GSL / Offshore and International Law / Offshore zones / North & South America / Saint Lucia / Legislation of Saint Lucia

Legislation of Saint Lucia

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
IBC
international partnership
international mutual funds
international trusts
international banks
registered agent and trustee licensing
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Tax treaties entered

Antigua and Barbuda
Barbados
Belize
Dominica
Grenada
Guyana
Jamaica
Montserrat
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Switzerland
Trinidad and Tobago

Tax Exchange Information Agreement (TEIA)

Aruba
Australia
Belgium
Denmark
Faroe Islands
Finland
France
Germany
Greenland
Iceland
Ireland
Netherlands
Netherlands Antilles
Norway
Portugal
Sweden
United Kingdom

List of state regulatory authorities

Government of St. Lucia
Ministry of Commerce, Business Development, Investment and Consumer Affairs
Inland Revenue Department
St. Lucia International Financial Center
National Insurance Corporation
St. Lucia Customs and Excise Department

Corporate info

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

Director and secretary

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

Shareholder and beneficiary

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

Shares and share capital

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
US dollar
Standard authorized share capital
100
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
10-30%
Min. rate for corporate 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%/15%/25%
Other taxes
Social contributions, Real estate tax
Exchange control
No
Government fee
Stamp duty
2-10%

Accounts

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

General information shortly

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 (2022)
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)

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Banks of Saint Lucia

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
1 575
N/A
N/A
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