Best Company for an Anjouan Gaming License: Costa Rica, Nevis or Offshore?

Most first-time operators spend weeks comparing gaming licences while paying surprisingly little attention to the company that will actually hold and operate the business.

In practice, the licence is often the more straightforward part of the structure. The complications tend to appear afterwards: when the operator applies for a bank or EMI account, negotiates with a payment service provider, completes due diligence with a gaming platform, or is asked to provide legalised corporate documents.

A company may be perfectly capable of applying for an Anjouan Gaming Licence , yet still prove difficult to use operationally. This is why the cheapest or fastest incorporation option is not automatically the best choice.

The correct jurisdiction should be selected as part of a wider commercial structure. It must support the licence, the payment model, target markets, platform arrangements, ownership structure and long-term plans of the business.

Comparison of Company Jurisdictions for an Anjouan Gaming Licence

The table below provides a practical comparison of the main company jurisdictions commonly considered for an Anjouan licensed operation. The assessment focuses on operational use rather than incorporation cost alone.

This comparison is general. Final suitability depends on the operator’s target markets, ownership, tax residence, payment methods, suppliers and long-term strategy. A jurisdiction should not be selected solely because it is cheaper or faster to incorporate.

The Company and the Anjouan Gaming Licence Are Two Different Parts of the Structure

An iGaming operator needs a legal entity that owns or operates the gaming website, enters into commercial agreements and receives revenue. Separately, the operator requires regulatory authorisation to offer the relevant gaming services.

The company and the gaming licence do not necessarily have to come from the same jurisdiction. A business applying for an Anjouan licence may use an operating company incorporated in Costa Rica, Nevis, Belize, the British Virgin Islands, the Marshall Islands or Anjouan itself, subject to regulatory acceptance and the circumstances of the project.

The operating company normally signs agreements with the platform, aggregator, game providers, payment companies, affiliates and other service partners. It may also employ staff, own intellectual property, receive settlements and carry the contractual obligations of the business.

This is why choosing the company is not a minor administrative step. It is a decision that affects almost every commercial relationship formed after the licence has been issued.

Operators still planning the wider launch process can review our guide to starting an online casino , which explains how corporate formation, licensing, technology, payments and compliance fit together.

Why the Company Jurisdiction Matters

It is tempting to compare jurisdictions only by formation price, annual renewal fee and headline tax rate. These factors matter, but they do not show whether the company will work in daily operations.

A more useful assessment considers the full life cycle of the business: incorporation, licensing, bank and PSP onboarding, supplier contracts, ongoing reporting, document certification, future investment and eventual restructuring or sale.

Banking and EMI onboarding

Banks and electronic money institutions do not assess an iGaming company solely by checking whether it holds a gaming licence. They review the whole profile of the business, including:

• the country of incorporation;
• the gaming licence and issuing authority;
• the UBO’s residence and professional background;
• the operator’s target markets;
• the source of funds and expected transaction volumes;
• the payment methods offered to players;
• the company’s commercial counterparties;
• the availability and quality of corporate documents.

A structure that looks inexpensive at incorporation can become costly when multiple financial institutions refuse it or require extensive additional documentation.

Our iGaming banking and payment services are therefore planned together with the corporate structure rather than only after the licence has been obtained.

Payment processing

Payment providers assess jurisdictional and operational risk. They may look beyond the licence to determine whether the company can be onboarded under their acquiring arrangements, compliance policy and supported country list.

The operating company will usually appear in the PSP agreement, merchant application and settlement documentation. If its jurisdiction is outside the provider’s risk appetite, holding an Anjouan licence may not be enough to secure approval.

This is also one of the reasons a Cyprus company may later be added to the structure as a payment or commercial agent. Cyprus does not replace the licensed operating company and does not turn an Anjouan licence into an EU gaming licence. Its role must be separately defined and supported by proper agreements, accounting and compliance procedures.

We examine the Cyprus component in detail later in this guide. Information about the incorporation and maintenance of the EU entity is available on our Cyprus Company Setup page.

