Montserrat offshore companies are regulated by the Insurance Act 2001. The charge of administering the Act is placed with the Supervisor of Insurance. All Montserrat offshore insurance companies must satisfy all statutory deposit requirements. Minimum capital requirements must be maintained throughout the life of the offshore insurance company. A resident in Montserrat must be appointed as local agent or representative. All insurance business must be in the interest of the public. Montserrat offshore insurance companies must remain solvent at all times. Any business undertaken in Montserrat, prudential reports and audited financial statements must be reported to the Supervisor of Insurance annually. All directors and officers must be physically and mentally fit.

Montserrat Offshore Insurance Business License Key Features

  • All Montserrat offshore insurance companies must satisfy all statutory deposit requirements
  • Minimum capital requirements must be maintained throughout the life of the offshore insurance company
  • A resident in Montserrat must be appointed as local agent or representative
  • All insurance business must be in the interest of the public
  • Montserrat offshore insurance companies must remain solvent at all times
  • Any business undertaken in Montserrat, prudential reports and audited financial statements must be reported to the Supervisor of Insurance annually
  • All directors and officers must be physically and mentally fit

Montserrat Offshore Insurance Business License Legal Requirements

Montserrat Offshore Insurance Business License

Description

General

  • Corporate  vehicle permitted

Montserrat IBC

  • Physical office in Montserrat

Yes

Share capital or equivalent

  • Minimum paid up capital

USD 250,000

  • Minimum investors

None

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

Yes

Shareholders

  • Minimum number

1

  • Corporate shareholder allowed

Yes

  • Local shareholder required

No

Service Providers Required

  • Company Secretary

Yes

  • Auditors

Yes

 Montserrat Offshore Insurance Business License Tax Treatment

Montserrat Offshore Insurance Business are exempted from specified taxes in Montserrat

Montserrat Offshore Insurance Business License Duration for Set up

Around 8 – 12 Weeks

Montserrat Offshore Insurance Business License Distinctive Benefits

  • There is no capital, value added or inheritance taxes in Montserrat Island,
  • There is no stamp or document duties except in respect of Montserrat Island real property.
  • A financial institution may hold both types of banking licence provided that separate accounting records are maintained or business activities under each licence is conducted through separate branches or subsidiaries
  • Montserrat Island is a favorable offshore jurisdiction with favorable economic and political stability

Why US (Key Strengths)

  1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
  2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  3. We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
  4. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  5. We have a full in-house compliance support for all compliance requirements with the regulator and service providers