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Antigua insurance companies offshore - captive insurance licenses
An International Business Corporation (IBC) can apply for a licence to conduct a business in International Insurance. The International Business Corporations Act governs the establishment, licensing and operation of International Insurance Corporations.
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$250,000.00. An applicant for a Licence must demonstrate that this amount has been deposited in a Bank, operating in Antigua and Barbuda, or, in a recognised bank operating outside of Antigua and Barbuda.
Generally, applications are processed within four (4) weeks of the paperwork being submitted.
An application for a licence to conduct international insurance business must contain the following information:
- The proposed name and address of the insurance corporations.
- Proposed capital
- Information on proposed share structure (classes, par value, etc.)
- Names and full addresses of proposed shareholders, directors and officers. (N.B: Bearer share holders are not permitted, Corporate directors are not allowed, and, at least one of the directors must be a citizen of, and resident in, Antigua and Barbuda.)
- Biographical information (curriculum vitae) on directors, shareholders and officers with 5% or greater shareholding in the insurance corporation.
- An opening Balance Sheet and, where applicable, an audited financial statement.
Insurance Corporations are required to re-register and to file audited reports annually. There is statutory provision for the affairs of the Corporation to be examined annually by an Examiner appointed by the IFSA.
All insurance corporations enjoy the tax-free status of standard IBCs. Accordingly, the corporation will pay NO taxes whatsoever on:
- any profits derived from its operations in Antigua
- its assets or securities
- dividends or interest
The Government guarantees this tax-free status for a period of fifty years from the date of incorporation of the IBC.