St Lucia Offshore Company
St Lucia offshore companies are incorporated for the purpose of the purpose of conducting international business. As such the tax laws affecting local St. Lucia companies do not apply to the offshore company in St Lucia, but rather, the offshore company has its own set of tax laws which apply. In fact, the corporate and withholding taxes that apply to ordinary local St. Lucia companies are not applicable to St. Lucia offshore companies.
The St Lucia international Business company (IBC), the only St. Lucian offshore company was introduced with the passing of the St Lucia International Business Companies Act of 1999 in an effort to increase its international business interests. This type of St Lucia Company like other offshore companies can be used as an international business tool.
There are many advantages and benefits for St. Lucia offshore companies, and being designated an offshore tax haven, tax savings are top of the benefits list. St Lucia offshore companies are exempt from all forms of local taxes on income gained outside of the territory. The general conditions that offshore companies are subject to also apply to St. Lucia offshore companies.
The corporate structure is adaptable and flexible; St. Lucia offshore companies can be set up with ease within a day. Offshore companies provide enhanced asset protection. In addition, a St. Lucia Company with offshore standing receives full tax exemptions i.e. No capital gains tax, estate tax, inheritance tax; income tax or corporate taxes. In keeping with the conditions set out for offshore corporations in St. Lucia, the St. Lucia offshore companies are prohibited from doing business in St Lucia or with St Lucia residents
offshore company formation in St Lucia must be conducted through a registered agent. The first set of documents for application for an offshore company are a Memorandum of Association and an Articles of Association The information which has to be provided upon application includes the name of the company, the name and address of the registered agents, the authorized share capital and the number and types of shares to be issued. Only one shareholder and one director is needed to incorporate a St. Lucia offshore company. And the shareholder and the director of the St Lucia corporation can be the same individual or corporation. For additional privacy, nominee directors and or shareholders are allowed to hold such positions. In such cases, it would be the nominee officer’s name that would appear on the offshore company’s documents and not the names of the actual director or shareholder.
St Lucia offshore companies are easy to maintain and are not obligated to file its annual financial statement to the tax authorities. Shareholder or directors meetings may take place anywhere in the world at any time convenient to the persons involved.
Capitalization is not a factor in the incorporation process for St . Lucia offshore companies as there are no minimum or maximum capital requirements. The registered shares that are permitted for the St. Lucia Company can take on a variety of forms and issued in any recognizable currency. And while some jurisdictions require that the share capital of the incorporated offshore company be fully issued upon incorporation, that is not the case for St. Lucia offshore corporations. St. Lucia offshore company can issue one (1) share to a single shareholder and is not obligated to issue the full value of its authorized share capital.
A St. Lucia offshore corporation may have as many directors as it desires; the accepted standard is a minimum f one (1) and a maximum of seven (7) directors.
Playing on the advantageous corporate flexibility, the company’s directors can be resident or non-resident, individual or corporate body. No additional officers are required, and such appointments are based solely on the company’s requirements.
The name of the St.Lucia IBC must include one of the following endings to its name: Corporation, Incorporated, Sociedad Anonima, ltd, Corp, Inc, or SA.St Lucia International Business Company (IBC) is an offshore company well suited for protecting assets from forced heirship and court rulings of foreign jurisdictions making the St Lucia offshore company perfect for estate planning. The legislation in place for the Offshore companies in St Lucia also ensure the privacy for the shareholders and directors of offshore companies ensuring that information concerning the aforementioned persons and the offshore company does not become public knowledge.