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Saint Lucia Funds License

Starting Offshore > Saint Lucia Funds License

Brief Overview:

Saint Lucia is an island country located in the Eastern Caribbean Sea. It is a part of the Lesser Antilles and located north of the islands of Saint Vincent. Although the official language of the country is English, the patois, a native Creole French language remains the major means of communication between the people.

The country whose economy has been described as a developing island state by the United Nations offer two categories of mutual funds: the private and international mutual funds. The private mutual fund is made up of a minimum of 15 members whose contributions are made based on the number of shares they own. It does not require a license before you can start operation instead all that you need to do is register with the director of financial services with an annual fee of $500. There is also no need to hire an administrator or carry out a yearly audit. The entire process of setting it up takes just 15 days from the date of submission of all the required documents.

The international mutual fund, on the other hand, requires a license to operate with a minimum of 100 members and a pooled sum of $50,000.00 in investment per person. It also needs the appointment of a fund administrator based in Lucia.

The International Mutual Funds Act, No. 44 of 1999, and the International Mutual Funds (Amendment) Act, 2002, defines and governs the activities of a Mutual Fund company in Saint Lucia.

To register for a license, copies passports, police records resumes for directors, shareholder, and promoters, and a reference letters you will also need a Business plan, an offering document, three years projected financial forecasts, resumes of fund administrator, manager, fund custodian and investment advisors.

You will also have to register an Agent residing in St. Lucia whose work will be to incorporate the company, provide registered office space and registers.

Also, a Letter from a certified auditor to confirm their actual auditor confirming that the annual audit report required will be prepared. Saint Lucia offers a very flexible and minimally registered regime for those who wants to set up a private mutual fund. In Comparison with other jurisdictions, you get a much easier procedure than you normally see with the others. The fees and regulations are also reasonable allowing up to 100 investors compared to the typical 50 in most other jurisdictions, such as BVI and St. Vincent to invest.

Application Process:

Documents required in order to obtain a Funds License :

  • Passports, Proof of Address of UBOs / Directors¬†/ involved persons
  • Bank reference letter.
  • Business reference letter,
  • Criminal Record
  • Curriculum / Vita
  • Company documents notarised
  • Experience in financial sector is a must for future fund managers
  • Description of the fund activities
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