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Private Trust Company
For some clients a Private Trust Company (PTC) offers specific benefits. A PTC is typically used by a single family or for specialised commercial transactions and can avoid the direct licensing and regulatory requirements.
The principal attraction has been the ability for the client and trusted advisers to take greater involvement in the decision making process of the trust and this has been of particular interest where private family companies or similar assets are held.
The involvement of the client usually results in decisions being reached more quickly but care always needs to be taken in assessing how the level and manner of ‘control’ is exercised, to avoid unwanted fiscal consequences.
Another appealing feature of the family PTC is the ability it allows for the involvement of younger or less experienced family members, alongside more knowledgeable family members and advisors. Ownership of the PTC is normally through a Purpose Trust.
Cogent is well placed to provide ‘Administered Trust Company’ services. Such trust companies are organised for foreign institutions wishing to establish a presence in Guernsey, but where they may not be able or prepared to establish and staff such an operation in their own right.
Having qualified as professional directors and possessing substantial knowledge of current corporate governance practices, Paul Backhouse and Nick Ferris are prepared to consider their appointment as non-executive directors to a limited number of companies.