Comparison
PCC vs VCC
Les Protected Cell Companies et les Variable Capital Companies offrent toutes deux des structures à cellules ségrégées, mais elles répondent à des objectifs de fonds et corporates différents.
Différences clés
| Attribut | PCC | VCC |
|---|---|---|
| Legal personality | One entity with statutorily segregated cells | VCC and (optionally) each sub-fund |
| Statute | Protected Cell Companies Act 1999 | Variable Capital Companies Act 2022 |
| Cell segregation | Statutory ring-fencing — cells isolated even in insolvency | Ring-fencing observed in practice |
| Tax residency | GBL regime applies (typically) | Tax-resident in Mauritius |
| Treaty access | Yes, if structured as GBL | Yes — via GBL at umbrella level |
| Licensing | PCC core licensed by FSC; cells carrying regulated activities are subject to the applicable FSC approval/licensing requirements | VCC is authorised as a VCC Fund; individual sub-funds/SPVs are separately identified/authorised within the VCC regulatory framework |
| Minimum capital | No universal minimum capital for a PCC; capital depends on the regulated activity | Per GBL requirements |
| Audit | Financial reporting and audit requirements apply in accordance with the PCC's underlying regulated activity and applicable legislation. | Audited financial statements per sub-fund |
| Cell / sub-fund cap | No statutory cap on number | None |
| Cross-investment | Not a standard feature | Permitted between sub-funds (anti-circular rules) |
| Typical uses | Captive insurance, reinsurance, multi-strategy CIS, structured finance | Multi-strategy funds, Africa-focused managers, master/feeder, family-office platforms |
| Substance | PCC core licensed; cell approvals as applicable to regulated activities; statutory ring-fencing observed | Ring-fencing observed; FSC reporting at umbrella and sub-fund level |
| Reporting | FSC and prudential reporting; audit requirements per applicable regime | FSC reporting; FATCA/CRS at investor level per sub-fund |
| Setup time | Indicative establishment timeline: approximately 2–3 months, subject to regulatory approval, completeness of documentation and the circumstances of the application. | Indicative establishment timeline: approximately 2–3 months, subject to regulatory approval, completeness of documentation and the circumstances of the application. |
| Ongoing complexity | High — per-cell licensing where applicable, audit and prudential reporting | Moderate — shared infrastructure but per-sub-fund licensing and reporting |
Legal personality
PCC
One entity with statutorily segregated cells
VCC
VCC and (optionally) each sub-fund
Statute
PCC
Protected Cell Companies Act 1999
VCC
Variable Capital Companies Act 2022
Cell segregation
PCC
Statutory ring-fencing — cells isolated even in insolvency
VCC
Ring-fencing observed in practice
Tax residency
PCC
GBL regime applies (typically)
VCC
Tax-resident in Mauritius
Treaty access
PCC
Yes, if structured as GBL
VCC
Yes — via GBL at umbrella level
Licensing
PCC
PCC core licensed by FSC; cells carrying regulated activities are subject to the applicable FSC approval/licensing requirements
VCC
VCC is authorised as a VCC Fund; individual sub-funds/SPVs are separately identified/authorised within the VCC regulatory framework
Minimum capital
PCC
No universal minimum capital for a PCC; capital depends on the regulated activity
VCC
Per GBL requirements
Audit
PCC
Financial reporting and audit requirements apply in accordance with the PCC's underlying regulated activity and applicable legislation.
VCC
Audited financial statements per sub-fund
Cell / sub-fund cap
PCC
No statutory cap on number
VCC
None
Cross-investment
PCC
Not a standard feature
VCC
Permitted between sub-funds (anti-circular rules)
Typical uses
PCC
Captive insurance, reinsurance, multi-strategy CIS, structured finance
VCC
Multi-strategy funds, Africa-focused managers, master/feeder, family-office platforms
Substance
PCC
PCC core licensed; cell approvals as applicable to regulated activities; statutory ring-fencing observed
VCC
Ring-fencing observed; FSC reporting at umbrella and sub-fund level
Reporting
PCC
FSC and prudential reporting; audit requirements per applicable regime
VCC
FSC reporting; FATCA/CRS at investor level per sub-fund
Setup time
PCC
Indicative establishment timeline: approximately 2–3 months, subject to regulatory approval, completeness of documentation and the circumstances of the application.
VCC
Indicative establishment timeline: approximately 2–3 months, subject to regulatory approval, completeness of documentation and the circumstances of the application.
Ongoing complexity
PCC
High — per-cell licensing where applicable, audit and prudential reporting
VCC
Moderate — shared infrastructure but per-sub-fund licensing and reporting
Quand choisir une PCC
Vous avez besoin de ségrégation de cellules sans réglementation de fonds
Une Protected Cell Company ségrège les actifs et les passifs entre les cellules. Chaque cellule est isolée des créances des créanciers des autres cellules.
Les PCC sont régies par la Companies Act 2001 et sont couramment utilisées pour l'assurance, les structures captives et les fins corporatives à cellules isolées.
Les PCC conviennent quand vous avez besoin d'une ségrégation d'actifs entre lignes de métier ou portefeuilles d'investissement sans le fardeau réglementaire d'une structure de fonds.
Quand choisir une VCC
Vous avez besoin d'une structure de fonds réglementée
La Variable Capital Company est un véhicule de fonds dédié au titre de la VCC Act 2022. Elle supporte des sous-fonds à capital variable et actifs ségrégés.
Les VCC sont réglementées par la FSC en tant que schemes d'investissement collectif. Elles offrent une structure moderne et flexible pour les gestionnaires de fonds lançant des fonds open-end ou closed-end.
Les VCC conviennent aux gestionnaires de fonds, aux plateformes d'investissement et aux structures nécessitant un statut de fonds réglementé par la FSC avec flexibilité des sous-fonds.
En un coup d'œil
Cadre réglementaire
PCC : Companies Act 2001, réglementation minimale. VCC : VCC Act 2022, réglementée par la FSC en tant que fonds.
Flexibilité des sous-fonds
PCC : Les cellules sont ségrégées mais ne sont pas des sous-fonds. VCC : Structure complète de sous-fonds avec NAV et capital indépendants.
Coût de fonctionnement
Les PCC ont des coûts réglementaires et de conformité plus bas. Les VCC ont des coûts plus élevés en raison de la réglementation FSC, de l'audit et des exigences de reporting.
Commencer
Discutez de votre structure
Parlez-nous de vos objectifs et nous vous recommanderons la structure adaptée à vos besoins transfrontaliers.