Registered Agents (RA) and Registered Trustees (RT) are providers of international financial services representation for International Business Companies (IBCs) and International Trusts (IT). They fulfil this role by performing, among other duties:

• Filing and preparatory tasks for the incorporation, continuation or registration of the entities
• Providing a registered office in Saint Lucia for IBCs
• Providing or arranging for the provision of directors, officers or nominee shareholders for IBCs

The Registered Agent/Registered Trustee acts as an administrative link and line of communication between the entities they represent. Accordingly, any official documentation, correspondence, service of process (legal notice, legal proceedings, lawsuit) and official government communication delivered to the RA/RT is deemed delivered to the IBC or IT.

Registered Trustees have the distinct legal function of holding funds, property and authority of their clients and are charged with the responsibility of serving the best interest of their beneficiaries. They carry out the prescribed terms and conditions of the trust instrument and have a mandate to carry out wise financial investments, as it relates to the trust’s assets.

A key role played by both Registered Agents and Registered Trustees is that they act as the country’s gatekeepers, in that they work in conjunction with the Financial Services Regulatory Authority, as it relates to promoting the integrity of the jurisdiction of St. Lucia. Thus, it is imperative that RAs & RTs implement the “Know Your Customer Rule” to acquire a fair understanding of the clients they serve and the nature of the business these clients are involved in. It is also the responsibility of the RA and RT to ensure that sufficient due diligence is exercised in the screening process of these clients and that they are in compliance with applicable laws.

Registered Agents and Trustees are governed by the Registered Agent and Trustee Licensing Act, Chapter 12.12 of the 2008 Revised Laws of Saint Lucia (RATLA).

An annual licence fee of USD 3,500 applies to Registered Agents, and USD5,000 to Registered Trustees. A licensee under the RATLA must apply for renewal of the licence and pay the annual licence fee on or before January 1 of each year.

Requirements for Licence

An application for a licence is required. Excluding exceptional circumstances, (as determined by the Authority), a person applying for a licence to be a Registered Agent or Registered Trustee must be a resident. Further, at least one of the directors of the applicant must fulfil the role of manager and is required to be either:

• an attorney-at-law, accountant, chartered secretary having not less than 3 years post-qualification working experience, or experienced graduate in a related field, for a Registered Agent.
• an attorney-at-law, accountant or trust practitioner, for a Registered Trustee

The application form as prescribed in Form 1A/1B of Schedule 2 of the RATLA, duly completed, must be submitted to the Authority accompanied by:

• The prescribed application fee (USD 200)
• Due diligence information in respect of all promoters
• A Business Plan
• Any other documents or additional information that may be required.

As a condition to the licence there is a requirement to obtain valid Professional Indemnity Insurance in the amounts prescribed by the RATLA.