9‑1 Registration requirements of VCLPs9‑1 Registration requirements of VCLPs

9‑1 Registration requirements of VCLPs

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