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Articles
Open Offshore Insurance Company in Belize
Updated on Thursday 26th January 2023
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Investors can choose to open an offshore insurance company in Belize and benefit from the particular tax-free advantages of the jurisdiction.
Offshore insurance companies need to comply with the Belize International Insurance Act and observe the applicable rules and regulation for minimum capital and the Belize offshore company formation process.
Requirements for offshore insurance companies in Belize
Offshore companies in Belize can carry our insurance and reinsurance activities based on a special license. The company or offshore insurer must comply with the requirements set forth by the Office of the Supervisor of Insurance and Private Pension.
According to the Insurance Act, the following types of companies and individuals in the insurance field need special licensing:
- life insurance;
- general insurance;
- long-term insurance
- brokers and individual agents;
- principal insurance representatives;
- reinsurance.
Companies in the insurance sector need to comply with the requirements for the mandatory paid up capital. For example, long-term businesses and general businesses have to submit a minimum share capital of 100,000 $ or more while reinsurance businesses are required to submit a capital of at least 50,000 $. An annual license fee applies per particular activities.
Registered insurance companies in Belize are required to keep business records, either at their registered office in Belize or at another location when authorized to do so by the Office of the Supervisor.
Belize company formation
Offshore insurance companies need to comply with the specific requirements for their particular type of business activity. However, investors also need to observe the general process needed to open a company in Belize.
The Belize IBC is the preferred business form for conducting insurance and reinsurance activities. This type of legal entity is not subject to local taxation and exchange control and investors benefit from a high degree of confidentiality.
Our team of Belize company registration agents can give you complete information about how to open an IBC and start an offshore insurance business.
Contact us for more detail about company formation and a complete list of our services.
Legal compliance is a key element when doing business in Belize. Company owners who wish to make sure that they meet the legal requirements can reach out to our lawyers in Belize if they have questions. We offer legal solutions to clients in many areas of law, including corporate (local and offshore companies, banking, licensing and international matters), as well as real estate, or immigration.
Meet us in Belize
Call us now at +230 5252 6703 to set up an appointment with our business consultants in Belize. Alternatively you can incorporate your company without traveling to Belize.
As a BridgeWest client, you will take advantage from the joint expertize of local company formation agents and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Belize.
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