|
|
 |
|
| |
Global Business:
Protected Cell Companies
|
|
|
| |
The creation of a cell by a
PCC does not create in respect of that cell a legal person separate
from the Company. Each cell must have its own distinct name
or designation. No minimum capital requirement is imposed for
the PCC and for each cell within the PCC. The assets of the
PCC may be attributed to a particular cell(s) or be non-cellular
ie ‘cellular and non-cellular assets’. Any assets or liabilities
that do not belong to a particular cell wil,l by default, be
treated as non-cellular assets or liability. A PCC is taxable
as a single legal entity.
Incorporation & Registration
A PCC may be directly incorporated or may be registered as a foreign company by way of continuation as a PCC. The incorporation and licensing procedures for a PCC is similar to that of a GBC 1.
A PCC is required to submit annual audited accounts to the Financial Services Commission. The accounts should contain a note explaining the status of the various cells. The Commission may request each cell to report independently if thinks it necessary.
|
|
|
