Steps
Labuan Limited Partnership
- A business entity comprising two or more partners jointly operate a business.
- Minimum of two partners, 1 general partner & 1 limited partner, and up to maximum of 50 partners.
- Partners can be corporations, except for professional practice firms with natural persons having professional indemnity insurance.
- Role of Partners
General Partner | Limited Partner |
General Partner has management control, share property and profits, and has joint and several liabilities for debts. | Limited Partner contribute capital but have no involvement in daily operations. They are not liable as general partners unless they participate in management. |
Labuan Islamic Limited Partnership
- A Labuan Islamic Limited Partnership can also be registered, by appointing a qualified Shariah adviser as per LIFSSA.
- The duties of the Shariah adviser is to ensure Shariah compliance.
Requirements | Details |
Incorporation Agent | Appoint a Labuan Trust Company to undertake Due diligence before registration. |
Documents | Form 1 Partnership Agreement |
Naming | To include "Limited Partnership", "Ltd.P.", "LP" or "L.P" (other approved abbreviations are allowed). |
Operational Requirements
Requirements | Details |
Shariah Adviser | Qualified Shariah Adviser (for Labuan Islamic LP only) |
Company Secretary | Appoint at least 1 resident secretary |
Registered Office | Principal Office of Company Secretary |
Registration & Annual Fees | a) Registration Fee & Certification of Registration : USD315 b) Annual Fee : USD300 (payable by the anniversary registration date) |
To find out how Hans Advisory can assist you, please do contact us now !
Comparison between Limited Partnership & Limited Liability Partnership
