A recent update from global fund administrator Trident Trust about the revised partnerships regime in the British Virgin Islands makes interesting reading for emerging managers.

The BVI modernised its partnerships regime this year with the enactment of a new Limited Partnership Act, 2017 (the “LP Act”) and Limited Partnership Regulations, 2018, both of which entered into force on 11 January 2018.

A key feature of the new regime is that it allows limited partnerships the option of having legal personality, meaning a partnership can enter into contractual arrangements, commence or defend legal proceedings in its own name, and create a charge over its assets and register such charges so that they have priority over later registered or unregistered charges under BVI law.

The new LP Act is of significant interest to companies and individuals embarking on joint venture initiatives or setting up investment funds, as it provides the legal capacity and the flexibility to transfer interests or admit new investors.

Read Trident Trust’s full briefing about the new LP Act