Setting Up Business in Saint Lucia
It is easy to set up a business in St. Lucia. The various forms of business organizations are recognized in St. Lucia are provided below. For further assistance and more specific information we encourage you to contact a member of the business community or an Attorney registered in St. Lucia.
1.0 Types of Organizations
Each company requires a memorandum and articles of association and requires to be registered under the Commercial Code. Registration is normally handled by a Lawyer based in St. Lucia.
A partnership is formed by an agreement between two or more persons to carry on a trade, profession or business together under a joint name. The partners are jointly and severally liable for its obligations. All profits and losses are allocated to the partners for tax purposes. Partners are free to agree amongst themselves as to distribution of profit and allocation of loss.
A foreign enterprise can apply to the government for permission to establish a branch in St. Lucia which is subject to the regulations of the Companies Act. A branch established in St. Lucia is subject to he laws of St. Lucia. In general, the tax rules applying to a limited company apply to a branch.
- Sole Trader:
The sole trader is an individual who wishes to carry on business in his own right. The name of the business must be registered and need not be that of the individual who remains liable for all his business debts and commitments.
2.0 Trade Licences
All foreign individuals and companies who intend to conduct business in St. Lucia and own more than 49% of the company shares require a Trade Licence. This is usually obtained annually, for a fee, from the Ministry of Commerce, Tourism, Investment and Consumer Affairs.