About St. Lucia Offshore
Responsibilities of the different entities
The model adopted clearly distinguishes between the responsibilities (stated in the Establishment Agreement) of the promoter and that of the Government.
Promoter
The Financial Centre Corporation (FCC) is charged with the promotion of the jurisdiction
and the development of information systems and other infrastructural requirements for the
functioning of the International Financial and World Investment Centre (IFWIC). To promote
the jurisdiction effectively, FCC has taken the strategic decision to develop an online
registry and to promote and market IFWIC as Pinnacle St. Lucia, the world’s only
public online IBC registry. Anyone is able to access the registry through the Internet to
do name searches and reservations, review the company records, conduct company searches,
and request certificates and certified copies. Registration is also available online
through registered agents who are licensed local service providers. Payment for registry
services may be done online through the use of a credit card.
Registry
The role of the Registry of Internaional Business Companies is a compliance one. It is the
function of the Registrar to ensure that procedures specified under the acts are adhered
to prior to the incorporation/registration of an IBC. These procedures include ensuring
that the correct forms are filed, fees paid, and time limits met. With great deliberation
the Government has chosen to provide a unique system with a separation of the registry
function from that of the office dedicated to the regulation of the industry.
Financial Services Supervision Unit (FSSU)
The Government is responsible for the regulation of the industry and licensing of entities
in the industry through the Minister of International Financial Services and the office of
the Director of Financial Services acting in accordance with powers conferred upon them by
the international financial services legislation : The
International Business Companies Act, the Registered Agent and Trustee Licensing Act
(RATLA), the International Trusts Act, the International Insurance Act, the International
Banks Act and the International Mutual Funds Act. There are regulations for all the acts.
The most important regulatory act is the Registered Agent and Trustee Licensing Act, that
makes provision for the regulation of all international financial service entities through
effective regulation of the registered agents, and registered trustees. This is a very
significant piece of legislation as in many other jurisdictions the industry is not
regulated by law, merely codes of conduct which do not have the sanction or effect of the
rule of law. In fact international regulators have commended the Government not only on
the care with which each act was crafted, but also for the fact that collectively the
regulatory framework provides a synergy not commonly found in international financial
service jurisdictions. Importantly, our framework includes the Money Laundering Act, which
meets the highest international regulatory standards to preserve and to ensure the
integrity and regulatory standards of the industry.
The Minister through the Director who is the head of FSSU is responsible for the licensing and monitoring of all registered agents and registered trustees and for the grant of licenses for international banks, international mutual funds, and international insurance companies incorporated/established in St. Lucia. The Director and FSSU are responsible for the ongoing regulation and supervision of all entities formed under the international financial services legislation. The FSSU is commited to ensuring that all license applications are dealt with expediently, while at the same time maintaining the highest standards of due diligence to preserve the reputation of the jurisdiction.
A great deal of time and consideration has been put into the formulation of the strategy for St. Lucia’s entry into the industry, to ensure the long-term sustainability and success of the industry and the preservation of the jurisdiction’s pristine international reputation.
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