INTERNATIONAL INSURANCE

The International Business Corporations Act 1982 allows for the formation of offshore insurance corporations subject to the grant of a licence by the Superintendent of Insurance. The application is usually processed within the period of one (1) month although the Superintendent of Insurance must signify his approval or rejection within three (3) months of the filing of the application.

Capital Requirement
There is a minimum capital requirement of US$100,000.00. These funds are payable into an established Antiguan Bank or a major International Bank outside of Antigua before any license will be issued in respect of the company.

Requirements on Application
An application for an insurance licence must contain the following:

  • The name and address of the proposed insurance company
  • Number of common and preferred shares , if any
  • Total capital
  • Names and addresses of all the shareholders, directors and officers
  • Biographical information of each director, officer and subscriber to 5% or more of the company's capital
  • Business Plan
  • One local resident director
  • An opening balance sheet. For an existing insurance company audited financial statements must be submitted before the issue of the licence.
Statutory Reporting
Offshore Insurance Companies are required to appoint an auditor and to file audited annual reports with the Supervisor of International Insurance Corporations

Tax Exemption
Tax exemptions applicable to International Business Corporations in general apply to International Insurance Companies. Hence no taxes whatsoever are attached to it in respect of:

  • Profits or gains resulting from activities carried on from within Antigua
  • Securities or assets beneficially owned by an exempt corporation
  • Increase in the value of property or other asset in Antigua or elsewhere
  • Transfer of all or any part of its securities or other assets to another exempt corporation
  • Dividends, interest or other returns from any securities, deposits or borrowings

What we will do for your International Insurance Corporation

Corporate and Trust Services (Caribbean) Limited provides full service corporate, administrative, and management services to facilitate the successful completion of your offshore insurance company application and licence plus the provision of ancillary services. These include:
  • Incorporation
    • Preparation and filing of articles of incorporation and by-laws
    • Preparation of incorporation charter
    • Obtaining Certificate of Incorporation
    • Preparing and obtaining licence
  • Corporate Secretarial Services
    • Facilitating and attending the organizational meeting of the directors
    • Preparation of share certificates, resolution and other corporate documents
    • Preparation of a register of shareholder(s)
    • Preparation of a register of the directors
    • Opening of bank accounts
    • Provision of registered agent and office
    • Maintenance of corporate records
    • Attendance at the annual meetings of the shareholders
    • Payment of annual licence and renewal fees
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