08/12/2009
The Dubai Financial Services Authority (DFSA) is currently processing applications for two new captive vehicles, including the first pure captive to be licensed in the domicile, according to Marsh Management Services Dubai.
The applications for a protected cell company (PCC) and a pure captive for a large unnamed local firm, to be set up in the Dubai International Financial Centre (DIFC), are currently being considered by the DFSA.
The companies are expected to be in operation by February 2010 – and no later than the end of Q1 2010 - according to Ronny Vellekoop, senior executive officer and office manager for Marsh Management Services Dubai, which is to manage both vehicles.
“The core of the PCC, owned by a friendly investment firm, will be open to other firms to set up insurance cells and the other [vehicle] will be a normal captive,” he said.
Regulatory restrictions in Dubai dictate that the PCC will only be able to offer insurance cells. The unnamed PCC will be the second to set up in the domicile, following Dubai Holding Services PCC, which was licensed in December 2008.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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