- Saint Lucia: General Information
- IBC in St. Lucia: Main Advantages
- What Do I Need to Know Before Establishing an IBC in St. Lucia?
- IBC Names in St. Lucia
- Type of Business
- Articles of Incorporation
- IBC Shareholders and Directors in St. Lucia
- Registered Agent and Office
- Taxation of IBCs in Saint Lucia
- Audit and Accounting
- Procedure for Setting Up an IBC in Saint Lucia
- Set of Documents for IBC Registration in Saint Lucia
The island country of St. Lucia, located in the Caribbean Sea, is known for offering various offshore banking and financial services. This jurisdiction gained special popularity after 1999 when the laws regulating international companies were updated (The International Business Companies Act). An IBC in Saint Lucia ensures data security, tax exemption and many other advantages. At the same time St. Lucia is not on any black list and does not raise suspicions of international regulators. We offer you an opportunity of registering an IBC in Saint Lucia remotely.
This offer will be good for those who want to run international business. Saint Lucia can also offer high level banking services. Opening a bank account in Saint Lucia for a local company is much easier than for a foreign one. Therefore, if you were planning to open a corporate account for an offshore company with one of the banks in Saint Lucia, it totally makes sense to consider setting up an IBC in this jurisdiction as well.
Saint Lucia: General Information
The island state of St. Lucia is located in the Caribbean Sea, near the islands of Barbados and Martinique. The capital is the city of Castries. The official language is English; French is also widely spoken.
Both the French and the British have been trying to gain control of the island for years. In 1814, St. Lucia finally ceded to Great Britain under the Treaty of Paris. Since 1979 Saint Lucia has been an independent state but still a member of the Commonwealth of Nations.
Saint Lucia’s political system is a parliamentary democracy with a constitutional monarchy. The Queen of Great Britain is officially the Head of State.
Saint Lucia’s legal system is based on English law and partially on French Civil Code.
IBC in St. Lucia: Main Advantages
There are many reasons why setting up an IBC in St. Lucia looks particularly attractive. Let’s have a look at some of them:
- Foreign residents may act as company shareholders;
- IBC does not pay corporate tax, income tax or capital gains tax;
- St. Lucia has never been blacklisted or suspected by international financial watchdogs;
- One director and one shareholder who may be the same person, a legal entity included, are sufficient to establish a company;
- No requirements for a minimum paid-up share capital;
- High level of data security, i.e. the data of the directors and shareholders are not disclosed to the public registers;
- Flexibility in running your business, i.e. an IBC in St. Lucia may conduct any business activities in any part of the world (yet business offering financial services, banking, insurance, etc. must first obtain the appropriate license);
- Meetings of directors and shareholders may be held anywhere in the world;
- No requirements on filing financial reports and conducting audits.
What Do I Need to Know Before Establishing an IBC in St. Lucia?
Just like any other state, Saint Lucia has its own laws that regulate business. The requirements for an IBC are mild and quite flexible. Nevertheless, it is worth reading them before deciding to establish an IBC in Saint Lucia.
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IBC Names in St. Lucia
The name of a new IBC in Saint Lucia must not repeat the name of an existing company registered in Saint Lucia. A free name search is available from the Commercial Register.
The company name must include one of the following words or its abbreviated form:
- Limited (Ltd.);
- Incorporated (Inc.);
- Corporation (Corp.);
- Sociedad Anonima (S.A.).
Type of Business
An IBC in Saint Lucia is allowed to engage in any type of commercial and business activities. The company must obtain a special license if it plans to conduct its business in the banking, trust or insurance sectors.
An IBC in Saint Lucia is prohibited from owning property in Saint Lucia except for its own offices.
Articles of Incorporation
The business of an IBC in St. Lucia must be set forth in detail in its Articles of Incorporation. It must cover the powers and duties of directors and officers, along with the rights of shareholders. The Articles of Incorporation must also set forth the terms and conditions of termination and dissolution of the said IBC.
Often the Articles of Incorporation are supplemented by the relevant By-Laws that describe the day-to-day operations and company management.
IBC Shareholders and Directors in St. Lucia
One shareholder is sufficient to establish an IBC in Saint Lucia. The shareholder may be a resident of any country and may reside anywhere. The shareholder can be either a natural person or a legal entity. The use of professional shareholders is also allowed.
An IBC in Saint Lucia may issue the following types of shares:
- redeemable shares;
- voting shares;
- shares with and without a nominal price;
- fractional shares.
The issue of bearer shares is prohibited in Saint Lucia.
One director is also sufficient for an IBC in Saint Lucia. There are no restrictions on the residence and domicile of the IBC directors. It is allowed to appoint both natural and legal persons as directors, as well as professional directors.
A register with the names and addresses of shareholders and directors must be kept in the company’s registered office, but this data is not publicly disclosed.
It is mandatory for an IBC in St. Lucia to hold annual general meetings, but the location for this event can be chosen anywhere in the world.
Registered Agent and Office
An IBC must appoint a local registered agent and obtain a registered office address which may also be the agent’s office. The registered agent is required to maintain a register of names and addresses of shareholders and directors, but this information is not made available in the public domain.
Taxation of IBCs in Saint Lucia
An IBC in Saint Lucia can choose one of two corporate income tax rates, 0% or 1%. The 1% rate may be of interest for companies that want to use the Caribbean Community (CARICOM) agreement for the avoidance of double taxation. In this case, the income tax paid in one country of the Community exempts the legal entity from paying income tax in the other participating country.
IBCs in Saint Lucia pay no capital gains tax. There are also no stamp duties.
Audit and Accounting
Companies that are exempt from taxation are not required to file annual financial statements and conduct audits. Bookkeeping can be done in a way they see it fit.
If a company chooses a corporate income tax rate of 1%, it must file annual reports with the state authorities.
Procedure for Setting Up an IBC in Saint Lucia
The first step of the procedure is sending a request to our experts for their professional assistance in setting up an IBC in Saint Lucia. Many years of experience and complete professionalism of our experts will allow you to receive a quality service in the shortest possible time. Just send your request by e-mail to firstname.lastname@example.org.
After your application is approved, you will be asked to pay for the professional assistance in setting up an IBC. Payments can be made by bank transaction, card, Bitcoin, via WebMoney, PayPal, Western Union. The cost of this service starts from 3050 USD.
This cost includes:
- company registration (one-time fee);
- registered agent services (1 year);
- registered office (1 year);
- state fee.
Additional expenses (annual fees):
- state fee of 300 USD (to be paid before January 1 of every year);
- company registration renewal, 375 USD;
- registered agent services, 625 USD;
- registered office, 625 USD;
- corporate secretary services, 2,500 USD.
The third step is to prepare all the documents that are required for establishing an IBC in St. Lucia.
Set of Documents for IBC Registration in Saint Lucia
The IBC registration process in St. Lucia requires the following documents:
- filled out statement form for the IBC registration (provided after receiving the client’s application);
Every director and shareholder of the company must present the following:
- filled out Due Diligence questionnaire form;
- passport copy (photo and signature);
- original letter of recommendation from the bank;
- original professional reference letter.
Note: For the fastest procedure, you can submit scanned copies of your documents first and then send the original documents by courier.
If you are ready to start the IBC registration process in St. Lucia as soon as possible, please do not hesitate to contact us right now.