Captive Domicile: Singapore > Marsh USA

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Captive Domicile: Singapore

Published: 19-Jan- 2011 | Comments: 0

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Marsh Management Services Singapore Pte Ltd.
Head of Office
Sales Coordinator
Office and Mailing Address
18 Cross Street #40-00 Marsh & McLennan Centre Singapore 048423
Telephone	(656) 531-2100
Facsimile	(656) 220-8142

General Information
Location	Singapore is located in the western Pacific Rim. It is one of the major financial centers in the Asia Pacific. Singapore has a population of approximately 4 million.
Accessibility	Singapore's Changi Airport is one of the world's premier airports. Flights are available to and from all major cities. "Telephone windows" are available to European, U.S. and all Asian cities within a normal working day.
Applicable Legislation	Captives are governed by S.142 of the Insurance Act.
Number of Captives	63 as of 31-Dec-2008
Regulatory Agency	Insurance Commissioner's Department, The Monetary Authority of Singapore

Regulatory Issues
Acceptable Insurance Subsidiaries	Single Parent, Group and Rent-a- Captives
Acceptable Corporate Forms	Stock
Permitted Business	Parent and 'Related Third Party' Risks
Direct Insurance Permitted	Yes
Reinsurance Permitted	Yes
Policy Form and Rate Approval	No
Local Office Requirement	Registered Office

Capitalization & Solvency Requirements
Minimum Capital	S$400,000 (Singapore dollars), cash only
Solvency	Company Margin: Minimum of $400,000 on equity and retained earnings Insurance Fund Margin: Positive fund retained earning
Premium Taxes	No local premium tax is imposed. Premium for US risk may be subject to Federal Excise Tax of 4% on direct policies and 1% on reinsurance policies if captive is viewed as an insurance company for US federal tax purposes.
Intercompany Loans	Allowed, contingent on the "arms length" nature of the transaction.
Investment Restrictions	A captive that writes offshore risks of parents or related companies has no investment restrictions. All onshore risks are subject to the regulations of the Singapore Insurance Fund.
Taxation	Captives can elect to be taxed at a rate of 0% or 10% of income generated by: General (re)insurance covering offshore risks; and Dividends and Interest from investments arising out of the (re)insurance of offshore risks. Otherwise, captives are subject to the normal income tax rate of 18% (with certain exemptions on the first S$100,000 of income).
Reporting Requirements	Annual Reporting in accordance with the provisions of the Companies Act, Cap. 50 and Statements of Accounting Standard, Singapore Audited Financials Certified Loss Reserves not required

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For more information please contact:
contact@marsh.com