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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Summary at a Glance
Total captive insurance incorporation costs (excl. US$16,300 US$16,300 US$10,300 Government fees)
Subsequent annual costs US$12,350 US$12,350 US$18,216
How long to incorporate a captive insurance co.? 7 weeks 7 weeks 5 weeks
Do you visit the country for incorporation? No No No
100,000 – 200,000* US$120,000 - Minimum share capital US$200,000 US$1,000,000*
Supervisor of Insurance Regulatory Authority British Virgin Islands Cayman Islands and the Assessment Financial Services Monetary Authority and Licensing
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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Committee (ALC) of the Commission (BVIFSC) (CIMA) Bermuda Monetary Authority (“BMA”)
Registrar of Companies (ROC)
Licenses 8 categories of insurers 4 categories of insurers 7 categories of insurers
Registered office required? Yes Yes Yes
No (local representative Local directors required? No No and local secretary enough)
Resident registered agent required? Yes No No
Resident manager required? No Yes Yes
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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Legal considerations
Minimum number of directors required? 2 2 2
Minimum number of resident directors required? 0 0* 0
Corporate directors allowed? No No
Individual directors allowed? Yes Yes Yes
Minimum number of resident managers required? 1 1 1
Must the managers have a license? Yes Yes Yes
0 Minimum number of representative required? 1 0 (if there is a manager) Minimum number of resident representative 1 0 0 required?
Public register of shareholders and directors Yes Yes Yes
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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Tax and accounting considerations
Corporate tax payable 0 0 0
Audited financial statements Yes Yes Yes
Audited statutory financial statements Certificate of What to report to the Regulatory Authority - Declaration of solvency Compliance ratios
Audit firm required? Yes Yes, local Yes
Annual tax return to be submitted Yes Yes Yes
Access to how many double tax treaties 0 2 0
Withholding tax payable 0 0 0
Can the captive insurer hire expatriate staff in the No No No country?
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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Logistic considerations Allowed to invoice/sign sales contracts with local No No No clients
Can rent office premises in the country No No No
Average monthly salary in Captive insurers (US$) US$8,500 US$8,500 US$8,500
English spoken rate 97% 75% 95%
Literacy rate (%) 98% 98% 99%
Computer literacy rate (%) 88.3% 46.9% 70.6%
GDP per capita (US$) US$86,000 US$42,300 US$43,800
Population (in million) 69,467 31,912 53,737
Unemployment rate 8% 8.7% 4%
Inflation rate (2013) 2.4% 2.2% 1.2%
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BRITISH VIRGIN CAYMAN ISLANDS BERMUDA CAPTIVE INSURANCE ISLANDS
Estimate of engagement costs
Healy Consultants engagement fees US$15,200 US$15,200 US$9,200
Company secretary and legal registered office US$1,100 US$1,100 1,100
Estimate of Government registration fees US$3,500* US$3,500 US$10,366
Estimate of total outgoings in Year 1 US$19,800 US$19,800 US$20,666
Draft invoice draft invoice - draft invoice - BVI draft invoice - Bermuda captive insurance 14 10 2013.doccaptive insurance 14 10 2013.doc Cayman Islands captive insurance 14 10 2013.doc
*Depending on the class
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