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First 'protected cell companies' formed in Turks and Caicos
Published on January 25, 2014 Email To Friend    Print Version

PROVIDENCIALES, Turks and Caicos Islands -- The Financial Services Commission in the Turks and Caicos Islands (TCI) has announced the successful formation of two protected cell companies (PCCs). This is the first time since the Protected Cell Companies Ordinance (PCCO) came into effect on November 1, 2006, that PCCs have been formed and registered in the TCI.

By definition, protected cell companies are limited liability companies structured in such a way that the company is separated into legally distinct portions or cells. The revenue streams, assets and liabilities of each cell are kept separate from all other cells. Each cell has its own separate portion of the PCC's overall share capital, allowing shareholders to maintain sole ownership of an entire cell while owning only a small proportion of the PCC as a whole. A protected cell company is seen legally as a single entity but differs from an ordinary company as it allows greater protection of assets.

In the TCI, Section 7 of the PCCO limits the use of PPCs to insurance business. The ordinance gives the governor the power to extend the type of business PCCs may be able to engage in; however, such change would require adoption of regulations and/or an amendment of its related ordinance.

Noting that the use of protected cell companies has been a significant development in the world of finance for many years, FSC managing director Kevin Higgins said: “It is encouraging to see that the Turks and Caicos continues to be a competitive choice for establishing a wide variety of international insurance entities.”

He further commented: “The TCI regulatory regime continues to support and facilitate the development of the financial services industry and the willingness of these two newly formed protected cell companies to operate from our jurisdiction is for the Commission a clear indicator of growth in the sector.”

The structure of cell companies has been hugely successful as an alternative vehicle for financial services solutions worldwide. The Cayman Islands, Bermuda, Isle of Man, Guernsey, Jersey, Anguilla, Barbados, and Malta boast a large number of PCCs registered in their jurisdiction.
 
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