Platform, aggregator and game provider onboarding

The company must also pass due diligence conducted by platform providers, aggregators and individual gaming suppliers. They may request the certificate of incorporation, registers, ownership documents, constitutional documents, licence confirmation, compliance policies and evidence of the company’s authority to operate.

Some counterparties accept offshore structures without significant difficulty. Others apply stricter internal rules or require additional legalisation before approving the account.

Operators using an aggregator should still expect a corporate review. A single technical integration may reduce the number of separate integrations, but it does not remove the need to demonstrate a legitimate and properly documented operating structure. More information is available on our Game Aggregation page.

Document legalisation

During the lifetime of the business, corporate documents may need to be notarised, certified, apostilled or otherwise legalised for use abroad. Requests often arise during:

• bank and EMI applications;
• PSP and card-acquiring onboarding;
• platform and supplier due diligence;
• share transfers or changes of director;
• investment transactions;
• opening additional branches or subsidiaries;
• annual compliance reviews;
• court, contractual or regulatory procedures.

Document availability is often overlooked when the company is formed. It can become a major operational issue later, particularly where there is no straightforward or internationally familiar apostille process.

Future investment, restructuring and exit

A startup may initially be owned by one founder and operate with a limited payment setup. That structure can change quickly once the business grows.

New shareholders, lenders, strategic partners and buyers will carry out their own due diligence. They will want a clear ownership history, reliable corporate records and a structure that can be verified without unnecessary uncertainty.

Choosing a workable jurisdiction at the beginning is normally simpler than transferring the licence, contracts, player relationships and payment flows to a new entity after launch.

How We Compare Company Jurisdictions for an Anjouan Licence

There is no single company jurisdiction that is correct for every operator. The recommendation should reflect the actual business rather than follow a standard offshore template.

Before selecting the company, we normally consider the following questions.

1. Where will the operator accept players?

An Anjouan licence is not universal permission to offer gambling in every country. The operator must identify its target markets and consider the local laws that apply in each territory.

The corporate structure should therefore be assessed together with the operator’s market-access strategy, geoblocking policy and compliance model.

2. Which payment methods will be used?

A crypto-led casino, a card-focused sportsbook and a B2B software supplier may require very different structures. The company must be compatible with the intended PSPs, acquiring banks, crypto processors and settlement currencies.

3. Which suppliers must approve the company?

Before incorporation, the operator should identify its preferred platform, aggregator, game studios and sportsbook supplier. Their acceptance criteria can materially influence the choice of company.

4. Does the business need an EU commercial presence?

Some operators require a European company for commercial contracts, operational staff, invoicing or payment relationships. In these cases, a Cyprus company may be added alongside the licensed operating entity.

5. Will the structure need to attract investment?

A founder-funded startup may prioritise speed and low annual maintenance. A business preparing for external investment may place greater emphasis on corporate law, ownership flexibility, document quality and investor familiarity.

6. How quickly can documents be legalised?

This question should be answered before incorporation, not when a bank gives the operator ten business days to provide an apostilled certificate.

The practical availability of notarisation, apostille and certified corporate records is one of the main reasons Costa Rica and Nevis deserve serious consideration.

Operators comparing a wider range of incorporation options can also review our Company Incorporation Services .

Costa Rica: Our Primary Recommendation for Most Anjouan Operators

For many startup and mid-sized operators, Costa Rica offers the most balanced operating company for an Anjouan licence.

It is not selected because it is the only jurisdiction legally capable of holding the licence. It is selected because it combines manageable corporate administration with a structure that is generally easier to explain, document and operate internationally than a company incorporated directly in Anjouan.

A typical structure is straightforward:

The Costa Rica company becomes the licensed operator. It enters into agreements with the platform, suppliers and payment partners, while the gaming authorisation is issued under the Anjouan regulatory framework.

Why Costa Rica works well in this structure

Established use in international online business

Costa Rica has long been used by internationally managed online businesses, including companies involved in technology, digital services, marketing and gaming-related activities.

This does not guarantee acceptance by every bank, PSP or supplier. No jurisdiction can provide that guarantee. However, the structure is familiar enough to many industry counterparties that it can usually be presented and reviewed without having to explain an unusual local corporate system from the beginning.

