Organization : Cayman Islands General Registry
Facility : Partnerships Register
Country : Cayman Islands
Website : https://www.ciregistry.ky/partnerships-register/
What is Partnerships Register?
Partnerships are registered relations which subsist between persons carrying on business in common with a view to profit. The Cayman Islands partnerships do not have separate legal personality. There are currently three types of partnerships that exist under the Cayman Islands Law namely Exempted Limited Partnerships, Foreign Partnerships and Limited Partnerships. In 2017 legislation was passed to introduce the Limited Liability Partnerships. Implementation of this Law is expected to occur in late 2018.
Related / Similar Facility : Cayman Islands Birth Registration
Types of Partnerships
Limited Partnerships:
Limited Partnerships are governed by the Partnership Law (2013 Revision), which requires them to be registered with the Registrar of Limited Partnerships.
Registration is affected by the filing with the Registrar and the gazetting of a declaration by all the general partners, giving the name of the partnership, the nature and principal place of business, names and addresses of all partners, and the amount of capital provided by each limited partner.
A limited partnership may be established by two or more persons or entities for the transaction of any mercantile, mechanical, land holding and development, agricultural or manufacturing business or any business for the development of tourism. It must consist of one or more general partners, who are liable for all debts and obligations, and one or more limited partners, who are not liable for more than the actual cash they contribute. A company may be a general or limited partner.
To operate a business in the Cayman Islands a partnership requires a license under the Local Companies (Control) Law. Such licenses are granted by the Trade and Business Licensing Board, which has discretionary powers unless the business is 60 percent Caymanian-owned.
Exempted Limited Partnerships:
The Exempted Limited Partnership Law (2018 Revision) (“the Law”) makes it possible to form limited partnerships for offshore investors with the minimum of delay. Such a partnership may not undertake business with the public in the Cayman Islands, other than as necessary for the carrying on of business outside Cayman.
Features of Exempted Limited Partnerships:
** There is no inheritance, income or capital gains tax, or estate duty which applies to partnerships, including an exempted limited partnership or its partners.
** A partner may be a general or limited partner as well as a corporation with or without limited liability.
** The Registrar is required to maintain a record for each partnership, which is to be kept open to public inspection. A statement containing the following particulars must also be filed to affect registration:
** A name which must include “Limited Partnership” or “LP”.
** The nature and principal place of business of the partnership.
** The term of the partnership.
** The name and address of each general partner.
** A declaration that the partnership will not undertake business with the public in the Cayman Islands except so far as may be necessary for the carrying on of its business outside the Cayman Islands.
Foreign Partnerships:
Limited Partnerships are governed by the Partnership Law (2013 Revision), which requires them to be registered with the Registrar of Limited Partnerships.
Partnership Struck Off
In accordance with the Companies Law (2013 Revision) the Registrar General having reasonable cause to believe that the list of companies herein are no longer carrying on business or not in compliance with Section 170 has struck the said companies from the Register in accordance with provisions of Section 156 of said law.