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Captive
Insurance: Tax Exempt Insurance
If you are looking for offshore tax exempt insurance
services, we are experts in the field and are ready
to walk you through the process. We are official registered
offshore agents of the government of the Commonwealth
of Dominica. Contact Us if you have any questions or
concerns, or if you are ready to set up your offshore
tax exempt insurancecompany or if you are looking for
information on captive insurance benefits.
Why
Establish Tax Exempt Insurance Business in the Commonwealth
of Dominica?
The main reasons for setting up an offshore tax exempt
insurance operation include:
- Financial
Privacy -- provision of a blanket of confidentiality
with appropriate gateways for justifiable disclosures
of information to assist regulatory and law enforcement
authorities in the investigation of criminal activities
- Tax
Exemptions -- provision of exemptions offers an
attractive environment for high quality insurance
undertakings, such as mutual insurance companies,
offshore captive insurance companies and major international
insurance groups.
- Offshore
Licensing Strategy geared to attract reputable insurance
institutions and to build and maintain a reputable
jurisdiction
- Simplicity
-- simple, swift procedures for the establishment
and management of operations
- Tax
Freedom there are no income tax, capital gains tax,
direct or import tax, withholding tax and exchange
control ordinances do not apply
- Cost
Competitiveness
Guiding Principles for Captive Insurance
The
Act applies to captive insurance companies whose risks
and premiums originate outside the Commonwealth of Dominica
and on whose liquidation monies payable to shareholders
are payable to or for the benefit of persons resident
outside the Commonwealth of Dominica. The granting of
a tax exempt captive insurance license is within the
discretion of the Minister of Finance. who may attach
conditions to the issue of the offshore licence relating
to the real property investments and holdings of a licensee.
REQUIREMENTS
FOR APPLYING FOR AN EXEMPT INSURANCE LICENSE
- A
meeting with the minister of Finance and Economic
Planning and the Registrar of Insurance to determine
the possibility of the License being granted and
to obtain the consent of the Minister to incorporate.
- Incorporation
of a Company under the Companies Act of 1994.
- Submit
application to the Registrar of Insurance. The application
must be signed by at least two(2) directors and
must state the classes of Exempt Insurance business
that the applicant intends to engage in. Every application
for a License to carry on Exempt Insurance business
shall contain the information specified in the forms
provided in the package.
- Application
package should include the following: -
- Certificate
of Incorporation under the Companies Act of
1994 a company limited by shares or as a mutual
insurance company.
- Evidence
that its objects and activities are the transactions
of exempt insurance business and are in keeping
with the classes of Exempt Insurance Business
stated.
- Evidence
that at least one director is a Citizen of Dominica
resident in Dominica, (such a person has to
file with the
- Registrar
Consent signed by him to as a director).
- Certified
copy of the Articles of Incorporation. v.Copy
of receipt from Accountant General for payment
processing fee US$500.00.
- Evidence
of availability of minimum paid-up capital of
US$100,000.00 in cash or readily negotiated
instruments.
Complete Disclosure Form for each shareholder,
director and senior officer, and follow prescribed
due diligence guidelines for the offshore sector.
- Evidence
of appointment of a resident representative.
For more information about exempt insurance
offshore, please do not hesitate to contact
us.
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