It normally takes one month to set up a Vanuatu Captive Insurance Company. But this depends on your providing the correct information.

Since all contries of the world are now sensitized against terrorist and criminal money laundering, the Government of Vanuatu, and Moores Rowland, must undergo a very complete due dilligence review of all applicants. The information you submit will be protected by Vanuatu's strict Privacy Act, but the government needs to be able to verify that the applicants are who they say they are. They will, for example, contact the bank which issues the bankers reference and ask if they did prepare such a reference on behalf of the applicants. But they will not divulge any information about your plans or application.

To file your application for a Vanuatu Captive Insurance Company you will need to provide a portfolio that includes the following:

1. A completed Financial Services Commission application form:

2. A completed Application to form an Exempted Incorporated Company:(included in the above download)

3. A Business Plan for at least 3 years ahead.

4. The Names of the Principal and alternate Principal who will be in charge of the day-to-day operations of the Insurance Company (note these should not be present employees or principals of the parent company).

5. A copy of a recent bank statement and an original (not a copy) bankers reference for each principal.

6. Police Clearances for each Principal, (Please note that a Police Clearance Report will have to be issued by a law enforcement authority where the principals are resident. A Reference issued by a Municipal Judge will not be accepted by the Vanuatu Financial Services Commission.)

7. Copies of Passports of each Principal, (copy every page).

8. A copy of the last income tax report of each Principal,

9. CVs and Qualifications of all Principals,

10. Statements of Assets and Liabilities of all Beneficial Owners.

Fees

Captive Insurance Company Set Up Fees	US$
Incorporation (Company)	$2,000.00
License Application	$5,000.00
Government Registration Fee (Company)	$ 500.00
First Year Insurance Licence Fee	$5,000.00
Disbursements	$100.00
Moores Rowland Corporate Administration Fee - Year 1	$2,000.00
Managers Fee - Year 1	$1,000.00
TOTAL SET UP FEE	US$15,600.00

 

Annual Maintenance Fees	US$
Government Registration Fee (Company)	$ 500.00
Government Insurance Company License Fee	$5,000.00
Moores Rowland Corporate Administration Fee	$2,000.00
Manager's Fee	$1,000.00
TOTAL ANNUAL FEE	$8,500.00

 

Please note the process to obtain an Exempted Insurance License takes about four weeks after we have received the required information package.