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Ease of Doing Business in

St Lucia

St Lucia Download Profile (1711.8KB, pdf)
Region Latin America & Caribbean
Income Category Upper middle income
Population 184,999
GNI Per Capita (US$) 7,390
City covered Castries

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 86 78 down
8
63.13 63.47 down
0.34
Starting a Business 66 63 down
3
88.80 88.68 up
0.12
Dealing with Construction Permits 54 50 down
4
74.54 74.51 up
0.03
Getting Electricity 56 29 down
27
79.78 83.94 down
4.16
Registering Property 104 103 down
1
59.16 59.19 down
0.03
Getting Credit 157 152 down
5
25.00 25.00
-
Protecting Minority Investors 87 85 down
2
53.33 53.33
-
Paying Taxes 65 63 down
2
78.09 78.09
-
Trading across Borders 81 80 down
1
73.87 73.24 up
0.63
Enforcing Contracts 71 70 down
1
59.94 59.94
-
Resolving Insolvency 114 110 down
4
38.79 38.73 up
0.06

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 66

DB 2016 Rank: 63

Change in Rank: down3

DB 2017 DTF (% points): 88.80

DB 2016 DTF (% points): 88.68

Change in DTF (% points): up0.12

Standardized Company
Legal form: Private Limited Liability Company
Paid-in minimum capital requirement: XCD 0
City: Castries
Indicator St Lucia Latin America & Caribbean OECD high income
Procedure – Men (number) info_outline 5.0 8.3 4.8
Time – Men (days) info_outline 11.0 31.6 8.3
Cost – Men (% of income per capita) info_outline 21.4 31.5 3.1
Procedure – Women (number) info_outline 5.0 8.3 4.8
Time – Women (days) info_outline 11.0 31.6 8.3
Cost – Women (% of income per capita) info_outline 21.4 31.5 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 2.3 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Lawyer conducts name search and prepares incorporation documents

    Agency: Lawyer

    (a) Attorney conducts name search and waits for approval, as approval is not guaranteed.
    (b) 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.
    2 days XCD 3,500
    2

    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.
    6 days XCD 850
    3

    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.
    2 days XCD 75
    * 4

    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).
    1 day, simultaneous with previous procedure no charge
    * 5

    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.
    1 day, simultaneous with previous procedure no charge

    * Takes place simultaneously with previous procedure.