INTERNATIONAL BUSINESS COMPANIES

St. Lucia, has always been a jurisdiction ripe for expansion and in keeping with this obvious trend, the country, in 1999 enacted a modern piece of offshore financial legislation, the International Business Companies Act. This Act is fashioned in such a way that it provides utmost flexibility and advantages for the client, while at the same time preserving the integrity of the Island's industry.

The advantages offered by the St. Lucian International Business Companies Act are hereinafter set out:

1. The Act provides for confidentiality of shareholders, directors and officers. Only the identity of the registered agent and the registered office are known, and the Articles of Memorandum and Association, once filed, become public records.
   
   
2. An IBC may elect to be exempted from paying income tax or to be liable to income tax on the chargeable income of the company at the rate of 1%.
   
   
3. An IBC is not subject to stamp duties, withholding tax or capital gains tax.
   
   
4. Income Tax concessions are available for any specifically qualified person working for the IBC in St. Lucia.
   
   
5. The IBC is not subject to exchange rate control.
   
   
6. No audit is required unless the IBC elects to pay tax. The government fee is the only annual requirement.
   
   
7. The shareholders can limit the powers of the directors through the Memorandum and the Articles of Association, through a unanimous shareholder agreement. Thus providing greater flexibility and the ability to direct the operations of the IBC.
   
   
8. There is no requirement for local directors and meetings of directors and shareholders may be held anywhere either within or outside of St. Lucia.
   
   
9. All Registered Agents are licensed to ensure professional efficient service.
   
   
10. An IBC may issue its shares with or without par value.
    
    
11. Members may vote by proxy.
    
    
12. Low annual government fee of US$300.00, prorated on a quarterly basis.