St. Lucia International Business Companies Act - Lexadin

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Saint Lucia International Business Companies Act, 1999 Page 12(6) A change of name does not affect any rights or obligations of an international business company, orrender defective any legal proceedings by or against a company, and all legal proceedings that havebeen commenced against the international business company by its former name may be continuedagainst it by its new name.(7) Subject to subsection (2) and payment of the prescribed fee the Registrar may, upon a request madeby any person, reserve for up to thirty days a name for future adoption by an international businesscompany under this Act.(8) Where under this Act an international business company is required to lodge with the Registrar anyinstrument, certificate or document or a certified copy thereof and the same is not written in theEnglish language, but is written in a foreign language, alphabet, or characters, subject to the foregoingprovisions of this Act the Registrar will accept the same, provided it is accompanied by a certifiedtranslation thereof.(9) For the purposes of the administration of this Act, the name of an international business company asit appears in the certified translation shall be the name which is registered under this Act, but for allother purposes the international business company shall be deemed to be also registered with thename expressed in the foreign language, alphabet or characters.(10) Notwithstanding anything contained in this section, an international business company that is continuedunder this Act is entitled to be continued with the name it lawfully had before that continuanceprovided that there is no other company registered under this Act or the Companies Act in that name.(11) The name of an international business company contained in its memorandum and articles shall endwith the words "International Business Company" or the abbreviation "IBC".Annual fee11. An international business company shall pay the prescribed annual fee at such times and in suchmanner as may be prescribed.Prohibitions12. (1) An international business company shall not(a)(b)(c)(d)(e)(f)(g)carry on business with persons resident in Saint Lucia;own an interest in immovable property situated in Saint Lucia, other than a lease referred to inparagraph (e) of sub section (2);carry on international banking business unless it is licensed to do so under the law in force inSt. Lucia relating to international financial services;carry on a banking business with a resident whether alone or in conjunction with any otheractivity, unless it is licensed to do so under the Banking Act 1991;carry on an international insurance business unless it is licensed to do so under the law inforce in St. Lucia relating to international financial services;carry on a shipping business with a resident whether alone or in conjunction with any otheractivity, unless it has complied with an enactment relating to the carrying on of shippingbusiness;carry on the business of international financial services representation;
Saint Lucia International Business Companies Act, 1999 Page 13(h) carry on international mutual funds business unless it is licensed to do so under the law in forcein St. Lucia relating to international financial services; or(i) carry on business in a manner detrimental to the public interest;(2) For the purposes of paragraph subsection (1) (a) an international business company shall not betreated as carrying on business with a person resident in Saint Lucia by reason only that(a)(b)(c)(d)(e)(f)(g)it makes or maintains deposits with a person carrying on banking business within Saint Lucia;it makes or maintains professional contact with solicitors, barristers, management consultants,accountants, book keepers, trust companies, administration companies, financial andinvestment advisers or other similar persons carrying on business within Saint Lucia;it prepares or maintains books and records within Saint Lucia;it holds within Saint Lucia meetings of its directors or members;it holds a lease of property in Saint Lucia for use as an office;it holds shares, debt obligations or other securities in a company incorporated under this Actor under the Companies Act;shares, debt obligations or other securities in the international business company are ownedby any person resident or citizen of Saint Lucia or by a company incorporated under this Actor under the Companies Act;(h) it owns a vessel registered in Saint Lucia in accordance with the Shipping Act, 1994;(i)(j)it employs a resident, or leases or purchases property (other than real property) in Saint Luciain connection with its operations; ora ship or vessel owned by the international business company does business with a residentin the course of its operations.Penalty13. Subject to section 99, an international business company that wilfully contravenes section 12 is liableto be struck off the Register and to a penalty of one hundred dollars for each day or part thereof duringwhich the contravention continues, and a director who knowingly permits the contravention is liable toa like penalty.Powers14. (1) Subject to any limitations in its memorandum or articles, this Act or any other law in force in SaintLucia, notwithstanding any of the provisions of the Companies Act, an international business companyhas the power, irrespective of corporate benefit, to perform all acts and engage in all activities necessaryor conducive to the conduct, promotion or attainment of the purposes of the international businesscompany, including the power to do the following:(a) issue registered shares;(b) issue the following:(i) voting shares;(ii) non voting shares;
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St. Lucia International Business Companies Act - Lexadin

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