No separate legal personality: An LPF is a partnership, not a corporation. General Partners (GPs) bear unlimited liability for the fund’s debts and are responsible for its management; Limited Partners (LPs) have limited liability (protected by a list of "safe harbour" activities).

High Degree of Contractual Freedom: Economic distribution, governance mechanisms, exit mechanisms, and other aspects are largely determined by the Limited Partnership Agreement (LPA), aligning with mainstream international practices (such as those in the Cayman Islands or Delaware).

There is no minimum capital requirement, and the regulations themselves impose no statutory investment restrictions (though compliance with other applicable laws and the terms of the Limited Partnership Agreement (LPA) is required).

Name and Language: The English name must end with “Limited Partnership Fund” or “LPF”; the Chinese name must end with “Limited Partnership Fund”.

Registered Office in Hong Kong: An office must be established in Hong Kong for the purpose of service of documents and communication.

Data Privacy: While the Companies Registry maintains an index of LPFs, core records—such as the register of partners, KYC/AML documentation, and audited accounts—are held by the fund itself and are not open to public inspection; they are accessible only to statutory authorities in accordance with applicable regulations.

LP "Safe Harbor" Provisions: Limited partners may engage in activities specified under the regulations (such as participating in an investment committee or advisory committee, or providing consent for major matters) without being deemed to be involved in the management of the partnership.

Onshore establishment, cost-effective: With fixed registration fees and clear procedures, it offers greater advantages in terms of both cost and time compared to most offshore setups.

Unified Fund Exemption (UFE): Qualifying funds (including LPFs) may be granted an exemption from Hong Kong profits tax on eligible transactions involving "specified assets" (subject to determination based on the Inland Revenue Department’s guidelines and conditions).

Carried Interest Tax Relief: Carried interest paid by a qualifying private equity fund to an eligible person is subject to a 0% profits tax rate; the corresponding eligible employee is entitled to a 100% salaries tax exemption (effective from the 2020/21 year of assessment; subject to specific conditions and certification).

"Redomiciliation" of Foreign Limited Partnership Funds to Hong Kong: Effective from November 1, 2021, limited partnership funds (LPFs) established outside Hong Kong may redomicile to become Hong Kong LPFs, without affecting the continuity of their legal personality or existing contracts. Generally, the fund must complete the deregistration process in its original jurisdiction of incorporation within 60 days (extensions may be requested).

Stamp Duty (Overview): In general, the transfer of partnership interests in an LPF does not constitute a transfer of "Hong Kong stock" and is typically outside the scope of Hong Kong stamp duty. However, the direct transfer of dutiable assets (such as Hong Kong stocks or real estate) by a fund may still trigger a stamp duty liability. In practice, it is advisable to seek timely, case-specific tax advice.

基金定義與 LPA：必須符合 LPFO 的「基金」定義，並以有限合夥協議成立。

合夥人：至少 1 名 GP（無限責任）及 1 名 LP（有限責任）。

• GP 可為香港私營公司、已登記之非香港公司、（香港或海外）有限合夥、另一 LPF、或年滿 18 歲的自然人等。

• LP 可為自然人或法人。

香港註冊辦事處（通訊送達之用）。

紀錄與私隱：GP 或投資經理須在香港保存審計財務報表、合夥人名冊及 AML/KYC 紀錄；上述資料一般不對外公開。

年度審計與周年申報：

• 每年須委聘香港執業單位（《專業會計師條例》下的 practice unit）為獨立核數師並進行年度審計；

• 周年申報表（表格 LPF5）須於註冊周年日後 42 日內提交，並繳交當時適用之費用（目前為 HK$105）。

資產保管：條例本身不強制第三方託管，但 GP 須確保「妥善保管」安排；若由持牌 9 類（資產管理）持牌人管理，則須遵循證監會《基金經理操守守則》之託管標準

普通合夥人（GP）：具最終管理及控制權，承擔無限責任；可兼任投資經理。

• 如 GP 為另一 LPF 或不具法人地位的非香港有限合夥，須委任授權代表（Authorized Representative），與 GP 對基金債務負連帶責任。

投資經理（IM）：可為年滿 18 歲之香港居民、公司或已登記的非香港公司；可由 GP 擔任。

• 如在香港從事受規管活動（例如對證券/期貨資產進行全權投資管理），一般須申領證監會第 9 類牌照（若涉及銷售/招攬，或非屬附帶性質，可能另涉第 1 類/第 4 類）。

核數師：須為香港執業單位且與 GP/IM 保持獨立；每年審計。

反洗錢/反恐融資「負責人」（Responsible Person）：GP 必須委任負責人（可由 GP 擔任），其身分須為認可授權機構、持牌法團、會計專業人士或法律專業人士，以履行《打擊洗錢及恐怖分子資金籌集條例》（AMLO，附表 2）之職責。

授權代表（如適用）：僅在上述特定 GP 架構下才屬必需。

設立前準備

• 決定 GP/LP 架構與 LPA 主要條款；甄選投資經理、核數師、負責人；落實香港註冊辦事處；擬定基金名稱（須符合法定命名規則）。

遞交申請

• 由香港律師事務所／在港執業律師代表擬議 GP 遞交 表格 LPF1（有限合夥基金註冊申請）（屬法定要求）。

• 費用：合共 HK$3,034（包括註冊費 HK$2,555 + 提交費 HK$479；如申請未獲接納，提交費不退還）。

• 同步商業登記：通常在申請 LPF 註冊時一併辦理商業登記。

• 處理時間：一般於收件後約 4 個工作天簽發《註冊證明書》及《商業登記證》。同時支援經公司註冊處 e-Services Portal 作電子遞交。

註冊後事宜

• 在香港保存法定紀錄；正式委任核數師；評估投資經理是否需要證監會牌照；建立妥善託管安排；設定 LPF5 周年申報的合規行事曆（註冊周年後 42 日內）。

轉換與遷冊

• 由第 37 章有限合夥轉換為 LPF（表格 LPF2）。

• 海外有限合夥基金遷冊來港（表格 LPF10）：遷冊不構成新法人、權利義務延續；一般須於60 日內在原註冊地完成註銷（可申請展期）。

被除名（Strike-off）風險

• 如基金不再符合資格（例如未有投資經理、未委任負責人、或在需要時未設授權代表），公司註冊處可在履行程序後將 LPF 自名冊刪除。