence is granted. Te guarantee ensures the payment of player winnings, taxes and NBA dues.
u
Compliance with the principles of protection of minors and control over the content and placement of promotional materials.
Applicants for a Class B licence must also provide information about a backup server located in Cyprus. Tis server must be connected to the main server and back up in real time all necessary data as required by the rules of the National Betting Service of Cyprus. Te specifications and use of this equipment shall be clearly defined and may be reviewed by the NBA as necessary.
HOW TO START A GAMBLING COMPANY IN CYPRUS Registering a new company in Cyprus is not a complicated process, taking only four to five working days. Setting up a gambling company in Cyprus consists of the following steps. 1. Selection of the organisational and legal structure. Te most common form of gambling business is a private limited company (Ltd). Non-resident foreigners can register such a company under Chapter 113 of the Cyprus Companies Law 2012.
Te number of shareholders can vary from one to 50 and personal presence in Cyprus is not required for registration. A private limited company must have a minimum of one director and a secretary. 2. Verification and registration of the name of a joint stock company with the Registrar of Companies (RCOR).
3. Preparation of documents. Te required list of documents for registration includes:
u Founders completed and signed application for registration. u Articles of Association and business plan of the company. u List of shareholders and directors.
u
A document confirming the consent of the people appointed as directors to fulfill their duties.
u
Certified copies of personal documents of the founders and directors.
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