Limited Partnership L.P.British Virgin Islands
What it takes to form, own and run a limited partnership in British Virgin Islands, 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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each general partner is jointly and severally liable for the unpaid debts and liabilities of the limited partnership incurred while that person is a general partner.
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A limited partnership shall have at least one general partner and at least one limited partner
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Subject to the limited partnership agreement, a general partner may, but is not required to, make a contribution to the capital of the limited partnership.
Form it
Who registers it
- Registry
- Formed without visiting
- Not in our records
- Formed online
- Not stated
The registry’s and the law’s own pages do not mention it.
What it takes to form
- A notary
- Not required
- A resident director
- Does not apply
- Paying up the capital
- No capital has to be paid in: subject to the limited partnership agreement, neither a general partner (s.27(1)) nor a limited partner (s.32(1)) is required to make a contribution to capital.
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Subject to the limited partnership agreement, a general partner may, but is not required to, make a contribution to the capital of the 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 shall have at least one general partner and at least one limited partner
- A local company secretary
- Does not apply
- A local registered agent
- Required
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An application for the registration of a limited partnership may only be filed by the proposed registered agent.
Each year, at the registry
- Annual registry fee
- USD 750 (about €656)
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partnership which is on the Register on 31 December of any year—
- Accounts on the public record
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Not in our records
Important dates
When each obligation falls due, as the authority states it.
- File a notice of change in registered particulars
- 14 days after change of officers
With Registrar of Limited Partnerships
Section 10(2); fee schedule in the Limited Partnership Fees Regulations.
- Pay the annual fee for a limited partnership on the Register on 31 December
- 30 April
With Registrar of Limited Partnerships
The fee covers the year ended 31 December and is paid the following year; unpaid fee is a ground for striking off (s.95).
- Beneficial ownership filing for a limited partnership
- Not in our records
Not stated on bvifsc.vg/sites/default/files/limited_partnership_act.pdf when checked
What is public
- Beneficial owners
- To those with a legitimate interest
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the Register shall be open to inspection by any person who can demonstrate a legitimate interest in accordance with regulation 31A(2)
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
No tax on profit · 0%
A limited partnership and the distributions, interest, rents and other amounts it pays, and gains on partnership interests, are exempt from all provisions of the Income Tax Ordinance (s.120(1)); it is not exempt from payroll tax (s.120(2)). Partners' own tax position was not read.
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are exempt from all provisions of the Income Tax Ordinance.
- CFC rules in British Virgin Islands
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- De-registration under Part VIII after termination and winding up, or striking off by the Registrar, including where the partnership has no registered agent, fails to file a required document, or fails to pay its annual fee or penalty by the due date (Limited Partnership Act s.95).
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the limited partnership fails to pay its annual fee or any late payment penalty by the due date; or
- Statutory fee
- Not in our records
Every business in British Virgin Islands
VAT
- Standard rate
- Not in our recordsThe tax authority’s pages have not been read for British Virgin Islands.
Payment and banking services
1 service names British Virgin Islands on its own list: Airwallex. 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
- Limited Partnership (L.P.)
- ISO 20275 code
- KORBSecondary GLEIF, Entity Legal Forms code list