Lawyer conducts name search and prepares incorporation documents
Agency: Lawyer
- Attorney conducts name search and waits for approval, as approval is not guaranteed.
- If the name is approved by Commercial Registry it is only then the incorporation documents are prepared.
By-Laws are not mandatory but are highly recommended. However, they are not filed together with the incorporation documents and are not included in the formation fee. They are filed subsequent to incorporation and attract a separate filing fee. The Commercial Registry does not charge for a name search, although there is a nominal fee for optional name reservation. Attorney fees vary on case by case basis, with an average fee of around XCD 3500.
Time and cost: 2 days, XCD 3,500
Registration with the Commercial Registry
Agency: Commercial Registry
When registering the company with the Commercial Registry, the promoters pay an administrative fee of XCD 850 when presenting the documents for registration. The Registry issues a certification of incorporation once the registration process is finalized, typically within one week.
Time and cost: 6 days, XCD 850
Make company seal
Agency: Sealmaker
The Companies Act of Saint Lucia does not require a company to heave a seal. Notwithstanding, in practice the usage of a seal is required, for instance, to open a bank account or to engage in specific transactions. Many companies use common rubber as a seal signature to overcome the practical requirement, others makes a simple seal, which takes about 2 days.
Time and cost: 2 days, XCD 75
Obtain tax payer identification number
Agency: Inland Revenue Department
Either the company founder or an incorporation professional must apply in person to the Inland Revenue Department for a company Tax Identification Number (TIN).
Time and cost: 1 day (simultaneous with previous procedure), no charge
Register as an employer with the social security institute
Agency: National Insurance Corporation.
Either the company founder or an incorporation professional must apply to the National Insurance Corporation to register the company as an employer for Social Security.
Time and cost: 1 day (simultaneous with previous procedure), no charge
