Valsen Corporate

Latvia LLP

  • Latvia LLP
  • An LLP differs significantly from an LP in that it essentially combines the features of a partnership and a corporation. LLP has the business flexibility and tax benefits of a partnership but resembles a private company in other respects. It is comprised of Members, each of whom benefits from limited liability; members of an LLP are protected from many potential negative consequences of the actions of other partners. Limited liability protects members of an LLP from personal liability for business debts, employee claims and public liability claims. Other features and advantages of an LLP:
    1. Profit sharing plans and other arrangements can be agreed flexibly between partners and changed as required
    2. The partnership makes an annual return but members retain self-employed status and report their share of profit on their personal tax return
    3. Perpetual succession applies an important factor for the stable ongoing development of the business
    4. As a separate legal entity, the LLP can enter into contracts and sue (or be sued) without the need for partners to be exposed personally.
    As a result, LLPs offer an appealing option for many looking to structure a business operation in a tax efficient manner with minimal personal risk. Section 34 of the Act allows an LP to be converted into an LLP, while Section 35 allows a Labuan Company to transition to an LLP. There is no limit to the number of partners in an LLP.

    Features of Labuan LLP

    Labuan  LLP

    Corporate Details

    General
    • Type of Entity

    LLP
    • Registered Office in Labuan

    Yes
    • Shelf company availability

    No
    • Our time to establish a new company

    4 weeks
    • Corporate Taxation

    Yes
    • Access to Double Taxation Treaties

    No

    Share capital or equivalent
    • Standard currency

    US$
    • Permitted currencies

    EUR, USD, GBP
    • Minimum paid-up

    None

    No
    • No-par-value shares allowed

    No

    Directors
    • Minimum number

    Two
    • Local required

    No
    • Publicly accessible records

    Yes
    • Location of meetings

    Anywhere
    • Corporate directorship allowed

    No

    Shareholders
    • Minimum number

    Two
    • Publicly accessible records

    Yes
    • Corporate shareholders allowed

    Yes
    • Location of meetings

    Anywhere

    Company Secretary
    • Required

    No
    • Local or qualified

    No

    Accounts
    • Requirements to prepare

    Yes
    • Audit requirements

    No
    • Requirements to file accounts

    Yes
    • Publicly accessible accounts

    Yes

    Other
    • Requirement to file annual return

    Yes
    • Migration of domicile permitted

    Yes
  • Labuan LLP Distinctive Benefits
    • The reduced tax burden for the business: The members of the partnership are defined as self-employed, which means that the only tax to pay is an income tax as normal on their share of the profits. There is no corporation tax or capital gains to consider.
    • Asset protection and estate planning tool: assets cannot be touched by creditors or any other claimant, and costly inheritance tax can be avoided through the use of a partnership model.
    • Effective vehicle for professional practices, joint ventures, special purpose projects and more.
    The Valsen Advantage
    1. Speedy, Efficient and consistent Services.
    2. Relentless effort to obtain bank accounts.
    3. Expert advice on structuring options.
    4. Dedicated ongoing compliance support.