The offshore jurisdiction of St Lucia is one which is well known in the world. St Lucia offers offshore financial services such as the incorporation of St Lucia International Business Companies (IBC’s) and the provision of offshore banking for such institutions as well as for private individuals. The St Lucia International Business Act was first passed in 1999 and has been amended over the years to put the offshore tax haven in a more competitive position.

The St Lucia company legislation sets the guidelines and regulations by which St Lucia International Business Companies are registered and governed. St Lucia company legislation state that all offshore companies incorporated in the offshore tax haven must be completed by a registered agent. Registered agents are individuals or offices which have been licensed by the government of St Lucia to provide offshore services within the jurisdiction. Registered agents are licensed according to the Registered Agents and Trustee Licensing Act of 1999. All persons wishing to incorporate a St Lucia offshore company must first hire the services of a St Lucia registered agent.

St Lucia Company legislature stipulates that for the registration of an offshore company in the offshore jurisdiction just one (1) shareholder and one (1) director is needed. The shareholders of St Lucia offshore companies can be individuals or corporations. St Lucia Company legislation provides that offshore companies in the tax haven can also have corporate directors.

According to St Lucia Company legislation the documents needed for incorporation of a St Lucia IBC are Memorandum and Articles of Association. The information to be included in the Memorandum of Association according to offshore company legislation is the following: the name and address of the registered agent, the name of the proposed company, the purposed for forming the offshore company in the jurisdiction, the authorized share capital, the number of shares and the types of shares the company intends to issue, the currency in which the shares will be issued and the rights, privileges, limitations and powers of each type of share must be stated. The Article of Association is basically the laws under which the international business company will be governed.

When incorporating a St Lucia offshore company it is important to pay special attention to the name chosen for the offshore company as St Lucia Company Legislation places restrictions as to the names which can be used for offshore companies in the tax haven. Company legislature in St Lucia states that company names must not be one which has already been used by another company in the jurisdiction or one which is similar to a name already used that it may cause confusion between the two. Company names cannot include words such as Bank, Chamber of Commerce, Insurance, Royal, Cooperative and Imperial. St Lucia offshore company names cannot make reference to the government of the country or any other country and should not suggest any affiliation with the Queen of England. Names which are regarded as offensive will not be chosen according to St Lucia Company Legislation.

St Lucia Company Legislation places certain restrictions on how International Business Companies are regulated. Company laws prohibit offshore companies in St Lucia from doing business operations within the jurisdictions and with residents of the offshore tax haven of St Lucia. St Lucia Companies Legislation prevents offshore companies in the jurisdiction form owning assets such as real estate property. The legislation states that offshore companies incorporated in St Lucia cannot offer the services of offshore banking, registered agent, offshore insurance, engage in shipping business unless special license has been granted by the relevant authorities in the offshore jurisdiction.

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In concurrence with the St Lucia Company Legislation St Lucia offshore companies are not subjected to local taxation. St Lucia offshore companies pay no income tax, corporate tax, capital gains tax, withholding tax, estate tax on income which is earned outside of the jurisdiction. St Lucia offshore companies are also exempted from stamp duty on transactions carried out on behalf of the St Lucia Companies.

The legislation governing offshore companies in the offshore jurisdiction of St Lucia states that offshore companies are not obligated to keep annual general meetings of shareholders and directors; instead St Lucia companies can keep meetings at any scheduled date and location which is convenient to the persons involved. St Lucia Company legislation also states that offshore companies incorporated in the jurisdiction are not required to file it financial audits with the tax authorities in St Lucia.

St Lucia Company legislation is modern laws which are amended with much frequency to allow St Lucia offshore companies to be more competitive in the offshore world. The St Lucia company legislation provides privacy for the shareholders and directors of offshore companies.