(BVI) International Limited Partnerships

Introduction

The object of this memorandum is to provide clients of Walkers with information on the formation and operation of an international limited partnership in the British Virgin Islands ("BVI").

Features of BVI limited partnerships

The BVI Partnership Act 1996 (as amended by the Financial Services Commission Act, 2001 (by implication)) (the "Partnership Act") was enacted to address many increasingly topical developments in partnership law. The main features of the Partnership Act as they relate to international limited partnerships are:

1. The Partnership Act codifies the law for general partnerships, local limited partnerships and international limited partnerships into one piece of legislation.