A Private Trust Company, or PTC for short, is a privately owned company incorporated specifically to act as trustee of one or more family trusts. The company shall be hold a Global Business Licence issued by the Financial Services Commission.
Like any other company, a PTC is run by its board of directors, who will be charged to make trustee decisions. Whilst run by the board of directors, PTC (and the underlying trusts for which they act as trustee) are usually administered by a professional trustee who is experienced in carrying out trust and corporate administration but with the added benefit of maintaining flexibility and mitigation against loss of control.
The advantages of using Private Trust Companies are as follows:
- Family control
- Ease of changing trusteeship
- Speed of decision making
- Privacy