Luxembourg Special Limited Partnership
The Luxembourg Special Limited Partnership (Société en Commandite Spéciale – SCSp) combines a competitive tax environment with little regulation and great corporate flexibility. It is regulated by the Law of 12 July 2013, Luxembourg transposed the European Directive AIMFD into national law and introduced the SCSp.
An SCSp may be set up with only two partners: at least one GP and at least one LP, for a limited or unlimited duration, does not require the intervention of a notary and is effective at the date of signature. In special limited partnership LU there is no minimum capital requirement. Contributions may be made in cash, industry or in kind, and contributions in kind are not subject to a valuation report from an independent auditor.
The SCSp must be registered at the Luxembourg Trade and Companies Registry (RCS). Confidentiality is guaranteed as there is no Memorial C publication requirement (excerpts of the LPA must be published) and the share capital, names and contributions of LPs, as well as financial statements are not subject to publication.
The SCSp is deprived from legal personality. The GPs’ liability is indefinite, joint and several while the LP’s liability is limited to their contribution under certain conditions. The SCS/SCSp may be unregulated, or regulated, and as such be governed by the regulations applicable to the SIF or SICAR law (if the SIF or SICAR are structured under an SCSp). A SICAR or SIF established under the form of an SCSp is regulated and supervised by the CSSF.