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A Protected Cell Company (PCC) is a single legal entity that acts like multiple separate companies under one umbrella. Think of it as an apartment building: each unit (cell) has its own protected assets and liabilities, but they all share common infrastructure (the core company).
This innovative structure lets you manage multiple investment strategies, client portfolios, or insurance policies within one company—while keeping each one legally and financially separate. If one cell encounters problems, the others remain completely protected.
Mauritius offers a unique combination of benefits that make it one of the world's premier PCC jurisdictions:
We don't just incorporate your PCC - we become your partner in building a resilient, growth-ready structure. Our end-to-end service includes:
Strategic Structuring: We design your core and cell architecture based on your specific investment strategies and investor groups
Regulatory Navigation: From FSC licensing to ongoing compliance, we handle all regulatory requirements and filings
Operational Excellence: Cell governance, investor onboarding, service provider coordination, and transparent reporting—all managed professionally
The result? You can launch new cells quickly, move assets safely between them, and scale your operations without the complexity and cost of managing multiple legal entities.
Imagine you're managing three different investment funds. Traditionally, you'd need to set up three separate companies—each with its own incorporation, licensing, directors, auditors, and administrative costs.
With a PCC, you create one company with three protected cells. Here's what makes this powerful:
This is the legal entity registered with the FSC. It holds the license, employs directors, and manages shared services like compliance, accounting systems, and regulatory filings.
Each cell operates like an independent fund with its own:
Critical protection: If Cell A has a liability, creditors cannot touch assets in Cell B or Cell C. The segregation is legally binding under the Protected Cell Companies Act 1999.
Mauritius law creates statutory "ring-fencing" between cells. This means:
The Challenge: You manage $100 million across three strategies:
Traditional Approach:
PCC Approach:
Annual Savings: $105,000 (58% reduction)
What Happens if the Emerging Markets Cell Underperforms?
Let's say Cell C (emerging markets) loses 20% due to currency volatility. Cell A and Cell B investors are completely unaffected—their NAVs reflect only their respective strategies. If Cell C even faced legal claims from investors, those claims would only attach to Cell C's assets, not the other cells or the core company.
Great question—this is a common point of confusion. Here's the key distinction:
| Feature | Sub-Funds (Traditional Structure) | Protected Cell Company |
|---|---|---|
| Legal Protection | ❌ Weak—creditors can often pierce between sub-funds | ✅ Statutory segregation under law |
| Liability Isolation | ⚠️ Depends on contractual terms (not always enforceable) | ✅ Legally guaranteed—each cell is a separate estate |
| Tax Treatment | Usually treated as one tax entity | ✅ Can elect cell-level tax reporting (separate tax identities) |
| Insolvency Protection | ❌ If parent fund goes insolvent, all sub-funds affected | ✅ Individual cells can be wound up independently |
| Flexibility | Limited—all sub-funds share same investment mandate | ✅ Each cell can have completely different activities |
Bottom line: Sub-funds offer administrative separation. PCCs offer legal separation with the same efficiency benefits. If asset protection and liability isolation are critical (especially for insurance, high-risk strategies, or multi-client vehicles), a PCC is the superior choice.
The PCC is tax resident in Mauritius, taxed at 15% on general income.
For foreign‑sourced dividends, interest, and similar income, there’s an 80% exemption, resulting in an effective tax rate of ~3%.
No capital gains tax or Mauritian withholding tax on distributions.
If a PCC elects to file separate financial statements for each cell, each cell is treated as a separate taxable entity—liabilities are ring‑fenced, and tax due by one cell cannot be drawn from another cell’s assets or the core’s assets unrelated to that cell
What this means for you: Your PCC benefits from competitive tax rates while meeting international compliance standards—giving you credibility with investors, regulators, and tax authorities worldwide.
Transparency builds trust. Here are scenarios where a PCC might not be the best fit:
If you're only running one investment strategy with one investor pool, a traditional Global Business Company (GBC) or fund structure is simpler and sufficient.
PCCs have minimum operational costs (audit, compliance, administration). If your total AUM is below a certain amount, the cost savings vs. multiple entities may not justify the PCC structure.
While cells are statutorily segregated, they're still part of one legal entity. If you need absolute corporate separation for strategic reasons (e.g., potential sale of one business line), separate companies might be better.
Mauritius PCCs are typically structured for professional/institutional investors. If you're targeting retail investors in specific markets, check if those jurisdictions recognize PCC structures.
Not sure if a PCC fits your needs? Our initial consultation includes a suitability assessment—we'll recommend the structure that genuinely works best for your situation, even if it's not a PCC.
Yes, existing domestic or foreign companies can convert into a PCC with FSC approval. The process takes approximately 6-8 weeks.</div
Our team of FSC-licensed specialists has successfully structured over 20 Protected Cell Companies since 2013, segregated assets across [X] jurisdictions.
Renesis Financial Services Ltd (Renesis), Management Company Licence No. MC12000147, regulated by the Financial Services Commission, Mauritius, and is a member of Mauritius Chamber of Commerce.
Renesis offers tailored support at every stage:
Entity setup: Advising on whether to incorporate, continue, or convert; drafting constitutional docs; managing filings with the Registrar and FSC
Licence applications: Preparing comprehensive business plans for overall PCC and each cell, compliance documentation, and liaison with authorities
Governance & structuring: Helping draft cell agreements, capital structure (cell vs. core shares), recourse terms, and board policies
Regulatory compliance: Ensuring timely filings, audit certificates (e.g. solvency margin), liquidity ratios, and annual tax reporting
Operational support: Facilitating cell formation, investor onboarding, asset transfers between cells, and management contracts with service providers
Tax modelling: Structuring cells to benefit from effective 3% tax regime, advising on DTA/IPPA implications and ensuring ring‑fenced taxation
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