Valsen Corporate

Antigua and Barbuda Captive Insurance Licence

Captive Insurance Licences are granted by the Supervisor of Insurance, acting in conjunction with the International Financial Sector Authority (IFSA), and, once issued, the corporation is at liberty to engage in all types of insurance activities other than domestic insurance. There is a statutory minimum capital requirement of US$250,000. An applicant for a Licence must demonstrate that this amount has been deposited in a Bank, operating in Antigua and Barbuda, or, in a recognized bank operating outside of Antigua and Barbuda.
Antigua and Barbuda Captive Insurance Licence Key Features

  1. International insurance companies are regulated by the IBC Act
  2. Subsidiaries, branches or internet services must not be established by licensees without the Commission’s approval
  3. The established minimum paid-up capital is USD $250,000
  4. International insurances licenses are issued or refused by the Commission within three (3) months of receipt
  5. Insurance business must begin within six (6) months upon issue of licence
  6. An international business company licensed to provide international insurance services must have a physical presence in Antigua and Barbuda
  7. On-site examination of an international insurance company is done every year

Antigua and Barbuda Captive Insurance Licence Legal Requirements

Antigua and Barbuda Captive Insurance Licence

Description

General
  • Local physical office required

Yes

Share capital or equivalent
  • Minimum paid-up capital

USD $250,000

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

Antigua and Barbuda Captive Insurance Licence Tax Treatment

  1. Exemption from tax on income and all withholding taxes.
  2. Exemption from all corporate taxes on capital gains or any tax on the transfer of assets or securities to any person.

Antigua and Barbuda Captive Insurance Licence Duration to Set Up
3 Months 
Antigua and Barbuda Captive Insurance Licence Distinctive Benefits

  • Tax deduction for the parent company for the insurance premium paid to the captive;
  • Various other tax savings opportunities, including gift and estate tax savings for the shareholders and income tax savings for both the captive and the parent;
  • Opportunity to accumulate wealth in a tax-favored vehicle;
  • Distributions to captive owners at favorable income tax rates;
  • Asset protection from the claims of business and personal creditors;
  • Reduction in the amount of insurance premiums presently paid by the operating company;

 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.