Legislation: Registered Agent and Trustee Licensing

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Summary

The RATLA was passed to ensure effective regulation of the International Financial services industry.

• The Act is enforced by the Financial Services Regulatory Authority (FSRA).
• The Act applies to any person involved in International Financial Services Representation.
• All IBC's or Trusts must be represented by an Agent or a trustee registered under the RATLA.
• The Act aims to ensure that only persons who are suitably qualified, of sound repute, solvent and trained are permitted to provide international financial services representation.


• Due diligence on all persons seeking to establish an entity or trust under the International Financial Services legislation is done by the Registered Agent or the registered Trustee.
• Registered Agents and Trustees also provide the Registered Office, and may provide Directors, act as company secretary, and provide nominee shareholders and directors.


• All persons licensed under the RATLA must have professional indemnity insurance.
• In exceptional circumstances, a local company incorporated in St. Lucia that is owned by non residents may apply to be licensed under this Act.
• Licenses under the Act are granted for a period of one year and are renewable for a similar period upon application.
• Registered Agents are required to file audited accounts annually.
• Specially qualified persons employed by licensees under RATLA may apply for concessions from income tax.

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