Our latest analysis breaks down the key mechanics:

• A Luxembourg SCSp can complete a cross-border conversion under the General Regime, relocating its registered office without dissolution, provided the destination jurisdiction recognises the partnership’s continued existence as a contractual arrangement.
• The critical condition is that the destination jurisdiction recognises the SCSp’s continued existence as a partnership or equivalent vehicle, allowing legal and operational continuity.
• This mechanism preserves the fund’s contractual integrity and history, avoiding the complexities of liquidation and re-establishment.

The full analysis of the legal framework and practical steps is available in our podcast episode “SCSp Crossborder Mobility”.

You can also subscribe to the BERTRAND MARIAUX AVOCATS YouTube channel for more insights.

Apple Podcasts: https://podcasts.apple.com/us/podcast/scsp-crossborder-mobility/id1811791497?i=1000731895299

Spotify: https://open.spotify.com/episode/5baOYSqvUEZo5zMZi0fONJ

YouTube (BERTRAND MARIAUX AVOCATS): https://youtu.be/iHx1KQb82eU?si=hZH0GfEKcQYXdCOv

YouTube (Rigore Media): https://youtu.be/fgKsKSGpEeQ

SCSp et mobilité transfrontalière

La mobilité transfrontalière d’une SCSp luxembourgeoise est un outil stratégique, mais ses mécanismes sont souvent perçus comme complexes. Un transfert de siège à l’étranger entraîne-t-il nécessairement une dissolution ?

Notre dernière analyse révèle plusieurs points clés :

• Une SCSp luxembourgeoise peut réaliser une conversion transfrontalière au titre du régime général, transférant son siège statutaire sans dissolution, sous réserve que l’État de destination reconnaisse la continuité du partenariat comme arrangement contractuel.
• La condition clé est la reconnaissance, par l’État d’accueil, de la continuité de la SCSp en tant que partenariat ou véhicule équivalent, permettant sa continuité juridique et opérationnelle.
• Ce processus protège l’intégrité contractuelle et l’historique du fonds, évitant les lourdeurs d’une liquidation.

L’analyse complète est disponible dans l’épisode « SCSp et Mobilité Transfrontalière ».

Nous vous invitons également à vous abonner à notre chaîne YouTube BERTRAND MARIAUX AVOCATS.

Apple Podcasts : https://podcasts.apple.com/us/podcast/scsp-et-mobilit%C3%A9-transfrontali%C3%A8re/id1824719233?i=1000731895846

Spotify : https://open.spotify.com/episode/1Znqh2TNlA1k3x49eKT2fe

YouTube (BERTRAND MARIAUX AVOCATS) : https://youtu.be/MOgMtG6RHu0

YouTube (Rigore Media) : https://youtu.be/MnfnLcse1UM

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SA Attributes in the SCA

The SCA incorporates several key features of the SA, including:

1. Freely Transferable Shares: Unlike the common limited partnership – Société en Commandite Simple (SCS), where partnership interests are not freely negotiable, SCA shares are fully transferable. This facilitates liquidity and broadens the investor base, making it particularly appealing for private equity and venture capital structures.
2. Minimum Capital Requirement: The SCA, like the SA, requires a minimum share capital of €30,000.
3. Corporate Governance Framework: The SCA benefits from a structured governance system including mandatory supervisory oversight by at least three commissaires (auditors). This adds a layer of accountability and transparency, crucial for institutional investors.

Why Choose an SCA?

1. Liability Segregation & Partnership Attributes: The SCA offers a clear division between general partners (unlimited liability) and limited partners (liability limited to their contributions). This duality allows for active management by general partners while protecting passive investors.
2. Investor Appeal: The corporate-like structure of the SCA, combined with its partnership flexibility, makes it ideal for large-scale investment funds or ventures requiring sophisticated governance. It provides a robust framework for raising capital while maintaining operational adaptability.
3. Regulatory Alignment: SCAs are adaptable to Luxembourg’s financial regulatory environment, making them suitable vehicles for Alternative Investment Funds (AIFs) under the AIFMD regime. They can also transition seamlessly into other regulated structures like SICARs or SIFs if required.

The SCA’s blend of SA attributes and partnership flexibility makes it a compelling choice for international investors and fund managers seeking an efficient yet sophisticated structure in Luxembourg.

Reference:

Law of 10 August 1915 on commercial companies as amended, Art. 600-1 to 600-10.