Legislation Malta Financial Services Centre Act 1994
Supervisory Jurisdiction Malta Financial Services Centre
Application to Director - Insurance
Data includes Business plan
Financial projections (3 years)
Proposed directors and managers
Completed directors' questionnaires
Preliminary management agreement
Memorandum and Articles of Association
Reporting Requirements Quarterly filing of accounts to Director -
Insurance
Annual audit to Director - Insurance
Restriction on Business Captive insurance or reinsurance company
Licence for offshore parent and group
company risks
Minimum Capitalisation Captive $250,000
Other insurance or reinsurance companies
$750,000
Minimum Solvency Agreed with Director - Insurance
Registration Fees i) Registrar of Partnerships
Sliding scale but maximum of Lm573
ii) Malta Financial Services Centre
Captive insurance/reinsurance companies
Lm1000
Offshore insurance/reinsurance
companies Lm5000
Annual Costs Captives Lm1000
Offshore insurance/reinsurance companies
Lm5000
plus management, directors, legal and audit
Currency All traded currencies
Taxation 5% on self assessed profit for captives
registered before 31 December 1996 but
under review
Revised rate could be 35% subject to double
taxation relief and partial refund on
distribution of profit to shareholders
Location Centre of Mediterranean
Administration Developed infrastructure and financial
services
Additional Notes a) No stamp duty, withholding or other taxes
b) Establishment of equilisation and
catastrophe reserves pre tax
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'.