A Protected Cell Company (PCC) is a company that is a single legal entity but which may be segregated into cells, such that the assets and liabilities of each cell are legally separate from the assets and liabilities of any other cell.
PCCs in Mauritius are governed by the Protected Cell Companies Act 1999 and are mainly used for asset holding, structured finance business, collective investment schemes and closed-end funds, insurance business and external pension schemes. A PCC simplifies administration and reduces costs of operation.
A PCC may be directly incorporated or may be registered by way of continuation provided that the incorporation and registration requirements prescribed in the Companies Act 2001 and the PCC Act are satisfied.
All PCC applications should be submitted to the FSC through a licensed Management Company in Mauritius. Applications for insurance-related PCCs should be accompanied by a detailed business plan and policyholders profile for each cell along with corporate statutory documents. Subsequent cells created at a later stage should be disclosed to the FSC with details of its business plans and policyholders.
For investment funds, promoters must submit an outline memorandum containing the identity, track record and credentials of the promoter, general information regarding the fund, its objectives and proposed investment, its structure, the size of the fund and the minimum subscription, track record of the functionaries of the fund and compliance with requirements of other regulatory bodies.