Venture Capital Act 2002

PART 2 - REGISTRATION OF LIMITED PARTNERSHIPS  

Division 9 - Registration requirements  

SECTION 9-1   REGISTRATION REQUIREMENTS OF VCLPs  

9-1(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) a foreign country in respect of which a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) is in force that is an agreement of a kind referred to in subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition; 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 $10 million; and

(e) each investment that the partnership holds is:

(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 ; or

(iii) an investment in a unit trust, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118-427(3) and (7) of the Income Tax Assessment Act 1997 ; and

(f) the partnership only carries on activities that are related to making *eligible venture capital investments, investments to which subparagraph (e)(ii) applies or investments to which subparagraph (e)(iii) applies; and

(g) every *debt interest that the partnership owns is, and continues to be, a *permitted loan.

9-1(2)    
The requirements in paragraphs (1)(e), (f) and (g) are investment registration requirements .