These partnership had been marketed to investors in Russia and former Soviet republics as having the benefits of offshore companies via IrishTimesBiz
Minister of State at the Department of Enterprise, Trade and Employment Dara Calleary is working on the heads of a new Bill that will respond to the concerns raised about matters of transparency, according to the department.
“The Bill will provide for increased transparency requirements through registration procedures and annual information requirements. It will further provide for additional powers for the Registrar [of Companies] to ensure the integrity of the register is upheld, as well as enhanced enforcement and compliance provisions.”
Originally, limited partnerships were used in ventures such as farms so that an owner could have the benefit of an investment by a partner in such a way that the investor’s risk was limited to the amount of money invested.More recently, the structures have been used by the venture capital sector, so that investors can put money into a fund that has a particular purpose, knowing that the associated risk is limited.
Law firms and others in Russia and other former Soviet republics started to promote the use of Irish limited partnerships to their clients some years ago.
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