Revised Laws of Saint Lucia (2021)

2.   Interpretation

In this Act, unless the context otherwise requires—

“auditor” means a person who—

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   (a)     is a member of the Institute of Chartered Accountants in Saint Lucia or any other person who is a member of another professional accounting association approved as an auditor by the Minister or who has the appropriate knowledge or experience as determined by the Minister;

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   (b)     is independent of the licensee and its holding body corporate; and

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   (c)     has at least 5 years of experience in performing audits of a financial institution;

“business of international financial services representation” means the provision of services relating to international financial services representation for profit or reward in Saint Lucia;

“Court” means the High Court;

“$” means United States Dollars;

“Director” means the Director of Financial Services appointed under section 11;

“Financial Centre Corporation” means the company incorporated under the Companies Act as Company Number 126 of 1999;

“international financial services representation” includes—

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   (a)     acting as registered agent or trustee under the law in force in Saint Lucia relating to international financial services;

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   (b)     filing, preparing or otherwise doing any act preparatory to the incorporation, continuation or registration of any entity or trust under the law in force in Saint Lucia relating to international financial services;

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   (c)     providing a registered office in Saint Lucia for a company incorporated, licensed or continued under the International Business Companies Act; and

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   (d)     providing or arranging for the provision of directors, officers or nominee shareholders for companies incorporated or continued under the International Business Companies Act,

but does not include the activities of a person who is admitted under the Legal Profession Act to practise in Saint Lucia, in the performance of his or her duties as an attorney-at-law, or notary royal or the activities of an accountant doing business in Saint Lucia in the performance of his or her duties as accountant or auditor;

“international standards on auditing” means the standards of auditing issued by the InternationalFederation of Accountants through the International Auditing and Assurance Standards Board;

(Inserted by Act 5 of 2012)

“International Auditing and Assurance Standards Board” means the International Auditing and Assurance Standards Board established by the International Federation of Accountants;

(Inserted by Act 5 of 2012)

“licence” means a licence issued under Part 2 of this Act;

“licensee” means a person holding a valid licence to carry on the business of international financial services representation under this Act;

“Minister” means the Minister responsible for international financial services;

“person” includes a natural person, a body corporate or unincorporated body;

“prescribed” means prescribed in regulations;

“regulations” means regulations made under section 29;

“resident” means—

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   (a)     a natural person who is ordinarily resident in Saint Lucia as under the Income Tax Act;

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   (b)     a trust, company, partnership, limited partnership or other body incorporated, established, formed or organised in Saint Lucia under the law in force in Saint Lucia, the majority of shares or other ownership of which is legally or beneficially owned, directly or indirectly by the Government or by persons who are residents under the provisions of paragraph (a) or (c); or

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   (c)     any other trust, corporation, partnership, limited partnership or other entity who or which is a resident of, or ordinarily resident or domiciled in the Saint Lucia as under the Income Tax Act,

but does not mean a person or other entity registered or licensed under any other law in force in Saint Lucia relating to international financial services;

“suspended licensee” means a licensee whose licence has been suspended under section 19 or 20.