St. Vincent International Insurance License
The St. Vincent International Insurance sector has been identified as an excellent growth area. The present insurance regime offers a great deal of flexibility to insurers wishing to conduct international insurance business.
The sector is regulated by the International Insurance (Amendment and Consolidation) Act 1998 and the International Insurance Regulations. Together these legislations set the legal framework for the high quality of regulatory and administrative processes necessary to foster and maintain market participation, transparency and confidence.
Key Features
Under these regulations, insurers have a choice of five classes of international insurance companies. This flexibility is designed to accommodate both the largest and the smallest insurance enterprises and allows for a diverse range of activity:
- Class I – unrestricted- insurers can carry on any international insurance business, including long term;
- Class II – General- Insurers can carry on general but not long-term international insurance business;
- Class III – Association- insurers can carry on general and long-term international insurance business with two or more owners of the insurer and/or their affiliates, and up to 30% of business with persons who are not owners of the insurer or their affiliates;
- Class IV – Group- insurer can carry on general and/or long term international insurance business with one owner, its affiliates, and employees;
- Class V – Single- insurer may carry on any international insurance business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
St. Vincent International Company |
|
· License application fee |
USD 500 (both Class I – V) |
|
· Annual license fee |
USD 3,000 (both Class I, II, III) USD 2,000 (both Class IV, V) |
|
No |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
None |
|
Directors |
|
|
2 |
|
Yes |
|
No |
|
Shareholders |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes |
|
Yes |
|
Yes |
Tax Treatment
Total exemption from all taxes (International Business Companies may, however, opt to pay SVG income tax at 1% if they wish to take advantage of the Caricom Tax Treaty).
Duration to Set Up
Around 4 to 6 weeks
Distinctive Benefits of Licence
- Minimum formality and speedy approval procedures, which allows funds to be created quickly, once the structure, investment criteria and prospectus have been finalized;
- No exchange controls or other restrictions; and
- Favourable tax regime.
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
Extensive network pool of service providers