Incorporated Cell Companies
The Isle of Man Government has introduced legislation allowing Incorporated Cell Companies (ICCs) to provide a further offering to the already wide range of corporate structures available in the Isle of Man. The Incorporated Cells Act 2010 and Insurance (ICC) Regulations 2011 came into effect on 23 June 2011.
The essential characteristic of the ICC, which differentiates it from the Protected Cell Company (PCC), its closest peer, is that each cell within an ICC is a separate entity that has its own individual legal personality. Thus each cell can sue, or be sued in its own right, with no effect on the other cells within the ICC. With a PCC, the company itself is the legal personality. Both types of company are able to hold ring-fenced assets within individual cells, making such assets unavailable to creditors of the other cells.
At present, ICCs are restricted to insurance business; however the legislation does contain provisions to extend their use to be expanded in future. It is thought that the captive insurance sector will make particular use of the ICC legislation.
The legislation in respect of PCCs was extended in October 2010 to allow PCCs to conduct any sort of business. Previously the same restriction had applied to PCCs with respect to insurance business only.
October 2011
- Corporate Options Sponsors Million Step Challenge
- Report highlights the Isle of Man's influential AIM representation
- EU confirms Isle of Man tax compliance
- Introducing - Isle of Man Foundations
- Double Tax Treaty concluded with Poland
- Incorporated Cell Companies
- New Appointment for Corporate Options
- Corporate Options Limited Granted New Class 4 Licence
- Isle of Man Signs DTA with Bahrain and TIEA with India
- Equal Status For Protected Cell Companies
- Isle of Man Signs Tax Information Agreement with Canada
- New Office for Corporate Options
- Isle of Man Private Companies Now Able To Dispense With AGMs
- 26th Successive Year of Growth for Manx Economy
- Ratification of Tax Co-Operation Agreement with Germany
- Isle of Man Signs Tax Co-Operation Agreement with Portugal
- Isle of Man Budget 2010
- Foot Report of the Independent Review of British Offshore Financial Centres
- Double Tax Treaty concluded with Malta
- Standard & Poor Report on the Isle of Man Financial Position
- VAT Sharing Arrangement Amendment
- Isle of Man Space Registry
- IMF Report on the Isle of Man
- Isle of Man Companies (Amendment) Act 2009
- Corporate Options Launch Event
- Relocation Services Announcement - Introducing Relocation Options
- UK Treasury Recognition of Progress by Isle of Man on Tax Information Exchange Agreements
- Corporate Options Features in Money Media
- Isle of Man Secures 'White List' Confirmation
- Isle of Man Budget 2009
- Isle of Man Rebuts "Offshore Tax Haven" Image