The start-up cost
The Barbados costs associated with the establishment
of an exempt insurance company will typically
range between US$12,000 and US$15,000. These
costs include government fees on application for the
license and on incorporation of the company and
the first year’s license fee.
The professional fees include the incorporation
of the company, preparation of the By-Laws and
Articles, the preparation of the application and
business plan, corporate secretarial retainer and the
auditors’ certificate on the initial capital.
The Barbados operational cost
The annual Barbados operating costs will depend
on the type of business and level of activity involved.
However, the costs associated with a small to
medium sized exempt insurance company will
range between US$29,000 to US$65,000. The costs
include the management fee for the exempt insurer
management company, auditor, corporate secretary,
local director/s, and the annual government fees.