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Limited Liability Partnerships (Jersey) Law 2017 - 26 July 2018

To reflect the Limited Liability Partnerships (Jersey) Law 2017 (LLP Law 2017), which is coming into force on 1 August 2018, we will be updating documentation, including application forms, on our website.

Limited liability partnerships established under the previous law will be subject to the requirements of the LLP Law 2017 and have six months (until 1 February 2019) to notify the JFSC Companies Registry of the name of their secretary.

Any existing partnership (not already registered as an LLP, such as customary law partnership) that wishes to become an LLP will have to file an application with the JFSC Companies Registry and apply for it to be registered as an LLP under the LLP Law 2017.

All new LLPs established under the LLP Law 2017 must consider whether an application under one of the regulatory laws or for a registration under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 should be made.

TCB Class I – This will be amended to include acting or arranging for another person to act as secretary of a limited liability partnership. To be clear, a Jersey company or Jersey individual acting as the secretary to an LLP of which they are a partner is not required to have a TCB registration (assuming they are not undertaking the activity by way of business). All entities with an existing Class I TCB registration will be able to provide these services and other entities may wish to apply for Class I.

 

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