| Summary at a glance | | | |
| Total captive insurance incorporation costs (excl. Government fees) | US$16,300 | US$16,300 | US$10,300 |
| Subsequent annual costs | US$12,350 | US$12,350 | US$18,216 |
| How long to incorporate a captive insurance co.? | 7 weeks | 7 weeks | 5 weeks |
| Do you visit the country for incorporation? | No | No | No |
| Minimum share capital | US$120,000 - US$1,000,000* | US$200,000 | US$100,000 – US$200,000* |
| Regulatory Authority | Supervisor of Insurance and the Assessment and Licensing Committee (ALC) of the Bermuda Monetary Authority ("BMA") | British Virgin Islands Financial Services Commission (BVIFSC) | Cayman Islands Monetary Authority (CIMA) |
| Licenses | 8 categories of insurers | 4 categories of insurers | 7 categories of insurers |
| Registered office required? | Yes | Yes | Yes |
| Local directors required? | No (local representative and local secretary enough) | No | No |
| Resident registered agent required? | Yes | Yes | No |
| Resident manager required? | No | No | No |
| Legal considerations | | | |
| Minimum number of directors required? | 2 | 2 | 2 |
| Minimum number of resident directors required? | 0 | 0* | 0 |
| Corporate directors allowed? | No | No | Yes |
| Individual directors allowed? | Yes | Yes | Yes |
| Must the managers have a license? | Yes | Yes | Yes |
| Minimum number of resident representative required? | 1 | 0 | 0 |
| Public register of shareholders and directors | Yes | No | No |
| Tax and accounting considerations | | | |
| Corporate tax payable | 0 | 0 | 0 |
| Audited financial statements | Yes | Yes | Yes |
| What to report to the Regulatory Authority | - Audited statutory financial statements;
- Declaration of solvency ratios.
| - Audited statutory financial statements;
- Declaration of solvency ratios.
| Certificate of Compliance |
| Audit firm required? | Yes | Yes, local | Yes |
| Access to how many double tax treaties | 0 | 2 | 0 |
| Withholding tax payable | 0 | 0 | 0 |
| Can the captive insurer hire expatriate staff in the country? | No | No | No |
| Logistic considerations | | | |
| Allowed to invoice/sign sales contracts with local clients | No | No | No |
| Can rent office premises in the country | No | No | No |
| Average monthly salary in Captive insurers (US$) | US$8,500 | US$8,500 | US$8,500 |
| English spoken rate | 97% | 75% | 95% |
| Literacy rate (%) | 98% | 98% | 99% |
| Computer literacy rate (%) | 88.3% | 46.9% | 70.6% |
| GDP per capita (US$) | US$86,000 | US$42,300 | US$43,800 |
| Population | 69,467 | 31,912 | 53,737 |
| Unemployment rate | 8% | 8.7% | 4% |
| Inflation rate (2013) | 2.4% | 2.2% | 1.2% |
| Estimate of engagement costs | | | |
| Healy Consultants engagement fees | US$15,200 | US$15,200 | US$9,200 |
| Company secretary and legal registered office | US$1,100 | US$1,100 | US$1,100 |
| Estimate of Government registration fees | US$3,500* | US$3,500 | US$10,366 |
| Estimate of total outgoings in Year 1 | US$19,800 | US$19,800 | US$20,666 |
