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Use Luxembourg société en commandite simples (SCS) ou société en commandite spéciale (SCSp)

by | Dez 10, 2022 | Fundos de investimento

Use Luxembourg société en commandite simple (SCS) or société en commandite spéciale (SCSp)

Qualificando-se como o segundo maior centro de fundos do mundo, depois dos Estados Unidos, o Luxemburgo tornou-se essencial quando se trata da indústria de fundos de investimento alternativos.

Luxembourg provides a platform of services and structuring opportunities to the private equity as well as the venture capital industry. Luxembourg also provides investment vehicles such as the RAIF, SICAR, and SIF. Besides those vehicles, Luxembourg provides other types of commercial companies, such as the SCS (simple Limited Partnership) and the SCSp (special Limited Partnership), which are not subject to any specific regulatory framework but qualify as AIF. 

The société en commandite simple (SCS) or société en commandite spéciale (SCSp), known as ‘Lux LPs’ (the Luxembourg Partnerships) are formed under the law of 10 August 1915 as onshore fund vehicles or co-investment vehicles and can qualify as an alternative investment fund (AIF).  Related: Glencore Avrupa’nın en büyük batarya depolama. Learn more about Leapher Yachts gjør en storslått inngang med en.

Características da SCS e SCSp luxemburguesas

Utilização prática da SCS e SCSp Podem ser utilizados para estruturas master-feeder, como veículo de aquisição, ou para joint ventures, mas a sua utilização mais regular é para participações privadas, capital de risco e investimentos imobiliários.
Legislação aplicável Direito das sociedades datado de 10.08.1915, com as alterações que lhe foram introduzidas
Investidores elegíveis Sem restrições.
Activos elegíveis Sem restrições. Qualquer tipo de classe de bens.
Forma legal simple partnership (société en commandite simple – SCS) or a special limited partnership (société en commandite spéciale – SCSp)
Requisitos de diversificação de riscos Sem requisitos de diversificação do risco.
Capital Sem exigência de capital mínimo. A contribuição em espécie e/ou em dinheiro é permitida.
Compartimentos/Subfundos Não
Regime Fiscal A SCS e a SCSp são entidades transparentes em matéria fiscal e não estão sujeitas ao imposto sobre o rendimento das sociedades (IRC) no Luxemburgo, a sua actividade pode ser considerada como comercial e, portanto, sujeita ao imposto municipal sobre as empresas do Luxemburgo (a uma taxa de 6,75% no Luxemburgo), se efectivamente exercerem uma actividade comercial ou se a sua actividade estiver contaminada comercialmente.
São isentos do imposto de subscrição, do imposto sobre a fortuna, e não estão sujeitos a retenção na fonte
Beneficiar da rede de convenções fiscais para evitar a dupla tributação No. Due to its tax transparent status, SCSs and SCSps cannot utilise Luxembourg’s vast double taxation treaty network
Beneficiar da Directiva Subsidiária Mãe da UE Enquanto entidades transparentes do ponto de vista fiscal, a SCS e a SCSp não podem beneficiar da Directiva Mãe e Filial da UE
Autorização e supervisão pelo CSSF Não (Não é necessária aprovação ou supervisão regulamentar por parte do CSSF)
Possibilidade de listagem Sim, (mas sem oferta pública)
Passaporte europeu Não-AIF, excepto as actividades abrangidas pelo âmbito de aplicação do artigo 1º (39) da Lei AIFM
Administração Pelo sócio geral ou por um gestor externo (i.e., AIFM)
Prestadores de serviços luxemburgueses necessários AIFM (Gestor do Fundo de Investimento Alternativo )
O depositário não é necessário, a menos que a entidade relevante se qualifique como AIF, o que não é uma AIF de minimis.

As Parcerias Luxemburguesas têm sido, desde há anos, o veículo de “go-to” para as estruturas de fundos privados, uma vez que oferecem aos investidores compreensão, liberdade de sobreposição do direito das sociedades, responsabilidade limitada, e um regime fiscal geralmente mais satisfatório.

Ready to set up your investment fund in Luxembourg?, we can help you establish and administrate your operations from this jurisdiction, so go ahead and contact your Damalion expert now. 

Damalion

Use Luxembourg société en commandite simple (SCS) or société en commandite spéciale (SCSp) — legal features, formation, governance, partners’ liability, accounts, and tax neutrality in private equity, venture capital, and real assets.

For fund initiators, GPs, legal teams, family offices, private equity and venture capital sponsors • Damalion helps align vehicle choice with deal goals, prepare documents, and coordinate with local providers. Final acceptance and outcomes remain with each independent counterparty.

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Essentials in plain words

Both SCS and SCSp are Luxembourg limited partnerships under the law of 10 August 1915. An SCS has legal personality. An SCSp does not. In practice, each can host private equity, venture capital, real estate, and co-investment strategies with flexible terms agreed in a limited partnership agreement (LPA). Governance is set by the general partner (GP) and any managers named in the LPA. Limited partners (LPs) are liable up to their commitment, provided they do not take part in management beyond permitted actions.

What to prepare for formation and onboarding

  • Partners list, GP identity and powers; draft LPA with economics, allocations, and transfers.
  • Name, registered office in Luxembourg, object, duration, commitments, capital accounts.
  • UBO chart and beneficial owner filing (as required by law and applicable practice).
  • Registered address and local notices; RCS registration and, where applicable, AIFM arrangements.
  • Banking details for capital calls and distributions; expected cash flows and jurisdictions.
  • Auditor and depositary only where required by fund rules or AIFM thresholds.

