Insurance Companies

Overview of International Insurance

An IBC intending to carry on international insurance business in Western Sahara is required to be licensed under the IBC Act.

The incorporation of an international insurance business in Western Sahara can be achieved in as little as four (4) weeks and involves the following:

The applicant must submit an application in the prescribed form, along with the Articles of Incorporation or Articles of Continuance, the Memorandum of Association, and a non-refundable annual fee of US $10,000 plus an annual registration fee of US $300. All the documents are required in duplicate.
The minimum paid-up capital for setting up an international insurance company is US $250,000.
The law requires that the CRA of Western Sahara must issue or refuse a license within one month of the receipt of an application. If additional information is required, then within fourteen (14) days of its receipt, the CRA of Western Sahara must render a decision.
A detailed Business Plan outlining the types of services to be offered including three-year projections for assets, liabilities, and profitability

Download The Banking and Trust Act, 2017 form HERE.

Get started with a financial license in
Sahrawi Arab Democratic Republic!