Legislation Insurance Act (Chapter 142) Supervisory Jurisdiction Monetary Authority of Singapore (MAS) Insurance Commissioner Application to Monetary Authority of Singapore (MAS) Data includes Parent company questionnaire Parent company reports and accounts Completed application and business plan Written approval of relevant home authorities to establish a captive in Singapore if applicable Copy of proposed captive feasibility study Reporting Requirements Audited statutory returns annually and unaudited returns quarterly Restriction on Business In-house risk of parent or related companies in the Group only Capitalisation S $1,000,000 minimum (approximately US $610,000) Minimum Solvency Surplus of assets over liabilities of S $1,000,000 Fees Annual registration fee S $5,000 Annual Costs Management, secretarial, legal and audit Currency Singapore dollars (S $) Taxation Subject to Income Tax Act (Chapter 134) Tax rate currently 27% but captives enjoy the following concession: 10% on underwriting profits for offshore insurance business, non-Singapore dividends, realised capital gains and interest, including interest on Asian Currency Unit deposits derived from investing: - offshore premium income - shareholders funds used to support the offshore insurance business Location South east Asia island located off southern coast of Malaysia Administration Developed financial services
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