Fair Trading Minister, Linda Burney, today announced that state laws have been amended to allow for the registration of Early Stage Venture Capital Limited Partnerships (ESVCLP) in NSW.

Ms Burney said that the Partnership Act 1892 has been amended by the Partnership Amendment (Venture Capital) Act 2007 to allow ESVCLPs to be registered as incorporated limited partnerships.

Venture capital is an important source of funding for start-up companies, and expanding and restructuring businesses where the financial risk is usually quite high. The ESVCLP structure offers significant incentives to investors to encourage business and job opportunities. In 2007 the Commonwealth Government amended its taxation and venture capital legislation to allow for ESVCLPs as another form of venture capital limited partnership.

“The business structure of an ESVCLP is usually an Incorporated Limited Partnership that is required to be registered in NSW,” Ms Burney said. 

“Following the Commonwealth’s action to introduce the ESVCLP, the NSW Government has amended its Partnership Legislation to provide for the registration of these business entities under NSW law.

“The Office of Fair Trading administers the registration procedures in NSW and has recently completed a review of those procedures.”

Information on the registration process for Incorporated Limited Partnerships is available on this website.

Information about ESVCLPs and other venture capital structures is on the AusIndustry website at www.ausindustry.gov.au.

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