Saint Kitts and Nevis captive insurance licence, Ordinance 2004 as amended allow for entities to be licensed insurance companies under the defined Act.

Key Features

The Nevis International Insurance division is governed by the Nevis International Insurance Ordinance 2004 as amended. In keeping with good governance and regulations, registered insurance companies must abide with the Nevis Business Corporations.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

St. Nevis International Company

  • License application fee

USD  200 (Small Captive Insurance)

USD  600 (Other Captive Insurance)

  • Annual license fee

USD  800 (Small Captive Insurance)

USD  3,000 (Other Captive Insurance)

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

USD  225,000 (Pure Captive Insurance)

USD  300,000 (Association captive insurance)

USD  400,000 (Group Captive Insurance)

USD  20,000 (Small Pure Captive Insurance)

USD 25,000 (Small Association Captive Insurance)

USD 30,000 (Small group captive insurance)

Directors

  • Minimum number

2

  • Corporate directorship allowed

No

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholder allowed

Yes

  • Local shareholder required

No

Service Providers Required

  • Company secretary

Yes

  • Auditor

Yes

  • Legal adviser

Yes

Tax Treatment

Corporate income tax is only payable for locally generated profit, transactions made solely to non-resident entities is not subject to tax.

Duration to Set Up

Around 3 months

Distinctive Benefits of Licence

  • Minimizing costs by eliminating a large percentage of traditional insurance company overheads;
  • Access to the lower-cost reinsurance market;
  • Retaining profits that would otherwise have been paid to commercial insurers (premiums in excess of amounts repaid to cover losses);
  • Earning additional income on funds it controls by choosing lucrative financial instruments in which the company’s premiums may be invested in;
  • Reducing risk by choosing insured parties with a low risk profile;
  • Have control over the design of the company’s policies, as well as, the ability to repay losses incurred;
  • Ability to insure risks which would otherwise be uninsurable.

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers