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BARBADOS INSURANCE COMPANIES a Guide to Business Executives and Advisors to the Insurance Industry

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BARBADOS INSURANCE COMPANIES a Guide to Business Executives and Advisors to the Insurance Industry BARBADOS INSURANCE COMPANIES A Guide to business executives and advisors to the Insurance Industry PWC PricewaterhouseCoopers (www.pwc.com) is the largest professional service firm in the world. We provide industry-focused assurance, tax, advisory and corporate services for private and public clients, helping them to build value, manage risk and improve performance. Across the Caribbean, the PricewaterhouseCoopers network provides a fully integrated range of professional services to local, regional and international clients from offices located in Antigua, Aruba, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands, Curacao, Grenada, Jamaica, The Dominican Republic, Puerto Rico, St. Lucia, St. Maarten, Trinidad & Tobago, the Turks & Caicos Islands and the US Virgin Islands. Table of Contents Introduction . .2 PricewaterhouseCoopers in Barbados . .3 Why Barbados? . .4 Establishing an Exempt Insurance Company . .6 Start-up and ongoing operational costs . .8 The Island of Barbados – Ideal Environment for International Business . .9 n Integrity and Professionalism . .11 n Geography, Climate and Population . .12 n History . .14 n Politics, Government and Judiciary . .15 n Economy, Trade and Industries . .16 n Money, Banking and Finance . .18 n Transport and Communication . .19 n Infrastructure and Social Environment . .20 Appendices I. Qualifying Insurance Companies . .24 II. Key Legal Requirements . .25 pwc 1 BARBADOS INSURANCE COMPANIES Introduction Barbados is the premier international business centre in the Eastern Caribbean. As such, it is also one of the world’s leading domiciles for captive insurance companies. This guide has been prepared by PricewaterhouseCoopers East Caribbean. It provides background information to help business executives evaluate the advantages of establishing an insurance company in Barbados. Executives who are already planning to establish an insurance company here, or who wish more detailed information on the process or about specific issues, are urged to contact one of the following partners with responsibilities for international insurance: Wayne Fields, Michael Bynoe, Marcus Hatch or Ashley Clarke. Contact information: PricewaterhouseCoopers The Financial Services Centre Bishop’s Court Hill P.O. Box 111 St. Michael Barbados, W.I. E-mail: first name.last [email protected] Tel: (246) 436-7000 Fax: (246) 436-1275 2 pwc BARBADOS INSURANCE COMPANIES PricewaterhouseCoopers in Barbados and the East Caribbean Through its legacy firms, PricewaterhouseCoopers has roots in Barbados that go back to the 1860s. Officially known as PricewaterhouseCoopers East Caribbean, the partnership is headquartered in Barbados with practices in Antigua, St. Lucia and Grenada. Through its Corporate Services Division, which is managed by Abacus Management Services Ltd., the firm provides a complete range of services to foreign investors seeking to establish an Exempt Insurance Company or Qualifying Insurance Company in Barbados. These include: n Arranging incorporations, registration of external companies and company liquidations. n Preparing the application for the exempt insurance licence or registration of the insurance company; attending discussions with the Supervisor of Insurance for the granting of the licence or registration certificate. n Providing a registered office and a company secretary, and nominating local directors. n Maintaining statutory records, acting as a company registrar and dividend payment agent; filing statutory returns and generally keeping the company in good standing. BARBADOS INSURANCE COMPANIES pwc 3 Why Barbados? Already renowned as one of the premier holiday destinations in the Caribbean, and recognized by the United Nations as among the top developing nations in the world, Barbados also enjoys a well deserved reputation for integrity as an international business centre. The island is now one of the world’s leading domiciles for captive insurance companies. Over the past 30 years, successive governments have painstakingly built a highly attractive environment for foreign investment and international business. In addition to offering attractive tax concessions and incentives, the island has established a network of tax treaties with several countries including the USA, Canada, the UK, Switzerland and China. Indeed, Barbados has continually enacted – and refined – legislation that makes the country a highly respected domicile not only for Insurance Companies but also for: n International Business Companies n International Banks n International Societies with Restricted Liability n International Trusts n Mutual Funds Barbados has excellent international telecommunications links and is easily accessible by frequent scheduled flights from the United States, Canada, Britain and Europe. In addition, the island is home to a well- educated and skilled population and enjoys a well-developed infrastructure and a sophisticated level of services. Underlying legislation for international insurance companies An international insurance company can be licensed in Barbados under the Exempt Insurance Act, Cap. 308A or, alternatively, registered under the Insurance Act, Cap. 310 which also governs local insurance companies. International companies that choose to register under the Insurance Act, are known as Qualifying Insurance Companies and will face some tax liability in Barbados (see Appendix I). Regardless of which alternative they choose, companies must first obtain the approval of the Minister of Finance before incorporating under the Companies Act, Cap. 308 (see Appendix II). 4 pwc BARBADOS INSURANCE COMPANIES Most international insurance companies on the island have chosen to be licensed under the Exempt Insurance Act. Currently, there are Principal international approximately 413 licensed exempt insurance companies conducting tax planning business from Barbados. considerations n Canada – Canadian investors in Key Tax Incentives a Barbados international Here are some of the key tax incentives offered by the Exempt Insurance insurance company enjoy unique Act: tax advantages created by the existence of a tax treaty between n Exemption from tax on income and all withholding taxes. Canada and Barbados. Provided that the Barbados insurance n Exemption from all corporate taxes on capital gains or any tax on the affiliate carries on an active transfer of assets or securities to any person. business and is liable to tax in n Personal tax concessions for specially qualified employees. Barbados, it can benefit from being able to pay dividends to its n For US corporations, convention expenses are deductible against taxes Canadian shareholder so that they in the US. are not taxable in Canada. n Benefits and exemptions guaranteed for a period of 30 years. Sources of such dividends include third-party insurance business Other incentives carried on by an affiliate that employs more than five full-time n No requirements to file tax returns or to publish financial information. employees in such business, and related insurance business where n Exemption from exchange control regulations. premiums received are deductible n No necessity for “physical” meetings in Barbados. from some other group company’s income derived from another n Reasonable solvency requirements. country with which Canada has a n Modern and flexible corporate law. tax treaty. n Provisions for inward and outward re-domiciliation. n United States – With proper n Annual licence fee of only US$2,500. planning and subject to various n External companies may register as a branch in Barbados. provisions of the U.S. Internal Revenue Code, a U.S. based n Some tax treaties apply. corporation can derive substantive n Minimum capitalisation of US$125,000. economic benefits by insuring its employees and foreign operations n Availability of a wide range of professional services. using Barbados. With proper n Competitive start-up and ongoing operational costs. structuring, substantive benefits can also be derived through n Speed of incorporation and licensing. insuring/reinsuring the U.S. operations. BARBADOS INSURANCE COMPANIES pwc 5 Establishing an Exempt Insurance Company Exempt insurance is defined as a business whose risks and premiums originate outside Barbados, and which is owned by persons resident outside of the CARICOM Single Market and Economy*. Any person or business seeking to incorporate or register as an external company to engage in exempt insurance must first obtain permission from the Minister of Finance. The next step is to obtain a license from the Supervisor of Insurance. To do this, a company or branch must submit to the Supervisor of Insurance a completed application supported by relevant documents. These include: n Objectives of the company or branch, which must be restricted to exempt insurance. n The proposed source of business, together with the names and addresses of affiliates. n The proposed reinsurance programme, if any. n Estimates of the gross and net premium income for the first year. n The proposed capitalisation of the company (US$125,000 is the minimum required, and additional capital may be required to meet solvency margins). * The CARICOM Single Market and Economy includes the following countries: Antigua & Barbuda Montserrat Barbados St. Kitts & Nevis Belize St. Lucia Dominica Suriname Grenada St. Vincent & The Grenadines Guyana Trinidad & Tobago Jamaica 6 pwc BARBADOS INSURANCE COMPANIES n The proposed fiscal year-end of the company or branch. n The name and address of any guarantor, and the amount of
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