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Panama
Posted by: RHutch (142.46.131.---) Date: May 14, 2008 05:46PM
Hey guys,
After consulting with a few colleagues, we have decided to base ourselves out of Panama.
Does anyone have any experience setting-up a gaming operation out of there? Or, perhaps, have any websites/consultants you could recommend?
It is so unbelievably difficult to find anyone with experience up here in Canada...
Thanks,
@#$%&
Re: Panama
Posted by: Jeff (201.203.248.---) Date: May 14, 2008 07:57PM
I have done a structure in Panama as well as CR, but that is not easy. First of all, they are very careful, so you will need to do a lot of disclosure. If that's a problem - look elsewhere. Further, you must pay a rather heft amount for the gaming license. Think 60k first year, 20k a year after that.
Then there is software issues: depending on the platform and so on, they may require a software certification process.
Consider those facts also. Based on what some other people told you, that they are relocating to Panama. Well, the general business climate is better in Panama, but I know books that run much worse in Panama than in CR. Less people with experience, lot more red tape. Less general life hassles than in CR and lower costs for employees are the benefits.
Jeff
Re: Panama
Posted by: RHutch (142.46.131.---) Date: May 14, 2008 08:18PM
Thanks for the info Jeff.
We were planning on operating under a contacts master license; we don't actually offer any casino, poker, or sports betting. In fact, we don't fall into the 'gaming' category in some jurisdictions. Nonetheless, we need to set-up off-shore just to play it safe.
Regards,
Ron
Re: Panama
Posted by: Jeff (201.203.248.---) Date: May 14, 2008 11:10PM
Review the rules in Panama regarding the licenses. There are something in their rule structure about 'sub-licensing' which is what it sounds you are aiming for.
They also have rules about the software in regards to conforming to their rules etc. Since from what you say, sounds like you are developing a new type of game, may mean that you get tripped up by the process may be a possibility.
If you choose someone to manage/partner this for you, choose wisely. Gaming does have it pitfalls.
Jeff.
Re: Panama
Posted by: The Banker (200.59.16.---) Date: June 1, 2008 11:08AM
Hi R
We now have a new office opened in CR but we can still offer a consulting service for you to set up your operation in Panama.
CR is still a better place to set up for the simple reason the are a lot of unemployed very experienced English speaking staff right now that have been laid off because we are in the slow season and the re hiring will start in 4-5 weeks for the upcoming busy season.
Our specialty is credit card processing for "ALL" countries but we also operate a consulting division for new gaming companies looking to set up in the region.
I am also a Canuck as well
Cheers
www.highriskmerchantaccounts.co.uk
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