Separation between the company and the licence

Keeping the operating company in Costa Rica and the gaming licence in Anjouan creates a useful separation between the corporate and regulatory components of the business.

The operator does not depend entirely on Anjouan for every corporate certificate, shareholder update or document required by a third party. Corporate administration is handled in Costa Rica, while licence matters are handled through the Anjouan licensing framework.

More practical corporate documentation

Banking and supplier onboarding depend heavily on documents. The operating company may need to provide:

• a certificate or evidence of incorporation;
• constitutional documents;
• registers of directors and shareholders;
• proof of registered office;
• resolutions authorising account opening or supplier agreements;
• certified identification documents for directors and UBOs;
• an ownership chart;
• evidence of good standing where required.

Costa Rica generally gives the operator a more workable route for preparing documents for international use. This becomes particularly important when a counterparty requests notarised or apostilled records.

Suitable for cost-conscious operators

Costa Rica is often appropriate for operators that need to control initial and recurring costs without choosing the cheapest company regardless of operational consequences.

It can support a lean startup structure while leaving room to add a holding company, Cyprus payment agent or additional banking relationship once the business grows.

Flexible ownership

The company can be structured around the needs of the project, including individual ownership, multiple founders or ownership through a holding entity.

The correct approach will depend on the founders’ residence, investment plans, tax advice, source of funds and intended exit strategy.

Tax treatment

Costa Rica is commonly considered for international businesses because of its territorial approach to taxation. However, the practical tax result should never be reduced to a marketing statement that the company is automatically “tax free”.

The actual treatment depends on where income is generated, where the company is managed, where its owners are tax resident and whether another country’s controlled foreign company, permanent establishment or management-and-control rules apply.

Corporate formation must therefore be coordinated with independent tax advice covering the UBO and the places from which the business will actually be managed.

Where Costa Rica is particularly suitable

We generally place Costa Rica at the top of the shortlist where the operator:

• is launching a new casino or sportsbook under an Anjouan licence;
• needs a cost-efficient international operating company;
• expects to onboard platforms, aggregators and payment providers;
• wants corporate documents that can be prepared for international use;
• does not initially require a full EU operating structure;
• may later add a Cyprus company for payments or commercial operations;
• wants to avoid relying solely on an Anjouan company for corporate paperwork.

Where Costa Rica may not be enough on its own

Costa Rica is not a universal answer. A standalone Costa Rica company may be insufficient where the operator requires:

• specific EU banking or payment relationships;
• substantial European operational presence;
• a holding structure designed for external investors;
• local substance in another country;
• a jurisdiction specifically requested by a key supplier or acquirer;
• a corporate structure suitable for a future regulated-market licence.

In these cases, Costa Rica may still act as the licensed operating company, while another entity is added for holding, payment or operational purposes.

Read more about formation, ownership and ongoing administration on our Costa Rica Company Setup page.

Nevis: A Strong Alternative for a More Structured International Business

Nevis is one of the strongest alternatives to Costa Rica for an Anjouan licensed operation, particularly where ownership protection, corporate flexibility and long-term structuring carry more weight than achieving the lowest possible setup cost.

It can be used as the direct operating company or as part of a two-company arrangement in which one entity holds the ownership interests and another carries out the licensed gaming activity.

A more developed group may instead use Nevis for holding purposes and Costa Rica as the licensed operating company.

Why operators consider Nevis

Clear separation of ownership and operations

A Nevis company can provide a separate corporate layer above the licensed operator. This may be useful where the founders want to separate ownership, intellectual property or investment interests from the entity exposed to everyday operational contracts and player-related liabilities.

Useful for multi-founder and investor structures

Where several founders are involved, the company can be used to define shareholding, governance and decision-making above the operating level. Properly drafted shareholder arrangements remain essential; incorporation alone does not resolve questions concerning voting rights, funding, deadlock, founder exit or the transfer of shares.

Potential asset-protection benefits

Nevis is frequently considered where asset protection and ownership structuring are important. These benefits must be assessed lawfully and should never be used to conceal ownership, avoid regulatory disclosure or frustrate legitimate creditors.

