Exempted limited partnershipBermuda
What it takes to form, own and run a limited partnership in Bermuda, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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a limited partnership consists of one or more general partners, who are jointly and severally responsible as partners are at law; and one or more limited partners
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a limited partnership consists of one or more general partners, who are jointly and severally responsible as partners are at law; and one or more limited partners
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The amount of capital to be contributed by the partners must be stated, and must be not less than the foreign currency equivalent of BD$12,000.
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Fee payable on registration of a partnership as an exempted partnership and on registration of a partnership as an exempted partnership and limited partnership under section 11(3A)(a) $2,350
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Partnerships existing under the Partnership Act 1902, the Limited Partnership Act 1883 or the Exempted Partnerships Act 1992 (regardless of whether or not they have separate legal personality), shall be deemed to be fiscally transparent, subject to an election under subsection (1).
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Yes
What it takes to form
Not in our records A notary, A resident director, Paying up the capital: none of these is in our records for the Exempted limited partnership.
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 2
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a limited partnership consists of one or more general partners, who are jointly and severally responsible as partners are at law; and one or more limited partners
- A local company secretary
- Does not apply
- A local registered agent
- Required
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An exempted partnership shall appoint, and at all times maintain in Bermuda, a resident representative.
Each year, at the registry
- Annual registry fee
- BMD 2,850
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Annual fee payable by an exempted partnership and by exempted partnership registered as a limited partnership under section 11(3A)(b) $2,850
- Accounts on the public record
- No
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The Registrar holds the following, which may be searched online at www.registrarofcompanies.gov.bm: the partnership’s name and registration number; its certificate of exempted partnership or certificate of limited partnership, and its certificate of registration;
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Financial statements include an auditor's report (s.15(1)(b)); s.16 removes the obligation for an interval if all partners agree in writing. No size-based exemption is stated.
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Notwithstanding section 15, if in respect of a particular interval all the partners, including limited partners, if any, agree in writing that no financial statement or auditor’s report thereon needs to be prepared
Important dates
When each obligation falls due, as the authority states it.
- Annual declaration signed by a partner, with the annual fee
- 31 January
With Registrar of Companies
Stated for every exempted partnership, including one registered also as a limited partnership.
- Annual fee and corporate regulatory fee
- 31 January
With Registrar of Companies
Half the registration fee if registered after 31 August (s.11(4)).
- Notify the Registrar of the appointment of a general partner
- 14 days after change of officers
With Registrar of Companies
Within 14 days after the appointment; no consent needed where the new general partner is an affiliate of an existing one (gov.bm).
What is public
- Beneficial owners
- To the authorities only
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The central register is not public. Access is confined to the competent authorities listed in section 18(1)
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Through owners
Deemed fiscally transparent under the Corporate Income Tax Act 2023 (subject to an election): income is treated as the direct owners'. Corporate income tax of 15% is chargeable only to Bermuda Constituent Entity Groups of in-scope MNE groups.
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Partnerships existing under the Partnership Act 1902, the Limited Partnership Act 1883 or the Exempted Partnerships Act 1992 (regardless of whether or not they have separate legal personality), shall be deemed to be fiscally transparent, subject to an election under subsection (1).
- CFC rules in Bermuda
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
Not in our records Route, Statutory fee: none of these is in our records for the Exempted limited partnership.
Every business in Bermuda
VAT
- VAT or sales tax
- None levied
Bermuda's tax authority lists the taxes it administers — payroll tax, corporate services tax, betting duty, land tax, foreign currency purchase tax, financial services tax, hotel occupancy tax, cruise ship departure tax and stamp duties — and the list contains no VAT, GST or general sales tax, so levied is recorded as no.
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The OTC provides services to the public in relation to the reporting and collection of the following taxes. ... Payroll Tax ... Corporate Services Tax ... Betting Duty ... Land Tax ... Foreign Currency Purchase Tax (FCPT) ... Financial Services Tax (FST) ... Hotel Occupancy Tax
Payment and banking services
None of the services whose lists we hold names Bermuda. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Limited partnershipDerived our grouping, the same words in every country
- Name in law
- Exempted limited partnership
- Identifier
- BM-EXEMPTED-LPA form ISO 20275 does not list.