BCS Products | Executive Entities
The Executive Entities Act, 2011 (the “Act”) created a new private wealth structure, the Executive Entity (the “BEE”).
A BEE is “a legal person established by a Charter to perform only executive functions and registered in accordance with the Act” and is “able to sue and be sued in its own name”. The name of the BEE must end with the words “Executive Entity” or the abbreviation of such words to “EE” or “E.E” or a foreign language equivalent.
The BEE is to be used as a vehicle to carry out executive functions in private wealth structures such as trust or other similar arrangements. It has no particular or minimum capital requirement and it can hold assets as are required to carry out the executive functions.
Its best use is to ensure effective and efficient administration of wealth preservation structures.
It enjoys the protection and benefits of limited liability.
The BEE has no shareholders and this affords for privacy and continuity of ownership.