Economic Overview & Business Opportunities
A Guide to Doing Business in One of the Caribbean’s Tax Havens
Thinking about starting a business in St. Lucia? This guide explores the economic overview and business opportunities that every investor should know before they begin.
Getting to Know St. Lucia
St. Lucia has an economy that depends very heavily on agriculture. However, it has expanded its trade options in the last few years. The economic outlook of the country is a positive one. The Government is focused on efforts to further diversify the local economy, thereby creating more business opportunities.
Overall, the economic outlook is certain on the positive front for St. Lucia. Despite the occasional ups and downs, it has still managed to attract a steady flow of foreign investors over the years. As an investor, one of the many things to look out for is the stability of the environment. With St. Lucia, its offshore business, banking and tourism industries prove the country is strong enough to sustain itself, despite its size.
What I Need to Know as An Investor
If you are a foreign investor, you will need a trade license before you can run a business here. It is one of the many beautiful locations in the Caribbean island. Considered a tax haven, many investors love St. Lucia because setting up an offshore company means they enjoy huge savings in taxes. Any income gained outside St. Lucia is not going to be taxable. The only downside is that offshore companies cannot conduct business within St. Lucia itself.
Among the advantages of setting up a business in St. Lucia include the following:
- Ease of incorporation
- The state of the art registry network.
- It is a tax haven for offshore companies
- The flexible business structure
- The total confidentiality policy
- A business environment that is well regulated
- Low annual fees for starting a company
The Steps Involved to Starting a Business
If you decide to explore the business opportunities that St. Lucia has to offer, these are the steps to starting your business:
- Prepare your incorporation documents. Ideally, you should have a lawyer look over these documents to ensure everything is in order. 3E Accounting is a full-service legal agency that can assist with this.
- Register your company with the Commercial Registry.
- Make your company seal.
- Get a taxpayer identification number.
- Register as an employer with the social security institute.
Want to Incorporate a Business in St. Lucia? We Can Help
3E Accounting’s extensive business network means that our vast experience is your best asset. When incorporating a company abroad, you want an experienced team on your side. That team is 3E Accounting.
Let us help you take the hassle out of setting up a business while you focus on taking advantage of St. Lucia’s many business opportunities. For a full range of our services and how we can help, contact the 3E Accounting team today.
- Accounting Financial Statements
- Tax Planning & Preparation
- Fraud Prevention & Detection
- Demand Planning and Forecasting / Inventory Management
- Bid Evaluations
- Accounting Software Selection & Implementation
- Business Process Improvement
- Insource/ Outsource Evaluations
- Supply Chain Optimisation
- Business Analytics
- Market / Competitor Analysis
- Pays- Pay As You Save
- Credit Management
- Go Digital Document Scanning Service