VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 9.1 Registration requirements of VCLPs

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VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 9.1

Registration requirements of VCLPs

(1): The registration requirements of a VCLP , in relation to a ^*limited partnership, are that:

(a): the partnership was established by or under a law in force in, or in any part of:

(i): Australia; or
(ii): Canada; or
(iii): France; or
(iv): Germany; or
(v): Japan; or
(vi): the United Kingdom; or
(vii): the United States of America; or
(viii): any other foreign country prescribed by the regulations; and

(b): all of the partners who are ^*general partners are residents of a country referred to in paragraph (a); and
(c): under the partnership agreement the partnership is to remain in existence for a period of not less than 5 years and not more than 15 years; and
(d): the partnership's ^*committed capital is at least $20 million; and
(e): each investment that the partnership holds is either:

(i): an ^*eligible venture capital investment; or
(ii): an investment in a company, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118-425(2) and (6) of the Income Tax Assessment Act 1997 ; and

(f): the partnership only carries on activities that are related to making ^*eligible venture capital investments or investments to which subparagraph (e)(ii) applies; and
(g): every ^*debt interest that the partnership owns is, and continues to be, a ^*permitted loan.

(2): The requirements in paragraphs (1)(e), (f) and (g) are investment registration requirements .

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