| 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 |
