Substance in St Lucia: Caribbean island with excellent corporate options

There's an incredible paradise in the Caribbean. We're talking about Saint Lucia Island, a tropical dreamland with an excellent scheme for incorporations. You'll find Saint Lucia on the map near Barbados and here you'll have no issues when communicating as they speak English. This is actually the official language. 

On this occasion, Mundo presents the St Lucia company with the structure of an IBC. Keep in mind that you'll find numerous benefits in this country whether you want to start a new business or relocate to St Lucia. 

It's almost a tradition for small nations and island countries to offer a whole arrangement of advantages to the international investor, and St. Lucia is no exception. 

St Lucia: Caribbean Island for the global entrepreneur

We covered the advantages of a St Lucia CBI several times on Mundo, and now it's time to highlight its financial benefits. Many foreign people choose to do business here because of its high level of flexibility.

With a modern scheme, regulated by the international business Companies Act, you can use your St Lucia offshore company as a vital gear in your financial machinery.

The act was released in 1999 and is composed of several parts. Simply speaking, you can use your St. Lucia company along with other international structures to build a solid business portfolio. Moreover, this act was updated ten times, the first one being in 2006 and the last one in 2022. 

If you want to relocate to St Lucia or start a company from scratch, you’ll like to know that the country has been added to the EU whitelist in 2021.

But the best part is that it takes care of its reputation. Establish a St Lucia offshore company and enjoy a reputable environment with solid laws to prevent money laundering and fraud. With this, the St. Lucia government is able to protect its corporate sector and banking environment.

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Why you should do business in Saint Lucia

Safe Caribbean jurisdiction

If you're looking for reliability, this is your place. If you establish a St. Lucia company, you'll be enjoying a country that is considered to be among the EU’s whitelist of cooperative jurisdictions.

A country that welcomes Foreigners

The St Lucia Island is a great hub for businesspeople worldwide to establish their companies. Here foreigners can own all the shares of their St. Lucia offshore company.

Tax advantages

IBCs don’t pay capital gains tax. However, they must pay income and withholding tax. This applies if the entity is a tax resident and depends on where it generates income (from within the territory or from abroad).

Keep in mind that any person related to the US (citizen, holder of a passport, holder of a green card, or resident) is obliged to disclose their income to the government as they are taxed for their global assets. Also, remember that tax laws are complex, in other words, you may be subject to tax in your home country.

Simplicity 

An IBC in St Lucia Island can conduct all types of activities at a global level. You can incorporate it with only one person who can act both as a shareholder and as the IBC director. Also, there's no minimum capital requirement but keep in mind that usually incorporations are made with $50,000. 

Privacy and protection

Whether you relocate to Saint Lucia or start a new company, the island provides high levels of privacy. You'll find that the names of directors and shareholders are not included in any public records.

Easy maintenance

The only reporting requirement is due within the three months following the tax year. Companies must keep track of their records, allowing the authorities to supervise the financial state of the entity on demand. 

St Lucia: Caribbean island that speaks your language

Since it has remained under British sovereignty for over 160 years, English is the official language of Saint Lucia . Hence, you can forget about the language barrier when doing business here. 

Simple incorporation

You must incorporate your IBC through a local agent. Documentation must be submitted along with the reasons why you want to incorporate your structure in St Lucia. Once the KYC process has been approved, the agent will provide the remaining documents.

An opportunity open for the global businessperson

A person from any nationality can establish a St. Lucia company. This can be a legal or a natural person.

Economic Substance in St Lucia

Every St Lucia company that is subject to the Economic Substance Act must file a report . To find out which activities exactly fall under substance, ask our experts. Substance is not a hard science, i.e., the conditions vary depending on each case. In general, companies must:

• Be directed and managed in Saint Lucia
• Have qualified employees for the activities that they perform
• Have expenses in the country and a physical presence
• Conduct their main activities (the ones that generate most of the company’s income) in the country

Disclaimer: the requirements and information from this article are informative and may change according to the country's regulations. By the time of ordering your company, your Mundo representative will provide you with the updated info.

Why choose Mundo 

St Lucia island is only one of our many corporate jurisdictions. We offer a large spectrum of options in different parts of the globe. 

When it comes to a St. Lucia offshore company, we provide the following:

• IBC constitution
• Registered agent
• Registered office
• Incorporation kit

We are proud to announce that our main partner is part of one of the leading corporate groups, a provider of citizenship, companies, and several services related to the nomad capitalist. Our offices are located across all continents in Central America, Asia, Eastern Europe, and Oceania. 

With this solid selection, we can give comprehensive services across all borders, fitting the needs of the 21st-century investor. Contact your Mundo agent for more details.

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