The gaming regulator, banks, PSPs and suppliers will still require full disclosure of the ultimate beneficial owners.

More suitable for long-term group planning

A Nevis structure may be attractive where the founders expect to add more brands, operating companies or licences over time. It can provide a central ownership vehicle rather than placing every asset directly inside the first operating company.

When we would choose Nevis over Costa Rica

Nevis may be preferred where:

• asset protection is an important part of the wider legal strategy;
• the group requires a separate holding company;
• several founders or investors will participate;
• the business expects to own multiple brands or operating subsidiaries;
• the operator accepts higher setup and annual maintenance costs;
• long-term ownership planning is more important than the simplest startup structure.

Practical limitations

Nevis should not be presented as a guaranteed solution for banking or payment processing. Financial institutions apply their own risk policies, and an offshore holding or operating company will still receive enhanced due diligence.

The structure must have a clear commercial purpose. Adding a Nevis company without defining its role can create another layer of fees, documentation and compliance without delivering a meaningful benefit.

For a straightforward startup operated by one founder, Costa Rica may remain the more proportionate solution. For a larger group requiring a holding layer, Nevis can provide additional flexibility.

The Anjouan Company Apostille Problem: A Difficulty Operators Often Discover Too Late

Registering the company directly in Anjouan may initially look like the most logical structure. The company and licence are located in the same jurisdiction, incorporation can be relatively quick, and the overall setup may appear cheaper.

For a limited operation with carefully selected crypto payment partners, this structure may be workable. However, it creates a practical issue that should be understood before incorporation: the international legalisation of corporate documents.

What is an apostille?

An apostille is a form of authentication used so that a public document issued in one jurisdiction can be recognised in another jurisdiction that accepts the relevant apostille framework.

In an international iGaming structure, a bank, PSP, notary, supplier or investor may request an apostilled corporate document to confirm that the document is genuine and was issued by a competent authority.

Why the issue matters operationally

The problem is not necessarily visible during the licence application. It usually appears later, when an external counterparty requests a document in a form that it can independently verify and accept.

A typical sequence looks like this:

1. The operator incorporates an Anjouan company.
2. The company obtains or applies for the Anjouan gaming licence.
3. The operator approaches a bank, EMI, PSP or supplier.
4. The counterparty requests certified or apostilled corporate documents.
5. The operator discovers that obtaining the required legalisation is not straightforward.
6. The onboarding process is paused while an alternative form of verification is discussed.
7. The counterparty may ask for a legal opinion, additional certification or a different operating entity.

What looked like a saving at the incorporation stage can then become a delay affecting the entire launch.

Documents that may create difficulties

Depending on the counterparty, the request may relate to:

• the certificate of incorporation;
• constitutional documents;
• a certificate of good standing;
• the register of directors;
• the register of shareholders;
• a board resolution;
• a power of attorney;
• documents confirming a change of director or shareholder.

Not every bank or supplier will ask for an apostille, and some may accept alternative certification. The difficulty is that the operator cannot control the internal policy of every future counterparty.

The problem can return more than once

Document legalisation is not necessarily a one-time onboarding issue. Updated records may be requested when:

• a new bank account is opened;
• an additional PSP is integrated;
• the company changes ownership;
• a director is replaced;
• the operator raises investment;
• the business is sold;
• a counterparty conducts an annual compliance review.

The company may therefore face the same practical difficulty throughout its operating life.

Why a Costa Rica company is usually safer

By using a Costa Rica company as the licensed operator, the business keeps access to the Anjouan licensing framework while relying on Costa Rica for its main corporate records.

The licence remains Anjouan. The operating company is Costa Rican. When a counterparty requests corporate documents, the operator can work through the Costa Rica corporate and legalisation process rather than depending entirely on documents issued in Anjouan.

This does not eliminate every banking or compliance challenge. It does, however, address one of the most avoidable sources of friction associated with incorporating the operating company directly in Anjouan.

Operators considering a same-jurisdiction structure can review our Anjouan Company Setup page. The decision should be made only after comparing its lower initial cost with the practical requirements of the planned payment and supplier network.