Article
3 min read
Author
Anja Simic
Published
August 12, 2021
Last Update
July 02, 2024
Table of Contents
Sole trader in Saint Lucia
The business registration process in Saint Lucia
Taxpayer registration and taxes in Saint Lucia
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Saint Lucia is an island country in the Caribbean Sea. The capital city of this beautiful tropical paradise is Castries. English is the official language, and French is also widely spoken. The currency used is the East Caribbean dollar (XCD).
Tourism is the island's biggest industry and main source of jobs and income, and it contributes to 65% of its GDP.
The island is considered to have the most diverse and well-developed manufacturing industry in the eastern Caribbean. Saint Lucia has been an attractive destination for numerous foreign investors. If you're interested in starting your own business here, continue reading this article for useful information.
The most common business form in Saint Lucia is Sole trader. These individuals are considered self-employed, and they operate the business on their own. Sole traders in Saint Lucia are similar to other countries, where they are sometimes referred to as sole proprietors. The liability of the owner is unlimited, which means that they are responsible for all the assets and debts with all their fortune. This form is easy to establish, run and change if needed. To operate as a sole trader, you must register the business with the authorities.
Before the registration, there are some rules that you need to consider:
Now, it's time for registration.
To register your business, you need to visit the Registry of Companies and Intellectual Property at the address Hewanorra House, Trou Garnier Financial Centre, Pointe Seraphine. Enter the building, find an officer in charge and follow these steps:
If everything is in order, the Registry will issue you the Certificate within two business days.
If you're not looking to become an independent contractor, but hire one - learn how you can do it compliantly in Saint Lucia.
Now that your business is in the Commercial Register, you need to register it for tax purposes. To do that, visit the Inland Revenue Department. You will need to obtain a Taxpayer Number (TPN or TIN). The registration is done by filling out the Individual Registration form. Submit it along with the following documents:
Personal Income Tax is calculated at the following rates:
The standard VAT rate is 12,5% and 10% for the hotel and accommodation sector. You are obliged to register for VAT if your annual turnover exceeds the amount of XCD 400,000.
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