Mauritius introduced its Limited Partnership (LP) Act 2011, thus widening its array of financial products.
This product is particularly advantageous to Global Funds which allows structuring directly in Mauritius, reducing the need for complex master-feeder structures and ensuring tax efficient structures.
A Mauritius LP may hold a Category 1 Global Business Licence and may seek authorisation from the FSC to operate as a Collective Investment Scheme under the Securities Act 2005 and the Securities (Collective Investment Schemes and Closed-End Funds) Regulations 2008.
The main features of the Mauritius Limited Partnership (LP) are:
Great flexibility in structuring the LP through its Partnership Agreement
The LP vehicle can be registered with or without a legal personality with the Registrar of Limited Partnerships
The LP shall consist of at least one general partner and one limited partner, and a general partner may also be a limited partner
The name of the LP must end with the words “Limited Partnership”, “L.P.” or “LP”
It is not mandatory to have a Mauritian general partner, but a LP without a Mauritian general partner must at all times have a registered agent in Mauritius
Uses of Limited Partnerships are:
Private equity and venture capital schemes
Collective investment schemes and closed-end funds
Holding of property interests
Tax and financial planning