Legislation Insurance Ordinance, Companies (Taxation &
Concessions)
Ordinance and Financial Services Ordinance
Supervisory Jurisdiction Financial Services Commission
Application to Commissioner of Insurance
Data includes Business plan
Tax exemption request
Management and directors' proposal
Reporting Requirements Annual accounts (confidential)
There is no requirement for private
companies to file accounts at Companies
House
Restriction on Business Activities limited by scope of Licence
granted - general business or long term
business (not both)
Capitalisation £50,000 subject to minimum guarantee fund:
General liability ECU 400,000
Fire, personal accident, sickness
ECU 300,000
Property damage ECU 200,000
Fees 0.5% duty on authorised capital
Incorporation fee £450
Application for tax exemption £75
Annual Costs Management, directors, legal and audit
Currency £ sterling
Taxation Exempt Company tax £225. No tax on
investment or trading income
Qualifying Company tax 2% - 35%
Location British Colony on southernmost tip of
Iberian peninsular
Administration Member of European Union as dependant
territory of the UK
Additional Notes Direct writing capabilities into the
European Union
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.