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Protected Cell Company(PCC)

Home Protected Cell Company(PCC)

investing in zimbabweProtected Cell Companies (PCC) are formed under the Protected Cell Companies Act, 2003. A PCC is a Seychelles domestic company that has the right to create one or more identifiable cells so as to segregate and protect cellular assets as permitted under the Act. In simple terms, a PCC is a company which -- in addition to its main, "core" level -- contains a number of segregated parts, or "cells". Each cell is legally independent and separate from the others, as well as from the "core" of the company.

The undertakings of one cell have no bearing on the other cells. Each cell is identified by a unique name, and the assets, liabilities and activities of each cell are ring-fenced from the others. If one cell becomes insolvent, creditors only have recourse to the assets of that particular cell and not to any other.

Protected cell companies are used to securitize insurance risk against catastrophic losses, for example; their very structure also makes them an ideal entity for the cost-effective operation of umbrella mutual funds.


Key features of a PCC  
Tax Exemption
  1. Exemption of stamp duty in respect of properties, shares and all transactions relating to the business of a PCC
  2. Not liable for business tax on income derived outside Seychelles
Number of Cells Unlimited
Continuation from IBC  Yes
Registered Office In Seychelles
   
Share capital or equivalent  
Standard currency: US$
Permitted currencies: Any except Rs
Minimum paid up: 10% of the Authorised capital
Shares types Cellular and non-Cellular
   
Directors  
Minimum number: Two
Corporate Director Not Allowed
Local required: No
Publicly accessible records: Yes
Location of meetings: Anywhere
   
Members  
Minimum number: Two
Publicly accessible records: No
Location of meetings: Any where
   
Company Secretary  
Required: Yes (must be a Seychelles Corporate Service Provider)
   
Annual Accounts, Audit, Return  
Requirement to prepare: Yes
Audit requirements: Yes
Requirement to file accounts: Yes, to SIBA only
Requirement to file annual return: Yes, to SIBA only
Annual Government Tax  USD1,000.00
Permitted Business Activities
  1. Insurance
  2. Mutual Funds
  3. Any other business activity approved by SIBA

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