Which offshore jurisdiction is the best for setting up a company to conduct business in the burgeoning I-Gaming Industry? This was the topic of a conversation recently in Barcelona, amongst a group of foreign entrepreneurs attending conferences related to Internet Gambling.
At a glance the I-Gaming Industry is over $10 Billion USD per year in gross revenues, probably just in Poker and Casino because Sportsbetting is more difficult to properly quantify, as much of it happens over the telephone and is so globally pervasive as to be in a category all of it’s own.
The I-Gaming in discussion with my colleagues at Barcelona is an industry which leverages the Internet linked computer to provide the ultimate “killer application”; live, real-time, online gambling from offshore jurisdictions. We’re discussing an industry that is pushing
the boundaries of global business in many ways and IFC’s (International
Finance Centers) are competing for this business. Now some onshore countries are vying for a piece of the proverbial action as well and laws are being written or re-written in nearly every jurisdiction in the world to either prohibit (in less cases) or regulate and tax this immensely lucrative new industry.
Where in the world is the best place for an I-Gaming company to conduct business, this will be the main point of my latest investigation on OffshoreNet. I’m asking the Navigator to weigh-in on this topic, as he’s more knowledgeable about Geo-politics as it relates to asset-protection and the Law, than anyone else I know. Plus, I’ll try to share some insight into where most of the (approximate) 500 I-Gaming companies are currently incorporated and where they do their banking but more importantly “why”?
An important detail in this investigation; “where is the money coming from?” that drives this industry, year after year, growing faster than any other segment of Internet commerce. How can the business professional best position a corporate structure to capitalize on this great niche.
I named this article “Why the BVI?” because currently this is one of the most popular jurisdictions in the world for incorporating a company, perhaps the primary reason being that major global banks will open accounts for companies from the BVI. Also, Great Britain has become an early leader in the growth of the industry because of progressive laws but also largely due to access to growth capital through it’s public stock exchanges.
If you’re reading this but your global business aspirations have nothing in common with I-Gaming, then you can still benefit because our objective here on OffshoreNet is to share information and ideas about how to “Go Global” and get connected to the Offshore Business Network.