March 2003 Pinnacle News
	May 2002 Domicile Update: Evolution of the insurance market / the success of St. Lucia's jurisdiction

 

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St. Lucia is now a fully operational International Financial Services Centre. Pinnacle St. Lucia is the World's Only Public Online International Business Companies Registry.

• The Government of St. Lucia has embarked on the development of the island as a jurisdiction of choice for international financial services. In doing so the government has identified a private sector partner, Financial Centre Corporation, responsible for promotion and in the development of support infrastructure for the industry. The intention is to create a sustainable industry that will provide professional quality service to facilitate international business and assist in our economic diversification.

• St. Lucia aims to be the jurisdiction of choice for International Business Companies, International Banking, International Trusts, International Insurance, and International Mutual Funds. The higher end entities will be encouraged to take advantage of the highly trained, affordable local workforce, as well as the highly developed infrastructures.

• With maximum level of confidentiality and privacy, low Government fees, election to pay 1% taxes or to be exempt for IBC's, and effective regulation of the service providers, St. Lucia has the right profile for your financial service needs.

• Highly responsive to customer requirements: commitment to developing legislation and systems, which meet customer needs. Our Registry is on-line and boasts being the world's only public on-line IBC registry. Our people provide ultimate satisfaction to international business by being highly trained and courteous professionals.

• St. Lucia is an independent territory with an unblemished reputation. To preserve the integrity of the jurisdiction, there are certain due diligence requirements, which have to be satisfied in order to complete incorporation. These are standard in any reputable jurisdictions. The government regulator, the Director of Financial Services is charged with the regulation of the industry. The Director is supported in a very dynamic and effective manner by the Registered Agent and Trustee Licensing Act. This act allows the Director to supervise the activities of all registered agents and trustees as well as entities/trusts formed under the international services legislation to ensure that there is no money laundering or related activity.

• The development of St. Lucia as an International Financial Services jurisdiction is done in a stable economic environment.

• St. Lucia is one of the most beautiful islands in the Caribbean. It offers full accommodation, international airports, seaports and marinas, transport facilities, warmth and hospitality.

Pinnacle St. Lucia offers the greatest numbers of advantages to become your International Financial center of choice. We invite you to visit our website at www.pinnaclestlucia.com in which you will find the full legislation, a list of the service providers, the Government fees, and other relevant information on St. Lucia's perfect profile for financial services.

The Government of St. Lucia is committed to keep informed on the insurance industry, to be responsive to the client's needs and any new developments. Work is being done on drafting Cell Company legislation, which should be passed early in 2001.

• All companies wishing to do business as an Insurance company must do so through an IBC. Insurance companies are IBC's and therefore not subject to any taxes (unless they have elected to be subject to 1% tax) or stamp duties in St. Lucia.

• The capital requirement for Insurance companies under the Act are very low, it ranges from $50,000 to $100,000. At least $50,000 must be deposited or invested in a manner prescribed by the Minister/Director.

• There are special provisions maintaining the confidentiality of the information submitted to the Director on application and protecting the confidentiality of the affairs of the licensee or the affairs of a customer of a licensee.

• The fees are competitive:
  Incorporation of an International Business Company: US $300
  The annual fee is the same whether the capital of the company is less than or more than $50,000.
  International Insurance: Application fee: US $500. Annual fee: US $2,500
  The annual and application fees are the same whether the type of insurance is general or/and long term.

• The Act allows for redomiciliation to other jurisdictions.

• The application process is very simple and efficient.

• All companies must have a Registered Agent and Registred Office in St. Lucia.

• The Act provides for three types of insurance licenses:
  Class A - general insurance business only
  Class B - long term insurance business
  Class C - both general and long term insurance business.

• Companies seeking a Class A or a Class C license, may, with respect to its general insurance business be granted a: Sub class 1 license if the company is a Captive insurance company, or a Sub class 2 license in all other cases in respect of general insurance business.

• A licensee must at all times have two directors (who must be natural persons), at least one of which must be a resident of St. Lucia.

• In order to incorporate an IBC to partake in international insurance business, the person seeking to incorporate must first make a tentative or preliminary application to the Minister for approval to incorporate the IBC.

• Companies will be subject to regulation by the Director and will have to file annual audited statements and an Actuarial opinion.

• Companies regulated under the Act will have to maintain total capital and surplus and liquidity adequate to its ongoing needs.

• Neither the business nor the shares of an International Insurance Company shall be transferred without the approval of the Minister.

• Bearer shares are not allowed.