How to Start an Offshore Company in St Lucia?

How to Start an Offshore Company in St Lucia?

Saint Lucia is one of the loveliest islands in the Caribbean. It is located between Martinique and Saint Vincent in the eastern region of the Caribbean Sea and is a part of the Lesser Antilles archipelago. The nation is one of the former colonies of Great Britain. The political system of St Lucia is also surprisingly based on the British Model.

Saint Lucia is presently classic tax-free jurisdiction that does not require complicated processes to maintain the business and in terms of submitting annual statements. The tax-exempt legislation of Saint Lucia is not in force not so long ago, starting from 1999.

Saint Lucia is one of the most prominent offshore financial service and business incorporation centres in the world. It offers the businesses a host of financial and banking facilities in a variety of sectors, the most widespread of which is their International Business Company (IBC). A St Lucian IBC is one of the world’s most excellent offshore incorporation vehicles, due to its simplicity, low annual fees, and flexibility. The nation boasts of a modern legal and financial framework enshrined within the International Business Companies Act 1999. Even though the jurisdiction is comparatively new in the world of offshore financial services, its assortment of offshore produces that can be used in conjunction with a St Lucian IBC includes an offshore trust, an insurance company, a mutual fund company, and offshore banking opportunities.

Benefits of Offshore Company Setup in Saint Lucia

  • Exposure and minimisation to capital gains taxes
  • Financial security due to international diversification
  • A strict guideline of confidentiality with regards to the name of shareholders and directors
  • Modern business formation laws
  • Hassle-free incorporation procedures
  • English common law system
  • The minimum corporate disclosure requirement
  • Elimination of stamp duties
  • No or low tax, i.e. an IBC may elect to be exempt from income tax or pay an income tax of 1%
  • Tight processes to deter money laundering and other illicit activities
  • Maximum control and flexibility
  • Nominee directors and shareholders available
  • Can hold meetings anywhere globally
  • Minimal annual government fees

Main Uses of a St. Lucia Offshore Company

  • Privacy and asset protection
  • Offshore savings and investments
  • Professional service company
  • International trading
  • Tax planning
  • Captive insurance, reinsurance, life and general insurance
  • Holding services
  • Offshore savings and investments
  • International trading
  • Financial management

Characteristics of an Offshore Business in St Lucia

  • Need for a registered office in Lucia
  • Availability of a shelf company
  • No access to double taxation treaties
  • No currency restrictions
  • Bearer shares are not allowed
  • No minimum paid-up capital needed
  • The requirement of minimum one director
  • The provision of a minimum one shareholder
  • Having a company secretary is optional
  • No requirement for audit and annual filing of tax returns

Requirements to register a St. Lucia Offshore Company

  • A notarized copy of a valid passport (of each Director and Shareholder of the company)
  • Notarised copy of proof of address (ex. utility bill of each Director and Shareholder)
  • Bank reference (of each Director and Shareholder)
  • Legal recommendation (of each Shareholder and Director)

Once the preliminary paperwork has been filed, we will need documents affirming:

  • The proposed name of the forming company; and
  • The share capital and the par-value (or non-par-value) of shares

Procedure to Set up an Offshore Company in St. Lucia

We at Business Setup Worldwide can help you start your offshore company in Saint Lucia. Our specialists will provide you with simple and hassle-free services which include the following steps.

  1. The first step is to decide on the business name. The name of the St. Lucia IBC must include one of the following endings to its name: Corporation, Incorporated, Sociedad Anonima, ltd, Corp, Inc., or SA.
  2. Next, fill an application form and provide the afore-mentioned documents so that we can register your company in Lucia.
  3. Pay the dues. Once your payment is obtained, you will be appointed a dedicated account manager. This account manager will be your main point of contact during the rest of the year and subsequent years.
  4. After this, we will provide you with a kit, which will include all the essential documents.

You can also choose additional services like –

  • Business license
  • Accounting and bookkeeping
  • Corporate secretary
  • Intellectual property
  • Offshore bank account

To know more contact us, we’d be happy to help you.

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