One of the most attractive jurisdictions for cryptocurrency businesses is Saint Lucia, where there is minimal taxation. The Caribbean is a potential region for developing the crypto industry with a loyal government and a stable financial and economic policy. Getting a Saint Lucia crypto license without the help of specialists is almost impossible if you do not have a legal education.
What the Ideal Lawyer Should Know?
To determine whether the selected lawyer can assist in getting a permit, you need to understand how deeply he knows the essential points regarding the law. And then, we list these requirements.
Currently, this state does not have crypto-currency legislation. The country’s government actively supports using electronic means and blockchain, providing a favorable atmosphere for crypto-currency activities.
The FSRA recently announced that by the end of 2023, they would develop a legislative framework for permitting businesses. From the moment the legal requirements are published, all organizations engaged in cryptocurrency activities will be regulated, and firms that decide to open a crypto business must apply for a licensing process. And it will be possible to legally engage in business related to virtual currency only after getting permit
Saint Lucia Securities Law
Virtual funds with securities characteristics will be subject to applicable state securities laws. Organizations engaged in activities will be required to comply with the relevant requirements for securities in the case when their assets are classified as securities. More detailed information about securities is available on the official website of this jurisdiction.
Legislation aimed at combating money laundering
All companies engaged in crypto-currency activities will be subject to the current AML Law and KYC requirements. All crypto firms must implement AML and KYC policies in their business management to prevent illegal activities. Saint Lucia’s economy is expected to grow 1.7% in 2014. The island nation was able to attract business and foreign investment, especially in banking and tourism. Tourism is a spearhead economic sector, representing more than 60% of jobs in the working population.
The Government of Saint Lucia strongly encourages foreign direct investment, especially tourism and hotel development, information and communication technology manufacturing, international financial services, agribusiness and creative industries.
Foreign nationals enjoy the same legal protections as local citizens. The police and justice systems are efficient and impartial in business matters, and the government operates in a transparent manner. Saint Lucia’s legal system is based on English common law. The judiciary is independent and adjudication is generally fair.
Companies registered in Saint Lucia have the right to repatriate all capital, royalties, dividends and profits without incurring any taxes or other foreign exchange fees. There are no foreign exchange controls in Saint Lucia and invoices for foreign trade transactions can be made in any currency.
Registration of a company and obtaining a license
Even though today there are no specific conditions for licensing a crypto business, all organizations are required to register with the competent authorities of the state following the current requirements for registering a company.
Here are the main requirements for starting a crypto business in Saint Lucia:
- the firm must have at least one shareholder and one director (it can be the same person);
- you must provide an impeccable police report ;
- start-up capital can have any amount (no requirements);
- shareholders and management must provide the following papers: certified copies of passports, letters of reco mmendation from the bank in 2 pieces, and original payments for utilities (or papers with the specified address issued by government agencies).
If the provided package of documents is complete and sufficient, the organization will receive registration within 24 hours from the date of submission of papers for registration.
Consumer protection laws
Because crypto activities are associated with certain risks, crypto-currency organizations should pay close attention to ensuring security measures, transparency of financial activities, and confidentiality of data to protect consumer interests.
What steps must a lawyer follow with you for the company to be licensed?
An organization must go through several steps to obtain a crypto license.
Preparation of a package of papers
You give the firm’s name, decide on the registration form and prepare copies of the passports of the management team (directors, shareholders), and they also need utility bills. And write a concise description of the business.
Company registration (2 weeks)
You must submit a notice to the Registry for registration, and then you will receive the registration documents of your organization. Then you register your activity as a VASP.
Open a bank account (4-6 weeks)
Analyze multiple banks (EMI) and assess the risks associated with AML policies. When a bank is selected, you can prepare the necessary documents required by the bank: the movement of money, confirm the source of capital, describe what the account is for, indicate the main partners, utility bills, and so on.
During the registration process for opening a bank account, accompaniment (representative of the organization and hired lawyer) is required.
Registration in this jurisdiction is quick and easy, and the main thing is that a professional lawyer will help you prepare all the necessary documents for licensing and accompany you during the business registration period.