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.