Other Structures
Private trust companies
A Private Trust Company (“PTC”) is a company limited by shares formed for the specific purpose of acting as trustee for a trust or a limited number of trusts for the benefit of a single family or for branches of a family or for related family groups. Unlike a qualified trustee, the PTC does not need to be a management company licensed by the Financial Services Commission in order to provide trusteeship services, provided that such services are not provided to the public. Depending on its activity, the PTC can be licensed as a GBL or an Authorised Company.
Limited partnership
Protected cell companies
A Protected Cell Company (‘PCC”) is a special legal structure made up of cellular assets or non-cellular assets or a combination of both cellular and non-cellular assets. It provides legal segregation of net assets attributable to each cell of the company. The cellular assets attributed to a cell will only be affected by the liability of the company arising from transaction attributable to that cell. This legal segregation is often described as ‘ring fencing’. Further, a PCC may effect distributions in respect of cell shares by reference only to the cellular assets and liabilities attributable to the cell in respect of which the cell shares were issued.
The activities for which PCCs can be used are asset holding, structured finance, captive insurance, external pension schemes and investment funds.