Little Background and more about Seychelles Limited Partnerships
Historically Limited Partnerships dates back with the 3rd century BC. It is presumed that in this time in Roman Empire Limited Partnerships where vehicles formed similar to today’s corporations, but with the requirement for one or more partners with unlimited liability. Today Limited Partnership is well defined and by definition is a relationship between one or more general partners and one or more limited partners engaging to conduct a business jointly with a common goal to make a profit.
Since Latvian Parliament adopted amendments to the law of corporate income tax in 2011, it has become a very attractive choice for international business. These amendments are effective from this year, so this really is a newbie and makes Latvia a new low-tax regime country in Europe. As we know, there are already a list of countries in Europe with tax regimes that are favorable for the establishment of holding companies, such as Cyprus, Malta, Netherlands, Luxembourg, Austria, Denmark, Switzerland and others. However, because of some specific advantages, looks like Latvia will be in a good position to become a great competitor. While, Latvia won’t be able to compete with high pitch jurisdictions such as Luxembourg, Switzerland, it will become a great competitor to Cyprus and Malta.
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I know this is not a newbie, however this is fairly recent, so I decided to post about this for those who don’t know. In fact, there are many information websites that for some reasons are not being updated frequently enough, leaving clients in dark. With our www`s, of course, this is not the case!
Ok, down to the amendments.
As we know Seychelles IBC`s were not required to keep any “Accounting Records” (AR) at all. But the Seychelles Government had to make amendments regarding AR as a response to the initial request by the OECD.
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