MGA Application Process for Gaming License
After the applicant submits the application, the MGA is to conduct evaluations through internal processes through steps which are explained below.
Step 1: Fit and Proper
This test provides for the survival prediction of the operation in the Maltese operational setting. Diligence on all key persons, directors and shareholders who have 5% or more interest. Compliance with national and international laws, present regulatory frameworks and ethical behaviour is scrutinised during this process.
Step 2: Business Planning
The business plan, which is to be a detailed prospectus of the applicant’s actions, marketing procedures, distribution and HR strategies and targeted advancement, undergoes a thorough financial analysis.
Step 3: Operational & Statutory Requirements
Analysis of the company formation and system operations and control procedures is carried out. The website text and technical documentation is presented to the MGA for further inspection.
The licensee is required to set the minimum issued and paid-up share capital. Multiple type companies approved are to meet the requested requirement which add up to a minimum of €240,000. The law sets out the minimum required amount for each type.
Step 4: System Review
Once the application is successful from all previous steps, the next step would be that of putting the operation onto a technical environment in order to start operating. This has to be done within 60 days otherwise the application would be considered as cancelled. An MGA approved Service Provider is allowed to carry out a system audit which will expose any irregularities found between the proposal and the situation in the live environment.
Minimal alterations are allowed, however if changes contain extensive inconsistencies with the original idea, the application would be subjected to a re-application. A ten year licence is granted by the MGA if the outcome is successful.
Step 5: Compliance Review The first compliance audit has to be done mandatorily after the first operational licensed year and any other audit has to be done in compliance with the plan which is to be set out by the MGA as per operation.
This licence procedure applies to both Business-to-Business (B2B) and Business-to-Consumer (B2C) gaming services.
