Legislation: International Business Companies
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 chargeable income at 1%. Also IBCs are not subject to stamp duties, withholding tax and capital gains tax.
- IBCs are required to file annual returns (Shareholders and Directors) and financial statements but only with the Registered Agent . IBCs electing to pay tax at 1% will be required to file an annual tax return. The government registration fee is also an 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 does not depend on the size of the authorised capital of the company.
- 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.
- 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.