Insurance companies

Captive insuranceBermudaBritish Virgin IslandsCayman Islands
Summary at a glance
Total captive insurance incorporation costs (excl. Government fees)US$16,300US$16,300US$10,300
Subsequent annual costsUS$12,350US$12,350US$18,216
How long to incorporate a captive insurance co.?7 weeks7 weeks5 weeks
Do you visit the country for incorporation?NoNoNo
Minimum share capitalUS$120,000 - US$1,000,000*US$200,000US$100,000 – US$200,000*
Regulatory AuthoritySupervisor of Insurance and the Assessment and Licensing Committee (ALC) of the Bermuda Monetary Authority ("BMA")British Virgin Islands Financial Services Commission (BVIFSC)Cayman Islands Monetary Authority (CIMA)
Licenses8 categories of insurers4 categories of insurers7 categories of insurers
Registered office required?YesYesYes
Local directors required?No (local representative and local secretary enough)NoNo
Resident registered agent required?YesYesNo
Resident manager required?NoNoNo
Legal considerations
Minimum number of directors required?222
Minimum number of resident directors required?00*0
Corporate directors allowed?NoNoYes
Individual directors allowed?YesYesYes
Must the managers have a license?YesYesYes
Minimum number of resident representative required?100
Public register of shareholders and directorsYesNoNo
Tax and accounting considerations
Corporate tax payable000
Audited financial statementsYesYesYes
What to report to the Regulatory Authority
  • Audited statutory financial statements;
  • Declaration of solvency ratios.
  • Audited statutory financial statements;
  • Declaration of solvency ratios.
Certificate of Compliance
Audit firm required?YesYes, localYes
Access to how many double tax treaties020
Withholding tax payable000
Can the captive insurer hire expatriate staff in the country?NoNoNo
Logistic considerations
Allowed to invoice/sign sales contracts with local clientsNoNoNo
Can rent office premises in the countryNoNoNo
Average monthly salary in Captive insurers (US$)US$8,500US$8,500US$8,500
English spoken rate97%75%95%
Literacy rate (%)98%98%99%
Computer literacy rate (%)88.3%46.9%70.6%
GDP per capita (US$)US$86,000US$42,300US$43,800
Unemployment rate8%8.7%4%
Inflation rate (2013)2.4%2.2%1.2%
Estimate of engagement costs
Healy Consultants engagement feesUS$15,200US$15,200US$9,200
Company secretary and legal registered officeUS$1,100US$1,100US$1,100
Estimate of Government registration feesUS$3,500*US$3,500US$10,366
Estimate of total outgoings in Year 1US$19,800US$19,800US$20,666

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