Protected Cell Company
Under the Protected Cell Companies Act, 2003 a company incorporated under the Seychelles Domestic Companies Act 1972 may divide its components into identifiable cells, each of which can have its own cellular assets and thus acquire a certain measure of a clearly identifiable unit, without assuming a separate legal personality.
Key Features:
§incorporation under Companies Act 1972 provides tax residency and transparency
§existing companies may be converted to Protected Cell Company (PCC)
§ideal for use in umbrella funds and captive insurance structures
§the company may engage in contracts involving assets attributable to one cell only
What is a Protected Cell Company (PCC)?
A PCC is a corporate entity, which holds assets in one or more segregated cells. The purpose of such a structure is to separate the assets in each cell (business) from those activities in the other cells. The assets of each cell must be kept separate and be separately identifiable from both the company’s non-cellular assets and from assets attributable to other cells. In particular, cellular assets are only available to satisfy the creditors in respect of that cell. There are two forms of PCCs. Incorporated Cell Companies (ICC) will have their own assets and liabilities, distinct and “ring fenced” from those of other Cells and the Cell Company itself. The key legal principle of both PCCs and ICCs is that assets of each individual Cell will not be available to the creditors of any other Cell.
Administratively, once a Cell Company is created, repeat transactions can be expected to be established on a much-reduced time scale. Hence, Cell Companies have advantages for funds and securitisations structures where initial documentation can be complex but may potentially be replicated in future offerings. In theory, an administrator, investment manager or security trustee could develop model contracts which would govern relationships with each of the future Cells in a Cell Company. Each Cell of a PCC or ICC will be required to have the same board of directors, secretary and registered office as the PCC or ICC itself. Procedurally minutes of the directors of each Cell (in both PCCs and ICCS) will be documented as being in relation to that specific Cell. The Cell Company itself will be ultimately responsible for ensuring the upkeep of the underlying Cells, particularly with respect to annual returns and accounting records. Let us know how we can help.
Seychelles PCC Formation:
- Protected Cell Company registration in the Seychelles takes approximately 10 to 20 working days. The Seychelles PCC incorporation fee includes:
- Seychelles PCC name availability confirmation and reservation
- Payment of first year’s Seychelles legal and initiation fees
- Submission of applications that details PCC company’s executive officers (US$100,000 authorized shared capital divided into 100,000 shares, a minimum of one share may be issued, bearer shares - permitted)
- Applicant appointment of director and shareholders roles for PCC Company (appointed electronically)
- Preparation & filing of Memorandum & Articles of Association at Registry
Compliance with minimum local domicile requirements: provision of the registered address and registered agent in Seychelles for the first year
The following documents will be posted to you (Note: these documents are sent to you via a courier express service):
Original Certificate of Incorporation
Printed bound copy of Memorandum & Articles of Association
Minutes of the First Meeting of the Board of Directors
Issuance of shares, Register of Directors and Shareholders
Share Certificates and Completed Members Register
INCORPORATE SEYCHELLES PROTECTED CELL COMPANY. SEYCHELLES PCC FORMATION
If the client wants to become familiar with the description and the contents of Seychelles protected cell company formation packages, offered by Premier Offshore Ltd and to find above, what kind of service is included in this or that Seychelles protected cell companies incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the company registration within Seychelles Islands, please contact us.
Under the Protected Cell Companies Act, 2003 a company incorporated under the Seychelles Domestic Companies Act 1972 may divide its components into identifiable cells, each of which can have its own cellular assets and thus acquire a certain measure of a clearly identifiable unit, without assuming a separate legal personality.
Key Features:
§incorporation under Companies Act 1972 provides tax residency and transparency
§existing companies may be converted to Protected Cell Company (PCC)
§ideal for use in umbrella funds and captive insurance structures
§the company may engage in contracts involving assets attributable to one cell only
What is a Protected Cell Company (PCC)?
A PCC is a corporate entity, which holds assets in one or more segregated cells. The purpose of such a structure is to separate the assets in each cell (business) from those activities in the other cells. The assets of each cell must be kept separate and be separately identifiable from both the company’s non-cellular assets and from assets attributable to other cells. In particular, cellular assets are only available to satisfy the creditors in respect of that cell. There are two forms of PCCs. Incorporated Cell Companies (ICC) will have their own assets and liabilities, distinct and “ring fenced” from those of other Cells and the Cell Company itself. The key legal principle of both PCCs and ICCs is that assets of each individual Cell will not be available to the creditors of any other Cell.
Administratively, once a Cell Company is created, repeat transactions can be expected to be established on a much-reduced time scale. Hence, Cell Companies have advantages for funds and securitisations structures where initial documentation can be complex but may potentially be replicated in future offerings. In theory, an administrator, investment manager or security trustee could develop model contracts which would govern relationships with each of the future Cells in a Cell Company. Each Cell of a PCC or ICC will be required to have the same board of directors, secretary and registered office as the PCC or ICC itself. Procedurally minutes of the directors of each Cell (in both PCCs and ICCS) will be documented as being in relation to that specific Cell. The Cell Company itself will be ultimately responsible for ensuring the upkeep of the underlying Cells, particularly with respect to annual returns and accounting records. Let us know how we can help.
Seychelles PCC Formation:
- Protected Cell Company registration in the Seychelles takes approximately 10 to 20 working days. The Seychelles PCC incorporation fee includes:
- Seychelles PCC name availability confirmation and reservation
- Payment of first year’s Seychelles legal and initiation fees
- Submission of applications that details PCC company’s executive officers (US$100,000 authorized shared capital divided into 100,000 shares, a minimum of one share may be issued, bearer shares - permitted)
- Applicant appointment of director and shareholders roles for PCC Company (appointed electronically)
- Preparation & filing of Memorandum & Articles of Association at Registry
Compliance with minimum local domicile requirements: provision of the registered address and registered agent in Seychelles for the first year
The following documents will be posted to you (Note: these documents are sent to you via a courier express service):
Original Certificate of Incorporation
Printed bound copy of Memorandum & Articles of Association
Minutes of the First Meeting of the Board of Directors
Issuance of shares, Register of Directors and Shareholders
Share Certificates and Completed Members Register
INCORPORATE SEYCHELLES PROTECTED CELL COMPANY. SEYCHELLES PCC FORMATION
If the client wants to become familiar with the description and the contents of Seychelles protected cell company formation packages, offered by Premier Offshore Ltd and to find above, what kind of service is included in this or that Seychelles protected cell companies incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the company registration within Seychelles Islands, please contact us.