SCS vs SCSp at a glance

Topic SCS (société en commandite simple) SCSp (société en commandite spéciale)
Legal personality Has legal personality. No legal personality; acts through GP or managers named in LPA.
Governing law Law of 10 August 1915, as amended. Law of 10 August 1915, as amended (contractual flexibility is prominent).
Partners ≥1 GP (unlimited liability) and ≥1 LP (limited to commitment). Same partner structure; liability principles align with the LPA and law.
LPA freedom High flexibility; statutory rules still apply. Very high flexibility; many points are purely contractual.
Accounts Light reporting; commercial activity may influence obligations. Light reporting; commercial activity may influence obligations.
Regulatory status Unregulated vehicle; may be an AIF depending on setup. Unregulated vehicle; may be an AIF depending on setup.
Depositary Required only if the partnership is an AIF above de-minimis thresholds. Same approach.
Tax profile Typically tax transparent; municipal business tax can apply if commercially active. Typically tax transparent; municipal business tax can apply if commercially active.
Treaty/Directive access As transparent entities, treaty/Directive benefits are generally not available at entity level. Same approach.
Use cases PE/VC, acquisitions, co-investments, joint ventures, real assets. Same, with broad LPA-driven customisation.

Set-up in practice

  1. Choose the partnership type. Align legal personality needs and investor expectations.
  2. Draft the LPA and GP terms. Capital commitments, allocations, carry, transfers, conflicts, and governance.
  3. Register and disclose. RCS filing; beneficial owner disclosures as applicable.
  4. Service providers. Administrator, registrar, auditor as needed; AIFM/depositary if in scope.
  5. Open accounts and call capital. Document source of funds; configure controls and signatory rules.

Timing and costs

  • Drafting and filings proceed quickly when documents are complete and decisions are recorded clearly.
  • Ongoing costs reflect administration, annual filings, and—if relevant—AIFM, depositary, and audit.
  • Bank onboarding time varies by partners’ profiles, flows, and jurisdictions involved.

Frequently asked questions

Does an SCS have legal personality?
Yes. Under Luxembourg law, an SCS has legal personality distinct from its partners. The partnership can act in its own name through its organs or representatives.
Does an SCSp have legal personality?
No. An SCSp has no legal personality. It acts through the general partner or managers designated in the LPA.
What is the minimum number of partners?
Both forms require at least one general partner (unlimited liability) and at least one limited partner (liability limited to commitment).
Can the LPA override default rules?
The LPA can set most terms, subject to mandatory provisions of the 1915 Law and general principles of Luxembourg law.
How is liability allocated?
The general partner bears unlimited liability for partnership obligations. Limited partners’ liability is limited to their agreed commitment, provided they do not perform management acts beyond what the law and LPA allow.
Are these partnerships tax transparent?
They are typically treated as tax transparent in Luxembourg. If they carry out a commercial activity or are commercially “contaminated”, municipal business tax may apply.
Do SCS or SCSp benefit from tax treaties?
As transparent entities, they generally do not access treaty or Directive benefits at entity level. Relief is assessed at investor level under relevant rules.
Is a depositary always required?
No. A depositary is required only when the partnership qualifies as an AIF that is not de-minimis under applicable AIFM rules.
Is an auditor mandatory?
An audit is not intrinsically required by the form; requirements depend on activity, investor base, regulatory scope, and LPA commitments.
How are accounts and filings handled?
Light accounting and filing apply. Registration with the RCS and beneficial owner disclosures are required as applicable. The LPA sets capital accounts and reporting mechanics.
Can limited partners lend to the partnership?
Yes. A limited partner may lend or transact with the partnership without losing creditor ranking solely by reason of LP status, subject to the LPA and law.
May partnership interests be represented by instruments?
Yes, if provided in the LPA. Interests may be documented in registered form or other forms allowed by law and the LPA.
Can an SCSp own assets in practice if it has no personality?
Assets are held and actions are taken by the GP on behalf of the SCSp, or as otherwise arranged under the LPA and applicable law.
What happens if LPs participate in management?
LPs risk losing limited liability protection if they perform management acts outside the safe areas permitted by law and the LPA.
Is a notarial deed required?
Formation does not inherently require a notarial deed for these partnership forms; filings and documentary formalities must still be met under the 1915 Law and RCS practice.
How quickly can an SCSp or SCS be registered?
Timelines are short with complete documentation, decisive partner approvals, and clear LPA terms. Bank onboarding may take longer depending on partners and money flows.
Can the partnership be structured as an AIF?
Yes. Either form can qualify as an AIF depending on setup. If in scope, AIFM, depository, and reporting rules apply according to thresholds and investor type.
Are compartments or sub-funds available?
These partnership forms are single-fund vehicles under the 1915 Law. Compartment features are not native to SCS/SCSp.
Can interests be listed?
Listing is possible in certain cases without a public offer. The LPA and market rules must permit the form and transfer mechanics.
What sectors and strategies fit best?
Private equity, venture capital, private credit, real assets, and co-investments commonly use SCS/SCSp structures due to flexibility and investor familiarity.

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