ABOUT US

FINCOS ASSISTS OUR CLIENTS TO EXPLOIT THE ADVANTAGES OFFERED BY ST. LUCIA'S LEGISLATION IN A USER-FRIENDLY AND CONVENIENT ENVIRONMENT.

The recognition of the benefits of a multi-diversified economy has ensured the commitment to growing the offshore sector within St. Lucia. The enactment of the legislation in place for the regulation of the industry being:

* THE REGISTERED AGENT AND TRUSTEE LICENSING ACT (RATLA)
* THE INTERNATIONAL BUSINESS COMPANIES (IBC) ACT
* THE INTERNATIONAL BANKS ACT
* THE INTERNATIONAL INSURANCE ACT
* THE INTERNATIONAL TRUSTS ACT and
* THE INTERNATIONAL MUTUAL FUNDS ACT
* THE MONEY LAUNDERING (PREVENTION) ACT,

has enhanced the current legislative framework significantly, seeking to ensure that St. Lucia remains attractive to international investors and markets. The Acts are fashioned from other regional models and have been adapted to suit the island's individual social, political and economic situation. The Acts, carefully crafted to bring integrity to the jurisdiction in the eyes of the INTERNATIONAL COMMUNITY, give access to new markets that may be unavailable at home.

The Advantages are:

1. A Company must act through a Registered Agent who is licensed and regulated to ensure a professional and efficient service.
   
2. The IBC Act provides for confidentiality of shareholders, directors and officers. Only the Memorandum and Articles of Association, and information on the Registered Agent and Office are public records.
   
3. Flexibility is attained since an IBC may elect to be exempted from income tax or to be liable to income tax on it's chargeable income at the rate of 1%. IBC's are also free from exchange rate control and stamp duty, and special income tax concessions are in place for specialist staff who are relocated to St. Lucia.
   
4. There is no requirement that meetings of directors and shareholders be held in St. Lucia, and members may vote by proxy.
   
5. The legislation allows for the continuation in St. Lucia of an IBC incorporated in another jurisdiction.
   
6. Migration of any IBC, incorporated in St. Lucia, to any other jurisdiction is allowed.
   
7. A much-needed neutral platform is provided to conduct international trade and finance.
   
8. The Officers and Directors of an IBC need not be shareholders
   
9. An IBC can be used for numerous purposes such as:

   * General commercial trading
   * Financial management
   * Holding investment securities offshore
   * Ship ownership or real estate ownership
   * Share ownership in other companies
   * Leasing of assets

As long as its business is not being carried out with persons resident in St. Lucia.