Many UK gambling businesses will be forced to appoint an EU representative to help meet the standards for EU gambling regulations. This will ensure that they have the privileges that the EU gives to its local operators so that they can still offer their full services within the EU.
Some of the key changes that gambling services will experience in the coming months and years include:
- Many UK online gambling businesses will now be required to register for VAT in the EU.
- Many UK online gambling businesses that are offering licensed content within the EU may need to acquire new copyright permissions contracts.
- UK gambling companies will no longer be able to “passport” their services throughout the EU.
- Many UK-based online gambling businesses will be forced to appoint an EU representative to help meet EU standards for online security.
- Many privileges that the EU gives to its local operators will be lost by UK gambling businesses.
Benefits Of Establishing A Branch In Cyprus
Establishing a branch of your UK gambling business in Cyprus can ensure that you are not affected by the wider implications of Brexit, as outlined above. This is because you gain access to the nation’s on-demand expertise, helping you to resolve issues surrounding licensing laws and security standards. In this same vein, it provides the motivation and means of remaining up to date on EU laws. This is hugely beneficial in remaining compliant and in developing an awareness of wider industry behaviours. Perhaps most importantly, establishing a branch in Cyprus means that you can avoid setting up multiple VAT registrations across the EU. Having a single VAT registration in Cyprus will ensure smooth operations.
These benefits of having a branch of your gambling service in Cyprus are just the tip of the iceberg. For a more detailed insight, contact us today.
EQ:IQ And The UK Gambling Sector
Our extensive offering means that we can provide businesses within the gambling sector the services that they need the most. Our service list includes:
- Company and trust formation
- Regulatory support
- Managed office space
- Banking services
- Audit, accounting and payroll services
- Tax advice and structuring
- Serviced offices and commercial substance
- Access to trained and qualified professionals