IBC INSURANCE COMPANY An IBC may also apply for an insurance licence. The minimum capital required is US$100,000.00. There are no reserve requirements, foreign exchange controls or levies. Annual audited returns must be filed, and Insurance IBCs are required by law to have a local Director. The Insurance Company is exempt from taxation for 50 years. Application Information required for an Insurance IBC: Biographical data as required for any IBC Most recent audited financial reports if the Shareholder is a Holding Company Certificate of Good Standing from the Registrar of Companies Resolution from the Board of Directors authorising the incorporation of the insurance company An indication on the resolution of whom the Managing Director will be (There must be a minimum of two Directors, including the one local Director) Signed resume of the Managing Director Operating address of the new insurance company Detailed business plan with financial projections for no less than three (3) years. Once all application requirements are met, incorporation and licencing of an insurance company generally takes about four to six weeks.