Registered Agent and Trustee Licensing

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Summary

The RATLA was passed to ensure effective regulation of the International Financial services industry.

	The Act is enforced by the Minister of International Financial Services acting through the Director of Financial Services.
	The Act applies to any person involved in International Financial Services Representation.
	All IBC's or Trusts must be represented by an Agent or a trustee registered under the RATLA.
	The Act aims to ensure that only persons who are suitably qualified, of sound repute, solvent and trained are permitted to provide international financial services representation.
	Due diligence on all persons seeking to establish an entity or trust under the International Financial Services legislation is done by the Registered Agent or the registered Trustee.
	Registered Agents and Trustees also provide the Registered Office, and may provide Directors, act as company secretary, and provide nominee shareholders and directors.
	All persons licensed under the RATLA must have professional indemnity insurance.
	In exceptional circumstances, a local company incorporated in St. Lucia that is owned by non residents may apply to be licensed under this Act.
	Licenses under the Act are granted for a period of one year and are renewable for a similar period upon application.
	Registered Agents are required to file audited accounts annually.
	Specially qualified persons employed by licensees under RATLA may apply for concessions from income tax.

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