A Protected Cell Company (PCC) is a Special Purpose Vehicle that authorises the lawful separation of assets owned by each cell of the company. A PCC is a corporate structure, limited by shares, which consists of a core (“non-cellular”) and an indefinite number of cells (“cellular”).  The Protected Cell Company Act 1999 updated provides additional opportunities, flexibility and security for structured finance business, captive insurance, funds and Collective Investment Schemes (CIS). The assets allocated to each specific cell may only be liable for liabilities incurred by such cell and thus should not be attacked by creditors of the company’s other cells.

Taxation

A PCC with a GBC 1 Licence enjoys favourable tax treatment (maximum taxation rate is 15%) under the Double Taxation Agreements whilst being taxed as a single entity. Normally, each cell is taxed separately and each cell is liable to income tax in respect of its own income. However, under amendments brought by the Finance Act 2011, where a PCC owes income tax, the tax authorities may have recourse to both cellular and non-cellular assets of the PCC to recover unpaid tax. We offer a comprehensive range of tailor-made corporate, trust, fund and fiduciary services to clients in various jurisdictions.

Key services

• Setting up and formation of the Protected Cell Company (PCC)
• Advice on the structuring of the PCC
• Provision of two resident directors
• Company secretarial services
• Provision of Registered Office Address.
• Assistance in preparing the business plan
• Arrange for the creation of cells
• Preparation of annual accounts and liaisons with auditors and authorities
• Filing of tax returns
• Opening of bank accounts and other related services

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