A Limited Partnership (LP) combines features of both a company and of a partnership. It gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.
Common uses of an LP:
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Collective investments schemes and closed-end funds
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Private equity and venture capital schemes
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Joint venture
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Holding property interests
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Tax and financial planning
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Estate planning
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Asset protection
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KEY FEATURES
Legal Personality:
Can be registered with or without legal personality.
The general partners may elect that a LP shall have a legal personality at any time during the lifetime of the LP.
Duration: Subject to the terms of the partnership agreement, the LP also have a continuous and successive existence, through present and future partners until dissolution.
Registered office
Yes, in Mauritius which must be at the office of a licensed Management Company.
Registered Agent
Unless at least one general partner is resident in Mauritius, every LP shall at all times have and maintain in Mauritius a registered agent.
Company Secretary
An LP holding a Global Business Corporation (GBC) must appoint a Company Secretary, resident in Mauritius.
Tax Treaty access
Yes, with over 40 countries.
Partnership Agreement
Every LP shall have a partnership agreement which shall be binding upon the partners, their assignees and subsequent partners.
Company Records
A LP holding a GBC is required to keep its records at its registered office.
Should the LP decide to keep its records elsewhere, the Registrar of Limited Partnerships/ Registrar of Companies will need to be informed.
Accounts
Every LP shall prepare financial statements in accordance with and comply with the International Accounting Standards, within 6 months after the balance sheet date of the LP. An LP holding a GBC shall file its financial statements and report of the auditor with the Financial Services Commission (FSC).
Annual Return
Every LP shall once a year submit to the Registrar an annual return of the LP.
Tax Return
LP holding a GBC are required to submit Advance Payment System (APS) statements and pay tax on a quarterly basis either on the basis of either their previous year’s income or the income of the current quarter.