Saint Lucia, island state in the Caribbean Sea. It is the second largest of the Windward group in the Lesser Antilles and is located about 24 miles (39 km) south of Martinique and some 21 miles (34 km) northeast of Saint Vincent.
Saint Lucia is 27 miles (43 km) long and has a maximum width of 14 miles (23 km). The capital and major port is Castries. Saint Lucia is a member of the Commonwealth.
The island is of volcanic origin and is bisected from north to south by a central ridge of wooded mountains, the highest point being Mount Gimie (3,145 feet [959 metres]). Many streams flow from the mountains through fertile valleys. In the southwest are the Gros and Petit Pitons (2,619 feet [798 metres] and 2,460 feet [750 metres], respectively), two immense pyramids of rock rising sharply from the sea and enclosing a small bay. Near Petit Piton, in the crater of an ancient volcano, are the boiling sulphur springs from which the nearby town of Soufrière takes its name. A choice tourist site, the springs also contain substantial energy potential.
o Caribs remain on the island; the vast majority of the inhabitants of the island are black and there is a small minority of mulattoes and other mixtures. The remainder are whites or of East Indian extraction. A French patois is spoken by most of the inhabitants but is being gradually supplanted by English, the official language. The main religion is Roman Catholicism, and Seventh-day Adventists and other Protestants are important minorities. The rate of population growth for Saint Lucia is slightly higher than the Caribbean average. The main population centres are Castries and Vieux Fort.
Saint Lucia has become in recent years a popular offshore financial services center due to its pro-business legal framework.
IBCs stand out for its fast registration process, confidentiality, flexible structure, and its low annual fees and reporting requirements.
IBCs can be incorporated by a sole shareholder, who can be either resident or non-resident, individual or corporation. One director is required, who can be either resident or non-resident, individual or corporation, and can be the same person as the shareholder.
International Business Company (Corporation limited by shares)
|Governing corporate legislation
International Business Companies Act 1999 (Amended 2000, 2001)
IBCs may be incorporated by one or more shareholders, who can be either natural or legal persons, residents or non-residents, without restrictions.
At least one director is required, who may be a natural person or a legal entity.
|Information published relating to company officers
There is a public registry. However, no names of shareholders, directors and officers are visible. Only the memorandum and articles of association are publicly accessible.
The liability of the shareholders for the company is limited to the amount of their respective shareholdings.
|Accounting requirement/ compliance
Yes, to be prepared in accordance with IFRS rules and within 3 months of a company’s financial year end.
Saint Lucian International business companies must keep accounting records. The records may not be kept anywhere.
|Corporate income tax
IBCs are subject to the local tax regime. Saint Lucia has a territorial tax system. All companies, including IBCs, are taxed at 30% corporate tax on income from Saint Lucia-source and are exempted from taxation on income from foreign sources.
Foreign-source income is defined as follows:
Profits derived from a permanent establishment outside of Saint Lucia
Profits derived from immovable property situated outside of Saint Lucia
Interest income not borne by a Saint Lucia permanent establishment or charged against property located in Saint Lucia
Income derived from investment in securities issued by a person outside of Saint Lucia, e.g. mutual funds, stocks, bonds, etc.
Management charges paid by a nonresident outside of Saint Lucia
Royalty payments received from a foreign permanent establishment and paid to a resident permanent establishment.
Any income deemed to be accrued from foreign sources due to a DTA.
Dividends and capital gains are also exempt from taxation in Saint Lucia.
|Shared capital/paid up
No paid up capital requirement. The standard share capital is USD 50,000 but can be amended to fit your requirements.
|Basis of the Legal System
Under Civil Law and Common Law.
The appointment of officers such as a secretary is optional, and may be an individual or a corporation, resident or non-resident.
Bearer shares not permitted
Every company must have a registered office in Saint Lucia, provided by a licensed service provider.
Annual general meetings are not mandatory. However, if meetings are held, they can be anywhere in the world and may be by proxy, and minutes of the meeting must be taken but a minute book can be kept anywhere.
|Time to form
St Lucia has a fast and efficient registry: it takes about 48-72 hours to register a company.
Anniversary date of the company / Each Year
Convenient world time zone: UTC/GMT-4
St Lucia offers a high level of anonymity and privacy. The International Business Companies Act provides for confidentiality of shareholders, directors and officers.
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