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 International Business Companies is a registration. It is the function of the Registrar to ensure that procedures specified under the acts are adhered to prior to the incorporation/registration of the various entities. 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 Regulatory Authority (FSRA)

The Government is responsible for the regulation of the industry and licensing of entities in the industry through the Financial Services Regulatory Authority (FSRA) acting in accordance with powers conferred 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, the International Mutual Funds Act, the International Partnership Act and the Financial Services Regulatory Authority Act. There are regulations for all the acts.

The enactment of the Financial Services Regulatory Authority Act in 2011 established an independent Authority for regulation of financial services in the domestic and international sector. The Registered Agent and Trustee Licensing Act makes provision for the regulation of all international financial service providers through effective regulation of the registered agents and registered trustees. 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 (Prevention) Act, which meets the highest international regulatory standards to preserve and to ensure the integrity and regulatory standards of the industry.

A great deal of time and consideration has been put into the formulation of the strategy for sustaining St. Lucia’s position in the industry, to ensure the long-term viability and success of the industry and the preservation of the jurisdiction’s pristine international reputation.

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