Saint Lucia Introduces Beneficial Ownership Requirements: What You Need to Know
The government of Saint Lucia has recently introduced new regulations requiring companies incorporated in the country to provide notice of their beneficial owners. This article aims to break down the key points you need to know about this change.
Who is Affected by the New Regulation?
Companies incorporated in Saint Lucia are required to submit information on their beneficial owners, with some exceptions. Specifically:
- Public companies
- Multilateral institutions
- Government entities
- Pension funds regulated by the government in their country of origin
are exempt from this requirement.
What Information Needs to be Submitted?
Companies that need to provide notice of their beneficial owners must submit the following information along with a prescribed filing fee:
- Details about the beneficial owner(s)
- A copy of the relevant identification documents (e.g. passport, ID card)
Consequences for Non-Compliance
Failure to comply with these regulations may result in penalties or other consequences.
Why was this Regulation Introduced?
The introduction of these new requirements aims to improve transparency and accountability in Saint Lucia’s corporate sector by allowing the government to better track ownership structures and prevent potential abuse.
What Should Companies Do Now?
With the deadline for compliance now in effect, companies incorporated in Saint Lucia should take immediate action to ensure they are in compliance with these new regulations.