The National Ordinance containing regulations concerning the supervision of the Insurance industry provides the Central Bank with the legal basis for the supervision of life, non-life and funeral insurance companies, both onshore and offshore. Insurance companies operating in or from St. Maarten need a license from the Central Bank to conduct their activities. According to said National Ordinance a license is granted either to engage in the life insurance business or the general (non-life) insurance business.

Sint Maarten Insurance License Key Features

  1. Sint Maarten offshore insurance companies are only allowed to engage in either long-term or general insurance business, unless otherwise permitted by the Commission to be able to undertake both types of insurance businesses
  2. Sint Maarten Insurance no income, capital gains, wealth, withholding, gift or inheritance taxes

Sint Maarten Insurance License Legal Requirements

Sint Maarten Insurance License

Description

General

  • Local physical office required

No

Officers

  • Insurance Manager

Yes

  • Principal Representative

Yes

Shareholders

  • Minimum number

None

  • Corporate shareholders allowed

None

  • Local  shareholders required

None

Service Providers Required

  • Company Secretary

None

Sint Maarten Insurance License Tax treatment

Sint Maarten Insurance no income, capital gains, wealth, withholding, gift or inheritance taxes.

Sint Maarten Insurance License Duration for Set Up

3 months

Sint Maarten Insurance License Distinctive Benefits

  • Tax neutrality and Tax Exchange Agreements
  • An insurance manager or a licensed principal representative may carry on insurance business as an insurance broker, as long as he or she holds a license for such activity.
  • Sint Maarten has no income, capital gains, wealth, withholding, gift or inheritance taxes.
  • Shares held by an insurer can be owned by a trustee of any trust established and governed by the Trusts Act.

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 the 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 can provide you with fit and proper directors in case you need.
  6. We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Sint Maarten Offering