The Isle of Man is one of the premier locations for regulated online gambling in the world and Simcocks has developed specialist competencies to keep pace with this vibrant and constantly evolving sector. In 2007 the Island was placed on the UK's e-Gaming White List, a list of jurisdictions approved to advertise in the UK.
The internet has revolutionised gambling and e-gaming is now an international business phenomenon. The Isle of Man Government was one of the first jurisdictions to introduce legislation designed to regulate gambling, e-gaming firms and protect customers. As a result Simcocks lawyers have partnered with some of the key players to deliver creative but practical advice on new legislation and the regulatory and commercial issues connected with this sector.
Simcocks has software and intellectual property specialists, particularly important in the Isle of Man which, as a leading financial and commercial jurisdiction, provides a tax efficient environment in which to hold and exploit intellectual rights.
The other areas where our team can help is with obtaining licences, dealing with regulators, negotiating commercial partnerships and obtaining multi-jurisdictional opinions on the legality of new schemes.
The Island has been energetically encouraging the development of the sector and has some unique incentives. It offers a zero rate of corporate taxation, no Capital Gains tax, low personal tax and low betting and gaming duty.
Government funding of up to 40 per cent is available towards the costs of relocation, marketing, hardware and software. Annual government funding of up to 50 per cent can be available for training and grants can be applied for on an annual basis. The Isle of Man is also an ideal jurisdiction for AIM or FTSE stock market listing.
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