Protected Cell Company (PCC)
A single corporate entity comprising legally segregated cells, each with ring-fenced assets and liabilities — ideal for multi-class investment structures and captive insurance.
A Protected Cell Company (PCC) is incorporated under the Protected Cell Companies Act 1999 and provides a unique corporate structure where a single company is divided into separate cells, each with legally segregated assets and liabilities. Crucially, the assets of one cell are protected from the liabilities of another — meaning that creditors of one cell cannot have recourse to the assets of other cells or the core of the PCC. This makes the PCC a highly efficient structure for fund platforms, captive insurance, and multi-strategy investment vehicles.
Core and Cells
A PCC has a 'core' (the non-cellular part of the company) and one or more 'cells'. The core holds the PCC's own assets and meets its own liabilities. Each cell holds assets attributed to it and meets only those liabilities attributable to that cell.
Asset Segregation
The key advantage of the PCC is statutory asset segregation. The assets of a cell are protected from creditors of other cells and the core by Mauritius law. This protection is legally enforceable and provides genuine insulation between strategies or investor classes.
Fund Platform Use
The PCC is frequently used as a fund platform structure, where each cell represents a distinct investment strategy, asset class, or investor group — sharing the administrative infrastructure of the core while maintaining complete financial separation.
Captive Insurance
The PCC is the structure of choice for captive insurance in Mauritius, allowing multiple insureds or risk categories to be held within a single regulated entity with legally segregated risk pools.
Governance
The PCC is governed as a single company by its board of directors. Cell-specific governance arrangements can be established by contract, and each cell can have its own designated managers or investment advisors.
Annual Compliance
The PCC files consolidated accounts for the core and cellular assets, with separate financial statements for each cell. FSC reporting and AML/CFT compliance apply at the PCC level across all cells.
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