My established practice for achieving the quickest possible licensing process is to engage a workshop in the Isle of Man at the earliest possible opportunity. In the interim we collate certified copies of passports and utility bills of the beneficial owners and any directors (“CDD”) that you intend to provide to the Isle of Man entity. We would also request the completion of a company application form which is used for our purposes to collect information such as directors, preferred company name etc.
Based on the above documentation and CDD, we establish the Isle of Man (“IOM”) Company and move forward with the application.
At this point I run a two, possibly three day workshop, depending on the availability of all key parties. In the workshop we discuss all elements of the business and troubleshoot any potential pitfalls. I structure the workshop so that the potential, local directors, hosting and banking partners would be present to add input and comment in the areas where licensing, banking and technology crossover.
I also invite certain age and fraud detection companies, payment processors and other potential partners to the workshop to meet with the client and any other key parties.
Post workshop we agree which parties to engage, including your local dovecots who will start drafting a neatly knitted suite of documents that form the basis of the application. This include a robust Business Plan, Anti Money Laundering and Terrorist Financial Manual, Risk Register, Business Continuity Plan and 3 year Financial Forecasts.
Those engaged would commit to having the application ready to submit six weeks from the date of the workshop.
We then enter the 12 week licensing process and receive the license thereafter.
I am Founder and CEO of SolutionsHub, a boutique management consultancy, business planning and strategic partner of startup and SME businesses. I am also the Business Development Manager for ILS World and a Co-Founder and Director of Dark Horse Music. I joined ILS in 2007 and am now a fiduciary services professional with invaluable trust, corporate and private wealth planning experience. In 2009 I began a very successful period of providing bespoke consultancy and leading multi-jurisdictional licensing services to the eGaming sector. Subsequently I have widened my scope of technology expertise in the Blockchain and FinTech sectors. My areas of expertise are international trade/corporate structuring and the drafting professional business plans and financial forecasts for investors, regulators and banks. As many find out the hard way, most plans fall apart because the financial assumptions are taken from multiple sources and conflict in some way. It brings into question the validity of the whole plan and valuation of the business. This is when investors, regulators and banks lose confidence. The key is to find multiple, reliable/trusted industry sources that complement each other, then knit these through the whole suite of documents. This is where I excel and bring real value to your business.