INCORPORATED CELL COMPANIES (ICC)
The ICC is based on the same principles as the PCC. Like a PCC, an ICC is a single incorporated entity which consists of a core and one or more separately incorporated cells created for the purpose of segregating and protecting cellular assets.
Unlike the cell of a PCC, each incorporated cell is a single legal entity, separate and distinct from its ICC with the ability to contract in its own name. It might be useful for the purpose of licensing agreements.
Unlike protected cells in a PCC, each incorporated cell of an ICC is a separately registered legal entity with its own memorandum and articles of incorporation, its own company registration number and its own board of directors .
- An incorporated cell is not a subsidiary of its incorporated cell company.
- An incorporated cell may be a member of any other incorporated cell of its ICC.
- An incorporated cell is not required to hold annual general meetings.
- An ICC may prepare consolidated accounts for itself and all or any of its incorporated cells as if it were a holding company and its incorporated cells were its subsidiaries.
- The directors may permit assets of the ICC or any of its incorporated cells to be collectively invested, or collectively managed by an investment manager, provided that the assets in question remain separately identifiable.
- Cost savings can be achieved from economies of scale by using a common framework and central administrative company facility
- Assets/liabilities can be segregated according to class and risk