In Seychelles, Protected 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.
|Seychelles PCC||Corporate Details|
|Location of Meetings||Meetings by shareholders and directors may be conducted by telephone or any other electronic means providing that they are able to hear and recognise each other.|
|Number of Cells Permitted||Unlimited pursuant to the provisions of the Act|
|Continuation from IBC||Allowed|
|Directors|| I. At least two individual directors
II. Corporate Directors not allowed
III. Local Directors not required
|Annual Accounts, Audit, Returns|| I. Annual returns shall be filed with the Registrar of Companies in accordance with the Companies Act.
II. Company books are required to be audited by an approved auditor.
|Company Secretary||Yes. Must be an International Corporate Service Provider (ICSP) in Seychelles who will be responsible for submitting and authenticating signatures on all documents which are submitted to the Authority.|
|Permitted Business Activities||1. Insurance
2. Mutual Funds
3. Any other business activity approved by SIBA