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'.