Regulatory Alerts2003-01-01
Protected Cell Companies Act, 2003 (Consolidated to 7 June 2004)
The Seychelles Financial Services Authority issued this consolidated legislation to establish a statutory framework for Protected Cell Companies, permitting entities to incorporate or convert existing companies into PCCs with the capacity to create legally segregated cells. The Act requires directors to maintain distinct cellular and non-cellular assets, ensuring that cellular assets are primarily liable for cell-specific debts while remaining protected from external claims. It further codifies creditor rights, director personal liability for misidentified transactions, and comprehensive procedures for cell share capital reduction, receivership, and administration orders.
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