Saint Lucia mutual funds

St. Lucia offshore mutual funds

The St. Lucia International Funds Act offers two types of mutual funds. Private Mutual Funds (PMFs) and International Mutual Funds (IMFs).

Characteristics of a Private Mutual Fund

  1. Made up of no more than 15 members who make contributions based on the number of shares owned.
  2. Do not require a license to operate
  3. Must Register with the Director of Financial Services and Registrar
  4. Must pay an annual registration fee of $500.00
  5. Do not require an administrator
  6. Do not require annual audits
  7. Set up within 15 days once the required documents are submitted

Characteristics of an International Mutual Fund

  1. Must hold a valid license
  2. Must have a fund administrator based in St. Lucia
  3. Must have more than 100 members with at least $50,000.00 in investments

A mutual fund license can be obtained by any international business company or unit trust. Any type of mutual fund must have at least two directors who are natural persons and at least one of these should be a resident of St. Lucia. A corporate secretary is also required.

The application to establish an international mutual fund is first submitted to the Minister for the authorization of the incorporation of the international business company in St. Lucia for carrying out mutual fund activities in St. Lucia.

Requirements for the application process

  1. Copies of notarized passport, police records, reference letters, resumes for each director, shareholder and promoter
  2. Business plan
  3. Offering document
  4. Three year projected financial statements
  5. Resumes of fund manager, fund administrator, investment advisor and fund custodian
  6. Registered Agent in St. Lucia who will incorporate the company, provide the registered office and maintain the company registers.
  7. Letter from a certified auditor confirming that the annual audit required will be prepared.
  8. According to the International Funds Act, a mutual fund must have a licensed fund administrator based in St. Lucia. The fund administrator may have one of two mutual fund licenses, a restricted or unrestricted license. The restricted license is issued based on the funds stated in the administrator´s license. The unrestricted license is issued for an unlimited amount of mutual funds. The fund administrator should be a company incorporated under the International Business Companies Act.

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