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Executive Summary
Saint Lucia is an island located in the Caribbean Sea. Martinique, Barbados and Saint Vincent and the Grenadines are its neighbour countries. St. Lucia covers a total area of 620 sq km. Castries is the capital of St. Lucia; English is its official language.

Being a part of Commonwealth, the UK monarch is the head of St. Lucia, who is locally represented by the Governor-General. The Prime Minister together with the cabinet has executive power; legislature belongs to a Parliament which consists of the House of Assembly and the Senate. St. Lucia is a part of several international organizations, such as CARICOM and Organization of Eastern Caribbean States.

Due to increasing competition of Latin American countries in banana export, it is very important for St. Lucia to diversify its economy. Now offshore financial services and tourism are main sources of the state revenue. Manufacturing industry is one of the most diversified of the region, and the government aims to improve the banana trade in the nearest future.

The East Caribbean Dollar (XCD) is used on the territory of St. Lucia.

Geography
St. Lucia is an island of a volcanic origin which makes its landscape one of the most mountainous territories of the Caribbean islands. Its highest point, Mount Gimie, reaches 950 meters of height above the sea level. It is one of few places in the world with a drive-in volcano.

St. Lucia has a tropical climate, cooled by North-Eastern winds. January – April is a dry period, while May to December is usually a rainy season.

Map, Flag and Coat of Arm
 


Types of Company

International Business Company

There are no minimum capital requirements for this type of company. At least one member may incorporate this type of company and it usually takes 24 hours to establish it. A director may be resident and non-resident of St. Lucia. A secretary is not an obligatory requirement. A corporate director is allowed. A company is not liable to have its records audited and filed, but a company must keep its records in the registered office. It is possible to redomicile a company to and from St. Lucia.

This type of company may obtain a banking, insurance or mutual fund license. It takes longer to incorporate a company and obtain a license for above mentioned activities, there are minimum capital requirements and business owners are subjects to a careful due diligence and financial soundness checks.

Branch of a Foreign Company
If a foreign company wishes to conduct a business activity in St. Lucia, it must be registered with local authorities by submitting all the requested documentation.

Holding Company
This type of company is often used for the purposes of owning shares of other corporate entities. Dividends are distributed following the CARICOM regulations with no tax withheld.

Taxation

Personal
Individuals are liable to pay income tax at varying rates from 10% till 30%.

Corporate
A standard rate of 30% is applied to domestic companies for profit tax purposes. International Business Companies can choose whether to be exempted from profit tax or to pay 1% as a profit tax.
Stamp, import and excise duties are levied at different rates depending on each particular situation. Government grants business management incentives to companies operating in several market segments which government aims to develop.

 
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