The Limited Partnership Fund (LPF) regime, which was introduced for first reading on Wednesday, 25 March 2020, seeks to attract private equity and venture capital funds to establish and operate in Hong Kong.
The Hong Kong Government recently announced the introduction of a new registration regime to enable funds to be constituted as Limited Partnerships in Hong Kong. The new LPF will be an opt-in registration scheme administered by the Companies Registry (the Registry). It will cater for the operational needs of investment funds with elements of investor protection built in.
The General Partner must:
Audited financial statements:
The LPF is scheduled to come into force on Monday, 31 August 2020.
[1] With the meaning given by section 2(1) of the Companies Ordinance (Cap. 622)
[2] As defined under Section 2(1) of the Professional Auditors Ordinance
[3] With the meaning given by section 2(1) of the Companies Ordinance (Cap. 622)
[4] Some examples of safe harbour activities include serving on a board/committee of the LPF, advising or approving the general partner/investment manager on the business, accounts, valuation or assets of the LPF, taking part in a decision about the admission/withdrawal of any partner, the term of the LPF, the appointment of investment manager, changing the investment scope of the LPF and so forth.
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