Vital statistics:

Local name for the service:

PROTECTED CELL COMPANY (PCC)

Date cell captive legislation was passed:

September 2004

Total number of cell companies:

1

Total number of individual active cells:

not disclosed

Capitalisation requirements:

Minimum US $ 50,000 in non-cellular assets. Minimum US $ 50,000 in cellular assets. PCCs are subject to a risk-based capital requirement. If this leads to a higher figure than the minimum, then this higher figure will apply.

Licensing Fees:

For a wholly-owned PCC, the Application Fee is US$ 15,000. A Fee of US$15,000 is payable annually thereafter on 1st January. For a sponsored PCC, the Application Fee is US$ 40,000. A Fee of US$40,000 is payable annually thereafter on 1st January. An additional variable is levied at US$1,000 per US$1m of gross premium income capped at US$150,000 yearly and is applicable to all PCCS. A captive insurer or PCC will also need to register with the DIFC Registrar of Companies (ROC): - Application for reservation of company name: US$800 - Incorporation of a PCC or for conversion to a PCC: US$8,000 - Commercial licence fee (payable upon incorporation and annual renewal): US$12,000

Tax regime for cell companies/cells:

Zero percent tax rate on income and profits.

Regulatory contact details:

For more information about the DIFC and authorization requirements, please contact the insurance department on +971 (0)4 362 2222 or email us on captives@difc.ae For information on legislation, applications or registration, contact the Dubai Financial Services Authority on +971 (0)4 362 1500 or refer to the DFSA website: www.dfsa.ae

PCCs in Dubai:

View manager contact details