A St Lucia company comes with excellent benefits. It is not one of the best-known offshore jurisdictions, like the Cayman Islands or the BVI, but that is probably what makes it so appealing.
The Saint Lucia international business company (IBC from now on) is a flexible structure established through the International Business Companies Act of 1999 (later amended in 2000 and 2001). Its robust regulatory compliance, AML, anti-fraud regulations, and legal framework make it a popular destination not placed on international blacklists.
Why choose Saint Lucia over other popular IBC jurisdictions?
● Saint Lucia is not blacklisted or under suspicions of international financial organizations.
● It is not expected that Saint Lucia will review its IBC laws in the short term.
● Saint Lucia does not tax foreign-sourced income, meaning that if you do not do business locally, your IBC is tax-free.
● A St Lucia company can conduct all kinds of global businesses.
● The laws only require one shareholder and one director (they can be the same person).
● They do not require minimum authorized capital or paid-up capital.
● Shareholders and directors are not included in public records, allowing for enhanced privacy.
● IBCs only file unaudited annual financial statements.
What should you know about a St Lucia offshore company?
Name
An IBC cannot have a similar name to another structured registered in Saint Lucia. It must use “corporation,” “limited,” “incorporated,” “Sociedad Anónima,” or their abbreviations in its company name.
Restrictions
IBCs can do business anywhere in the world. However, to continue to be tax-free, they must not do business in Saint Lucia or can be liable to the general 30% tax rate over their Saint Lucia income. They can be licensed entities (insurance, banking) as long as they obtain the appropriate licenses.
Registration
You must only file an application form, an application fee of $300, and the articles association to register an IBC.
The articles must include the rules defining powers and duties of the company's directors and officers along with the shareholder’s rights. They should also include how the IBC can be dissolved. By-laws are optional and can be used to describe how the daily management of the company will work.
The registration can be conducted within 2-3 days.
Shareholders and directors
A Saint Lucia company only requires one shareholder and one director. They both can be citizens of any country and residing anywhere. They can be natural persons or corporate enitites, and nominee shareholders and directors are allowed. The registered office keeps a register with shareholders and directors' names and addresses, but they are not public.
Registered agent
IBCs in Saint Lucia must appoint a local registered agent and keep a registered office address on the island. The agent keeps the register of the names and addresses of shareholders and directors, but they are private.
Audits
Companies should file an unaudited yearly financial statement and a tax return based on the statement if they do local business.
Uses of a Saint Lucia company
Saint Lucia IBCs can be used for a variety of purposes. In fact, you can establish one for any legit trading business, even those that require appropriate licenses, if you can acquire them. However, they are used especially for these purposes:
● Privacy and asset protection
● Investment
● Professional services
● Trading
● Tax planning
● Captive insurance, reinsurance, life, and general insurance
● Holding
● Financial management
● Portfolio management
A Saint Lucia company can allow you to take your asset diversification, protection, and tax planning to the next level. It is probably one of the jurisdictions with fewer problems with international authorities, so you can rest easy knowing you will not have any problems with it. Contact us now and establish your own Saint Lucia company!
