IBC’s may be registered in St. Lucia under the Act by: Incorporation, Continuation, Merger or Consolidation.
The following are the key features of the Act:
All companies must have a Registered Agent and a Registered Office. The office of the Registered Agent is the Registered Office.
The Act provides for confidentiality of Beneficial Owners, Shareholders, Directors and Officers.
Only the registered agent and the address of the registered office are public records.
Disclosure only possible to specified authorities in accordance with specific legislation.
Great flexibility and control of the operations of the IBC. The shareholders can limit the powers of the directors through the memorandum and articles of Association, or through a unanimous shareholder agreement.
The annual registration fee is US $300. There are penalties for late payment or default.
There is no requirement for local directors and meetings of directors may be held anywhere.
All Registered Agents are regulated to ensure professional efficient service.
Allows for shares with and without par value.
Makes provision for tax concessions for any specially qualified person working for the IBC in St. Lucia.
The following changes apply effective July 1, 2021:
All IBCs are now deemed resident and subject to the provisions of the Income Tax Act.
Filing of annual tax returns is required.
Provisions of the Act relating to stamp duties, withholding tax and income tax have been amended.
Payment of Income tax, Stamp Duties and Withholding taxes will apply with some limited exceptions.
Will be subject to the Aliens (Licensing) Act.
Will not be restricted from doing business with residents and may own immovable property.
All IBCs are required to file annual returns (Shareholders, Directors and Beneficial Owners) and unaudited financial statements but only with the Registered Agent.
Registers of Shareholders, Directors and Beneficial Owners are required to be kept at the registered office.
The Registered Agent is required to report by providing a list of companies in default of any of the filing requirements.
There are penalties for failure to supply the returns to the Registered Agent.