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Utilice Luxemburgo société en commandite simple (SCS) o société en commandite spéciale (SCSp)

por | Dic 10, 2022 | Fondos de inversión

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

Calificado como el segundo mayor centro de fondos del mundo, tras Estados Unidos, Luxemburgo se ha convertido en esencial cuando se trata del sector de los fondos de inversión 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 de los SCS y SCSp luxemburgueses

Utilización práctica del SCS y del SCSp Pueden utilizarse para estructuras master-feeder, como vehículo de adquisición o para empresas conjuntas, pero su uso más habitual es para inversiones de capital privado, capital riesgo e inmobiliarias.
Legislación aplicable Ley de Sociedades de 10.08.1915, modificada
Inversores elegibles Sin restricciones.
Activos elegibles Sin restricciones. Cualquier tipo de activo.
Forma jurídica simple partnership (société en commandite simple – SCS) or a special limited partnership (société en commandite spéciale – SCSp)
Requisitos de diversificación del riesgo No hay requisitos de diversificación de riesgos.
Capital No hay capital mínimo obligatorio. Se permite la contribución en especie y/o en metálico.
Compartimentos/Subfondos No
Régimen fiscal SCS y SCSp son entidades fiscalmente transparentes y no están sujetas al impuesto de sociedades (CIT) en Luxemburgo, su actividad puede considerarse comercial y, por tanto, estar sujeta al impuesto municipal de actividades económicas de Luxemburgo (a un tipo del 6,75% en Luxemburgo) si ejercen efectivamente una actividad comercial o si su actividad está contaminada comercialmente.
Están exentos del impuesto de suscripción y del impuesto sobre el patrimonio, y no están sujetos a retención fiscal.
Beneficiarse de la red de convenios para evitar la doble imposición No. Due to its tax transparent status, SCSs and SCSps cannot utilise Luxembourg’s vast double taxation treaty network
Benefíciese de la Directiva de la UE sobre matrices y filiales Como entidades fiscalmente transparentes, la SCS y la SCSp no pueden beneficiarse de la Directiva sobre matrices y filiales de la UE.
Autorización y supervisión de la CSSF No (No se requiere la aprobación o supervisión reglamentaria de la CSSF)
Posibilidad de incluir en la lista Sí, (pero sin oferta pública)
Pasaporte europeo No FIA, salvo actividades incluidas en el ámbito de aplicación del artículo 1 (39) de la Ley de GFIA
Gestión Por el socio colectivo o un gestor externo (es decir, un GFIA)
Proveedores de servicios luxemburgueses requeridos GFIA (Gestor de fondos de inversión alternativos )
El depositario no es necesario a menos que la entidad en cuestión se considere un FIA, que no sea un FIA de minimis.

Desde hace años, las sociedades luxemburguesas son el vehículo de referencia para las estructuras de fondos privados, ya que ofrecen comprensión al inversor, libertad frente a las anulaciones del derecho de sociedades, responsabilidad limitada y un régimen fiscal generalmente más satisfactorio.

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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