Saint Lucia: peculiarities of business registration in 2023
St. Lucia is a classic offshore that is not on the EU blacklist. It means that an international company (IBC) opened there can successfully develop business and also save on taxes. There is no capital gains tax, VAT, and tax on royalties.
Registering a business in St. Lucia in 2023 allows you to not pay corporate tax on profits earned in another country. If a local company received income from transactions with CARICOM states, the income tax rate can be reduced to 1%.
Advantages of registering a business in St. Lucia
St. Lucia is a state located in the eastern Caribbean Sea that has close ties with other Caribbean countries and is part of CARICOM. It offers excellent prospects for businesses that want to enter the Central American market.
In addition, Saint Lucia is a member of the ACP, an international organization that brings together African, Caribbean and Pacific nations, which also opens up new areas for business development.
Other advantages of St. Lucia include the following:
- Stable economy.
- The government welcomes foreign investors and offers various incentives.
- Developed logistics, especially sea and air routes.
- Developed tourism.
- English is the state language, making it easier to register an international company.
- Full confidentiality of beneficiaries and directors whose names are not on public lists.
- Can not file annual reports and audits unless IBC chooses a 1% income tax rate. This option is advantageous because you can use the deductions under the agreement to avoid double taxation with CARICOM countries.
- Accounting records and books can be kept in any way.
- A small company can get an exemption from import duty and sales tax, for which it is necessary to apply.
Features of registration of an International Company in Saint Lucia
IBC can engage in any legal form of international business. It must use words such as Sociedad Anonima, Incorporated, Limited or Corporation in its name. The name must be unique, so one must check it in a special registry called Business Name search before registration.
The basic requirements and conditions for starting a business in Saint Lucia are as follows:
- IBC must appoint a local registered agent (e.g., IT-OFFSHORE) and work through them. Their office can be the legal address of the company.
- A foreigner can wholly own the business.
- An international commercial company may issue different types of shares - common, with or without par value, redeemable, etc.
- The list with the names and addresses of the shareholders, directors, and beneficiaries is not available to the public. But this information is kept in the registered office.
- There is no minimum capital requirement, but IBC often prefers to declare an amount equivalent to $50,000.
- To register a company, you need to appoint at least one director and one shareholder, which can be the same person, including a legal entity.
- One director, who can be a citizen of any country, is enough to open a business. Nominee directors are prohibited.
- Officers who follow AML / KYC rules are optional.
- Annual shareholders' meetings can be held anywhere in the world.
- A license is required if a company engages in insurance, opens a trust, or plans to operate in the banking sector.
- IBC can not own real estate in St. Lucia for its own offices.
How to register a business quickly in Saint Lucia
Contact IT-OFFSHORE experts to start a company in St. Lucia in 2023.