Exempt Insurance, also known as Captive Insurance, is defined in S3 of the Exempt Insurance Act 1997. It is the business of a body corporate whose risks and premiums originate outside of Dominica and whose liquidation monies, payable to shareholders, are payable to, or for the benefit of, persons resident outside of Dominica.

Safe Haven can incorporate a local business company to carry out exempt insurance work and apply for the licence to operate as an Exempt Insurance Company.

 

Benefits of Exempt Insurance

1. Exemption from all taxes including income tax, withholding taxes, capital gains taxes and no tax returns have to be filed
2. Exemption from exchange control requirements
3. Reasonable capital requirement (US$100,000.00)
4. Confidentiality for offshore asset protection
5. No requirement to publish financial information
6. Reasonable annual fee Government (US$2,500.00)
7. Meetings need not be held in Dominica

Requirements to Obtain a Licence

In order to obtain an offshore exempt or captive insurance licence in Dominica, the following requirements must be satisfied.

• Provision of an outline business plan
• Incorporation of a local company which will be the applicant
• The company must have at least two directors, one of whom must be a citizen of Dominica resident in Dominica
• Beneficial shareholders must be resident outside of the Caribbean community.
• The company must have a minimum paid up capital of US$100,000.00. An irrevocable letter of credit suffices.
• Personal and financial information in respect of each shareholder, director and senior officer
• A registered office and resident representative in Dominica

 

Government Fees

Government Fees are :

• A registration fee of US$2,500.00. It is pro-rated in the year of registration and thereafter payable by 31st January in each year
  
• A processing fee of US$100.00
  
  

Download the Exempt Insurance Application Form