Nevis company. Any two or more persons can form a limited partnership, but a limited partnership must consist of one or more persons who are general partners and one or more persons who are limited partners.
A body corporate may be a general or a limited partner and a person may be a general partner as well as a limited partner at the same time in the same limited partnership.
Any of the general partners of a limited partnership or a person acting on their behalf may on delivering to the Registrar of Limited Partnerships a declaration of the formation of the limited partnership and on payment of the prescribed registration fee apply for the registration of the declaration.
An association of persons will not be a limited partnership until the Registrar of Limited Partnerships has issued a certificate in respect of the above mentioned declaration.
Accounts of Nevis Company
The general partners of every limited partnership must keep accounting records which are sufficient to show and explain their transactions in respect of the limited partnership and are such as to disclose with reasonable accuracy at any time the financial position of the limited partnership.
Unless the partnership agreement otherwise provides, it is not necessary for the general partners of a limited partnership to appoint an auditor to audit their accounts in respect of the limited partnership.
Tax & Other Exemptions – of Nevis Company
A limited partnership is not itself a subject for assessment to any tax in the Federation and the partners of a limited partnership are exempt from all income, capital gains and withholding taxes which may arise out of their interest in the limited partnership if the general partners of the limited partnership are in respect of it effecting transactions exclusively with persons who are not resident in the Federation.
A limited partnership is called an exempt limited partnership if its partners qualify for the tax exemption mentioned above. An ordinary limited partnership is a limited partnership which is not an exempt limited partnership.
No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by any person with regard to any property owned by, or securities issued or created in respect of, an exempt limited partnership.
No stamp duties are payable by any person with regard to any transaction in securities issued or created in respect of an exempt limited partnership.