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.

FEATURES OF BVI LIMITED PARTNERSHIPS

The British Virgin Islands Partnership Act 1996 (the "Act") has been enacted to reflect many recent developments in partnership law. The main features of the Act as they relate to international limited partnerships are:

1. The Act codifies the law for general partnerships, local limited partnerships and international limited partnerships into one piece of legislation.
   
   
2. The general partner can be a corporation and need not be registered or resident in the BVI.