(1) A person who is a resident may apply to the Minister for a licence to carry on the business of international financial services representation.
(2) An application made under subsection (1) shall be accompanied by the prescribed application fee, and the relevant documents and information as the Minister may require.
(3) A company shall not be granted a licence under this Act unless that company is ultimately, beneficially owned or controlled by a resident, or by a foreign bank having a licence under the Banking Act.
(4) A partnership shall not be issued a licence under this Act unless 55% or more of the profits and benefits accruing to the partnership are payable to partners who are residents.
(5) A Minister of Government, a Parliamentary Secretary or a public officer shall not be granted a licence under this Act.
(6) The Minister may, in exceptional circumstances where it is deemed to be in the best interest of the furtherance of the objectives of International Financial and World Investment Centre Limited, grant a licence to a non-resident company incorporated under the Companies Act if—
(a) a business and financial plan has been submitted to the Minister by the non-resident company, declaring the nature and extent of the proposed business activities of the non-resident company;
(b) the Minister has reviewed the business and financial plan of the non-resident company and has determined that it accords with the furtherance of the objectives of International Financial and World Investment Centre Limited; and
(c) the non-resident company meets all other standards and qualifications under this Act and—
(i) has a place of business in Saint Lucia,
(ii) has a director who is resident in Saint Lucia, and
(iii) pays the prescribed fee.
(7) In this section—
“International Financial World Investment Centre Limited” or “IFWIC” means the company incorporated under the Companies Act as Company No. 195 of 1999.