Are you currently in a reinsurance? Do you own a company? It's ok, we will use your current reinsurance company; simple, fast and seamless.
Want us to help in a formation of a reinsurance company? Great, we work with the strongest and most knowledgeable experts in the industry. We will walk you through the process every step of the way. Formation is done in the Turks and Caicos Islands, BWI.
The formation cost for a single stock class Turks and Caicos Islands, BWI restricted license reinsurer is $3,900, which includes the first year (2014) licensing fee. This includes preparation of all TCI reinsurance application and formation documents (Articles and Memorandum of Association, issuance of stock, filing of IRC Section 953(d) election, etc...), first year TCI licensing and govt. fees, plus all attorney fees associated with formation. The sample corporate record book that is attached contains samples of all the corporate formation documents included in the process. The incorporation and licensing process in the TCI takes between 30 and 45 days, while the corporate record book is assemble in roughly 90 days. Once the new company is incorporated and licensed (30 to 45 days), it can execute the reinsurance and trust agreements and begin to assume business and cash.
Once the company is formed, we will provide turnkey compliance management services for the new reinsurance company. The annual compliance services include all accounting and tax work (maintenance of books and ledgers, preparation of the annual NAIC modified statutory financial statements, preparation of the Federal income tax return, Form 1120-PC, coordination of quarterly Federal income tax payments, etc...), preparation of shareholder and director annual consent resolutions, preparation and filing of the annual TCI Certificate of Compliance, and payment of the annual TCI license renewal and registered agents fees. The total cost for all of these functions is roughly $4,500 (this includes payment of the annual $900 TCI license renewal and registered agents fees).