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Limited Liability Partnerships (LLPs)
Two or more persons may apply for the incorporation of a LLP, under the QFC Limited Liability Partnership Regulations, for the purpose of carrying on a business of a kind permitted by the QFC Law.
- A separate legal entity, governed by a LLP agreement
- Partners have to enter into a LLP agreement
- There shall be a minimum of two or more members, which can be of any nationality
- There is no share capital requirement for LLPs conducting Non-Regulated Permitted Activities
- Each member of an LLP shall be liable to contribute to its assets in the event of its being wound up, to the extent he has agreed to make such a contribution
- An LLP shall at all times have a registered office situated in a OFC approved premises, and shall carry out its business from such registered office
- The accounts of an LLP are to be audited by a QFC approved auditor and approved by its members, and filed with the CRO
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