International Business Companies [Back]
Summary
IBC's may be registered in St. Lucia under the Act by: Incorporation, Continuation, Merger or Consolidation. The following are the key features of the Act:
- All companies must have a Registered Agent and a Registered Office.
- The Act provides for confidentiality of Shareholders, Directors and Officers. Only the registered agent and the registered office are public records.
- IBC's may elect to be exempted from income tax or to be liable to income tax on profits and gains at 1%. Also IBCs are not subject to stamp duties, withholding tax and capital gains tax.
- No audit or annual filing required unless the IBC elects to pay tax. The government fee is the only annual requirement.
- Great flexibility and control of the operations of the IBC. The shareholders can limit the powers of the directors through the memorandum and articles of Association, or through a unanimous shareholder agreement.
- Low annual fee: US $300.
- The incorporation and annual fee is the same whether the capital of the company is less than or greater than US $50,000.
- There is no requirement for local directors and meetings of directors may be held anywhere.
- All Registered Agents are regulated to ensure professional efficient service.
- Nominee shareholders and directors may be used.
- Allows for shares with and without par value.
- Makes provision for tax concessions for any specially qualified person working for the IBC in St. Lucia.
- The IBC is not subject to exchange control.
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