Guernsey Offshore Insurance License
- Guernsey Offshore
- Insurance License
Key Features - Insurers in Guernsey can be licensed to write either general business (i.e. non-life) or long-term business (i.e. life). New composite insurers are no longer allowed except where the life/non-life insurance business is incidental in terms of premium income to the principal non-life/life insurance business being written by the licensed insurer, or where the licensed insurer is a protected cell or incorporated cell company.
Insurers licensed in Guernsey can be international insurers, which underwrite non-local insurance risks, or domestic insurers, which underwrite wholly, or primarily, Bailiwick of Guernsey insurance risks. International insurers can be classified into two types as follows:
- Pure captive insurer – an insurer established for the sole purpose of insuring some or all of the risks of its parent
- Commercial insurer – an insurer established for the primary purpose of participating in the traditional insurance or reinsurance market
Legal Requirements
Tax Treatment There is no capital, value added or inheritance taxes in Guernsey, nor any stamp or document duties except in respect of Guernsey real property. With the exception of certain businesses, companies (including funds) now pay a standard rate of 0% income tax on profits. Funds still have the option to apply for exempt company status (on payment of an annual fee of £600). Duration to Set Up 3 months Distinctive Benefits of LicenceRequirements
Description
General
- Corporate vehicle permitted
Guernsey company, Protected cell company (PCC), Incorporated cell company (ICC)
- Local physical office required
No
Share capital or equivalent
- Minimum paid-up capital
GBP 100,000
Directors
- Minimum number
2
- Corporate directorship allowed
Yes
- Local director required
No
Shareholders
- Minimum number
2
- Corporate shareholders allowed
Yes
- Local shareholders required
No
Service Providers Required
- Company Secretary
Yes
- Robust yet flexible regulatory environment
- Professional infrastructure and quality of workplace
- Tax neutrality and Tax Exchange Agreements
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers