Legislation of Saint Lucia

Legal system

Based on English common law

Types of entity

Sole trader;
Partnership;
Private limited company;
Branch, as well as
IBC;
International partnership;
International mutual fund;
International trust

Shelf companies permitted

Yes

Incorporation timescale for a new company

1 day

Company suffix

Limited, Ltd, Inc., or their foreign language equivalents

Sensitive words

“Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Insurance”, “Municipal”, “Royal”; words that suggest patronage or connection with government; indecent, offensive or objectionable words

Cyrillic alphabet permitted in company name

Yes

Local registered office

Yes

Local registered agent

Yes

Information to be kept at the registered office

Register of shares, register of directors, minutes of all meetings, copies of resolutions

Seal required, type of seal

Not required

Redomiciliation (to, from) permitted

Permitted

Minimum number of directors

1

Residency requirements for directors

No

Corporate directors permitted

Yes

Directors’ meetings/frequency/location

No requirements

Disclosure to local agent

Yes

Disclosure to public

No

Company secretary required

No

Residency requirements for a secretary

No

Qualified secretary required

No

Corporate secretary permitted

No

Minimum number of shareholders

1

Residency requirements for shareholders

No

Corporate shareholder permitted

Yes

Meetings/frequency/location

No requirements

Disclosure to local agent

Yes

Disclosure to public

No

Beneficiary info disclosure to

No

Minimum authorized share capital

1 share

Minimum issued share capital

1 share

Minimum paid share capital

No requirements

Authorized capital payment deadlines

No requirements

Issued capital payment deadlines

No requirements

Standard currency

USD

Standard authorized share capital

100

Standard par value of shares

1

Shares with no par value permitted

Yes

Bearer shares permitted

No

Personal tax

0-30%

Сorporate tax

30%

Corporate tax (in detail)

The income tax rate is 30% (for companies with tax arrears - 33,3%)

Capital gains tax

No

Capital gains tax. Details

Gains from the sale of assets are not taxed, unless they are profits from ordinary commercial activities, in which case the profits are included in the income tax base

VAT

12,5%

VAT. Details

The standard VAT rate is 12,5%. A preferential rate of 7% applies to the hospitality industry

Withholding tax

0% (dividend), 15% (interest), 25% (royalty)

Other taxes

Social contributions, Real estate tax

Exchange control

No

Government fee

—

Stamp duty

2-10%

Requirement to prepare accounts

No

Requirement to file accounts

No

Publicly accessible accounts

No

Requirement to file Annual Return

No

Publicly accessible Annual Return

No

Audit required

No

Location

Eastern Caribbean Sea

Total area

617 sq. km

Population

183 000 (2019)

Capital

Castries

National currency

East Caribbean dollar

Conditional reduction of currency

XCD

Against USD

0,37 (2024)

Climate, average max and min t°

Tropical, moderated by northeast trade winds; dry season is from January to April, rainy season is from May to August; average annual temperature is 26°С; the hottest season is from June to Auguast when the average temperature is 32°С

Time difference from Moscow

- 7 hours

Dialing code

+1-758

State language

English

Ethnic groups

Black 82,5%, mixed 11,9%, East Indian 2,4%, other or unspecified 3,1%

Literacy rate

94,8% (2019)

History

The first proven inhabitants of Saint Lucia were the peaceful Arawaks, believed to have come from northern South America around 200-400 AD. The more aggressive Caribs arrived around 800 AD, and seized control from the Arawaks. Juan de la Cosa was most likely to be the first European to discover the island. He noted it on his maps in 1499. In 1605, an English vessel called the Olive Branch was blown off-course on its way to Guyana, and the 67 colonists started a settlement on Saint Lucia. The French officially claimed the island in 1635 but it was the English who attempted the next European settlement in 1639, but that too was wiped out by the Caribs. In 1643, a French permanent settlement was established on the island. Both the British and the French found the island attractive after the sugar industry developed. Saint Lucia continued to be contested by France and Great Britain until the British secured it in 1814, as part of the Treaty of Paris ending the Napoleonic Wars. Saint Lucia was considered part of the British Windward Islands colony. In the mid-twentieth century, Saint Lucia joined the West Indies Federation (1958–1962) when the colony was dissolved. In 1967, Saint Lucia became one of the six members of the West Indies Associated States, with internal self-government. In 1979 it gained full independence and became a member of British Commonwealth.

Credit rating

BBB

Government type

Parliamentary democracy

Executive branch

Prime minister and his cabinet

Legislative branch

Bicameral Parliament: Senate (11 members) and House of Assembly (17 members)

Judicial branch

High court and district courts

Unemployment

17,1% (2020)

GDP per capita rank

87 (2019)

Corruption perceptions index rank

55 (2018)