Country’s geography & information in brief: Located in the Eastern Caribbean, St. Lucia gained autonomy in 1967 and full independence as a member of the British Common wealth in 1979. Having been one of the last to enter the arena of financial services, the island has pristine reputation with strict licensing laws and regulations. Along with a stable democracy St. Lucia possesses modern state of the art telecommunication services. This island, with its improving infrastructure and technology is fast developing as a major business centre.
Entity type: International Business Company (IBC)
Directors: St.Lucia IBC requires a minimum of one director and corporate directors are permitted. Details of the directors do not appear on the public file. There is no requirement to have resident directors.
Shareholders: A minimum of one shareholder is required which may be an individual or a corporate body. The details of company beneficial owners and shareholders are not part of the public records.
Secretary: St.Lucia IBCs must maintain a registered office and registered agent within St.Lucia. Registered agent may be corporate body or individual resident in St.Lucia. All Registered Agents are regulated to ensure professional efficient service.
Authorized capital: There is no specific minimum capital requirement. The standard authorized share capital is US$ 50,000. The minimum issued capital may be one share of no par value or one share of par value. Issued shares must be fully paid. Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. Bearer shares are not permitted.
Names’ restrictions: St.Lucia companies’ names must end with one of the following words, or their relevant abbreviations – Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima. The following names to be used, require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national Governments are generally prohibited.
Information about the beneficiary: The names of the Directors and Shareholders are not required to be filed with the government or Registered Agent, and are not in the public record.
Names are required to be filed with the Registered Agent if the company is engaged in soliciting funds from the public and/or engaged in other similar investment activities on behalf of other persons or companies.
Audit & financial reports: No, unless the company is a licensed entity. A standard IBC is not required to produce audited financial statements, unless it elects to pay tax at 1%. However, all financial records must be maintained so that any member or director has access to them at the registered office.
Taxation: St.Lucia IBCs may elect to be exempted from income tax or to be liable to income tax on profits and gains at 1%. Also IBCs are not subject to stamp duties, withholding tax and capital gains tax.
Additional information: IBCs may elect to be exempt or pay a 1% tax rate if this will be beneficial to them under the terms of any reciprocal tax agreements. The IBC Act allows companies that were formed with a tax exemption to elect to pay tax at 1%. There is no reciprocal provision that allows companies that have elected to pay tax to change that election.