St. Lucia is known as the most beautiful island in the Caribbean region. Situated close, to the islands of St. Vincent and Martinique. The island was first occupied by the French during the year 1660 and got into a tussle for control over the island with the British. Later the British finally took over the island during the year 1814. St. Lucia got independent in the year 1979.
Because of the influence of France and Britain, the people here speak both English as well as French.
Types of Business in St. Lucia
- Private Limited Companies
- Sole Proprietorships
- Mutual Funds
The most profitable and cost-effective form preferred by the offshore investors for incorporating in St. Lucia is the International Business Company (IBC). The relaxations that the Government provides to an IBC attract the foreign investors.
Benefits of International Business Company Formation in St. Lucia
The entrepreneurs and business enthusiasts willing to start a business here are entitled to some benefits on the incorporation of the company. Some of the advantages of an IBC are:-
- Local residents are not mandatorily required in the company’s board of directors.
- Any foreign investor can register an IBC while having 100% of ownership.
- No company is allowed to choose a name similar to any other legal company. An IBC has to include the short forms to indicate the form of liability of the company like Ltd., Inc., etc.
- No minimum requirement of authorized capital investment.
- The privacy of the company owners is assured by not mentioning their names in any public files.
- The official language of St. Lucia is English.
An IBC may conduct any type of legal commercial business anywhere on the globe, but not in St. Lucia, excluding Trusts, Insurance, Re-Insurance, or Banks as they require licenses. Also no IBC is allowed to own real estate property for any activity other than as its office premises.
Incorporation – The Commercial Registry department is responsible for the incorporation of any IBC. The only documentation required is an Application along with the Articles of Association.
Articles of Association – The articles of association, elaborate the functions of an IBC. The rules and regulations regarding the powers and duties of the shareholders, and directors are mentioned in it.
Shareholders and Directors – Proper record mentioning the names and addresses of the shareholders and the directors have to be maintained at the registered office, this data is not accessible to the general public. A minimum of one shareholder is required while registering an IBC, who can also be the director of that company.
Taxation – The complete tax-free structure is a boon for any IBC that selects to be exempted from the income tax. An IBC is also exempted from the capital gains tax; also there are no stamp duties.
Auditing and Book Keeping – No auditing is required if the IBC chooses to be exempted from taxes. Accounting may be done for their internal convenience.
AGM – The Annual General Meeting may be organized anywhere across the globe.
Timing for Registration – Registering an IBC may consume 2 to 3 working days.
Services of PMC Solutions DMCC
We at PMC Solutions DMCC provide the best of services to our clients. We help right from the start of the thought process and extend our support up to the company to become operational.
The company formation process is though quite easy but still the investor needs a consultant who acquires the best of knowledge of the process and is well-versed with the law of the land.
The staff at PMC Solutions DMCC are very experienced in their work and are one of the best in client service.
Contact us to setup a Business in Saint Lucia.