Protected Cell Company

A Protected Cell Company (“PCC” – also known as a Segregated Portfolio Company) is a corporate structure in which a single legal entity is comprised of a core and several self-contained Cells that have separate assets and liabilities for the purposes of separating and protecting individual Cell assets from the threat of contamination by the failure of another asset. PCC in Mauritius is governed by the Protected Cell Companies Act 1999 (as amended in 2005) and the Protected Cell Companies (Amendment of Schedule) Regulations 2005.

Key Features:

  1. A PCC may create one or more Cells
  2. A PCC is a single legal person
  3. Pay a Cellular dividend in respect of “Cell Shares”
  4. May benefit from the network of Double Taxation Agreements
  5. No minimum capital requirement
  6. May be incorporated, continued or converted to an existing company

PCCs are perceived to be of interest to a wide variety of insurance companies – life insurance companies and general insurance companies, mutual funds or other forms of collective investment scheme for the following reasons:

  1. Reduced administration costs
  2. Reduced individual regulatory compliance
  3. Better investment security environment
  4. Better returns for the investor

Since the PCC is one company but with several cells, it reduces the cost to operate the company. The PCC offers a wide range of applications such as asset holding, structured finance business, collective investment schemes and close-ended funds and insurance business. A PCC is the ideal vehicle to act as an umbrella fund.

Mauritius is a flourishing democracy with an independent legal system and, thanks to its stability, an economic success. Precisely for these reasons, many South Africans have chosen to emigrate to Mauritius on a permanent basis to benefit from the country’s financial and tax securities.

Furthermore, Mauritius’ infrastructure, reliable private and public facilities, and free access to public education has made the country even more attractive to South African nationals who are seeking for a place not far from home with better service delivery for one’s children and elderly. To add to the financial and tax benefits, and increased quality of life, it provides a beautiful sight and a taste of island life.

Taxation:

One of the greatest benefits of living in Mauritius is the competitive tax rates.

A Permanent Residence Permit (PRP) is a permit for people looking to live and work in Mauritius. 

There are 4 options open to expats looking to immigrate to Mauritius:

  • Retired Non-Citizen

If you are 50 years or above and retired, you may apply for a Mauritius Residence Permit as a Retired Non-Citizen.

This permit is valid for 10 years and may be renewed.

Requirements:

  • Initial transfer of USD 1500.
  • Monthly Income of at least USD 1500 (R22 800) – This will need to be proved annually at the end of each year.

Restrictions:

A Retired Non-Citizen is not allowed to engage into gainful activity in Mauritius. However, the Retired Non-Citizen may invest in any business venture provided that he is not employed in the business, does not manage the business, and does not derive any employment benefits from the business.

Family:

The following members of the holder of a Mauritius Residence Permit as a Retired Non-Citizen’s family may also apply for residence permit:

  • His spouse or common law partner
  • His child, stepchild or lawfully adopted child under the age of 24, or the child of his spouse
  • His parents



  • Non-citizen holding immovable property:

Should you acquire residential property worth more than USD 375 000 (R 5 600 000.00) you will be eligible for a residence permit as long as the property is purchased under the Mauritius Property Development Scheme or under the Mauritius Smart City Scheme

This permit is valid for as long as the property is held. The holder of this permit may invest and work in Mauritius without needing a work permit.

Restrictions:

There is no restriction on the rental of the property.

Family:

The following members of the holder of a Mauritius Residence Permit’s family may also apply for a residence permit:

  • His spouse or common law partner
  • His child, stepchild or lawfully adopted child under the age of 24, or the child of his spouse
  • His parents


  • Work Permit

Work permits may be granted to foreign workers in industries where labour is in short supply. The employer would apply for a Mauritius work permit on behalf of the prospective employee.

Foreign workers are normally allowed to work for a period of up to four years. Beyond four years, they are required to swear an affidavit that they will not apply for Mauritian citizenship.

The dependents of the non-citizen may be allowed to stay in Mauritius subject to having adequate means to maintain himself or herself and his or her family.

  • Occupation Permit – up to 10 years

Professional: A Professional is a non-citizen employed in Mauritius by virtue of a contract of employment, who derives a basic salary of at least MUR 60,000 (R22 000), except if employed in the ICT sector where the basic monthly salary should be at least MUR 30,000 (R11 000).

A Professional may invest in any business provided that he is not employed in the business, does not manage the business and does not derive any employment benefits from the business.

Occupation Permit – Investor: An Investor is a shareholder and director in a company incorporated in Mauritius, engaged in an approved business activity. In general, an initial transfer of USD 50,000 (R782 000) would need to be made, and the business activity would be expected to generate an annual turnover at least MUR 3 million (R1,1 mil).


  • Permanent residence permit:

Investor:  Invested USD 375 000 (5,8mil) into a qualifying activity. Eligible to live and work in Mauritius for 20 years.

Holder of an Occupation Permit: Expires after three years but if one of the following 3 conditions are met the permit may be extended to 10 years:

  • Investor: The company’s turnover exceeded a cumulative amount of MUR 45 million, for any consecutive period of 3 years, in respect of each shareholder of the company.
  • Professional: The monthly basic salary is at least MUR 150,000 for three consecutive years immediately preceding the application for a Permanent Residence Permit.
  • Self-Employed: The business Income of the applicant is at least MUR 3 million per annum for the 3 consecutive years immediately preceding the application for a Permanent Residence Permit.

Information Coming Soon