Elray Resources Inc (ELRA)

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ELRA: This is how it works -

For companies to apply for a license, Articles 7, 8, 10 and 11 determine that:

1) A company must be incorporated and the registration of the company at the Business Registry follows only after the license is granted by the DICJ.
2) The applicant, shareholders with more than 5% of the share capital, directors who are not shareholders, and principal employees, must complete Forms no. I and II (covering disclosure of background and personal information) and submit them to the DICJ with the application and a criminal record certificate issued by their place of residence.

Junket license holders need to repeat this process every six years, although the authorities also have the power to make interim checks.

3) The applicant must guarantee a deposit of MOP100,000.00, in benefit of the DICJ, to cover expenses incurred in the application procedure (e.g. preparation of risk assessments reports on the applicant or of its shareholders). The balance of the deposit is returned upon dissolution of the junket.
4) An applicant must have the support of one of the six licensed gaming concessionaires and sub concessionaires. The operator must file a declaration stating their willingness to work with the applicant.

Following the approval, a junket license is issued and the business registration is concluded. The junket license is valid for a calendar year from 1st January to 31st December. Any request for renewal for a further year must be submitted by 30th September.

The junket company is then able to operate according with the applicable laws and the terms and conditions set forth in the agreement signed with the gaming operator.