Seychelles: Types of Company
Protected Cell Company
Protected cell companies (PCCs) are formed under the Protected Cell Companies Act, 2003 (the Act). A PCC is a domestic Seychellois 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. While each cell a PCC creates is separately identifiable and may have its own cellular assets, no cell constitutes a legal entity separate from the company (i.e. only the PCC is a separate legal entity).
The Directors of a PCC have a duty to keep cellular assets separate from non-cellular assets, and to keep the assets attributable to each cell separate from the assets attributable to other cells. Liabilities attributable to a particular cell of a PCC cannot attach the assets of other cells.
As in other jurisdictions, the PCC has particular use and appeal for captive insurance and collective investment scheme applications. It is likely that approval will be limited to these areas and for non-domestic business only.