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THE PERFECT PROFILE FOR FINANCIAL SERVICES

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THE PERFECT PROFILE FOR FINANCIAL SERVICES

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    4. THE PERFECT PROFILE FOR FINANCIAL SERVICES Committed regulated Professional Service Sound Legislative Framework Unique Strategy Educated Human Resource Base Economic & Political Stability/Pristine Jurisdiction Public Online IBC Registry

    5. 5 Regulated registered agents and trustees Lawyers, accountants, other professionals Well recognized international banks, etc. Very committed, developed industry knowledge base With established international networks State of the Art telecommunications

    6. 6 Philosophy of the RATLA: Industry will be regulated by the Government Through the R/A’s and R/T’s All entities formed must have an RA or an RT

    7. 7 Registered agent/Registered trustee must be: Licensed Annual audits Annual renewal of licenses Supervised by the Director of Financial Services Minimum professional indemnity insurance Competent approved manager

    8. 8 St. Lucia’s Service providers are: Poised and ready to deliver service that meets international standards and supports the achievement of Pinnacle St. Lucia’s mission statement:

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    12. 12 The Registered Agent and Trustee Licensing Act (RATLA) The International Business Companies Act (IBC Act) International Trusts Act International Banks Act International Insurance Act International Mutual Funds Act Money Laundering (Prevention) Act THE PERFECT PROFILE FOR FINANCIAL SERVICES

    13. 13 Philosophy: Regulation to the highest international standards Know Your Customer principle echoed repeatedly (FATF recommendations) Flexible and responsive to client and market needs.

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    15. 15 THE PERFECT PROFILE FOR FINANCIAL SERVICES GOSL/Private Sector venture Role of the different entities Promoter Registry Financial Services Supervision Unit Government The Government of St. Lucia on June 4, 1999 signed an Establishment Agreement with a private sector promoter, International Financial Partners (IFP) which formalized St. Lucia’s entry into the financial services industry. Government’s approach to establishing the industry is unique as it is based on a private sector/Government partnership. This agreement outlines the strategic plan on which the development of the industry has been based.   The Agreement required the promoter to form a company known as Financial Centre Corporation (FCC) and the Government to form the International Financial and World Investment Centre (IFWIC), a 100% government owned company. Under the agreement IFWIC is to provide the Registry for all companies and trusts registered under the international financial services legislation.   FCC is charged with the promotion of the jurisdiction and the development of information system and other infrastructure requirements for the functioning of IFWIC. To promote the jurisdiction effectively, FCC has taken the strategic decision to develop an online registry and to promote and market IFWIC as Pinnacle St. Lucia, the world’s only public online IBC registry. The Government of St. Lucia on June 4, 1999 signed an Establishment Agreement with a private sector promoter, International Financial Partners (IFP) which formalized St. Lucia’s entry into the financial services industry. Government’s approach to establishing the industry is unique as it is based on a private sector/Government partnership. This agreement outlines the strategic plan on which the development of the industry has been based.   The Agreement required the promoter to form a company known as Financial Centre Corporation (FCC) and the Government to form the International Financial and World Investment Centre (IFWIC), a 100% government owned company. Under the agreement IFWIC is to provide the Registry for all companies and trusts registered under the international financial services legislation.   FCC is charged with the promotion of the jurisdiction and the development of information system and other infrastructure requirements for the functioning of IFWIC. To promote the jurisdiction effectively, FCC has taken the strategic decision to develop an online registry and to promote and market IFWIC as Pinnacle St. Lucia, the world’s only public online IBC registry.

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    18. 18 Large number of professionals < 35--- Flexible and trainable Strong middle management; semi-professional base Competitive employment/remuneration costs THE PERFECT PROFILE FOR FINANCIAL SERVICES

    19. 19 Strong educational infrastructural… Based on UK model – University Centre (UWI School of continuing Studies) Work culture well impacted by strong international presence Highest per capita Nobel Laureates in the World THE PERFECT PROFILE FOR FINANCIAL SERVICES

    21. 21 More than 30 years democratic rule Independent since 1979 – Commonwealth member Diversified economy: Tourism, agriculture and manufacturing THE PERFECT PROFILE FOR FINANCIAL SERVICES

    22. 22 Solid regulation Government commitment Long term strategy New! THE PERFECT PROFILE FOR FINANCIAL SERVICES

    24. 24 Best and latest technology; including firewalls, the operating platform and the language. Experienced application developers Secure sockets layer (SSL) 128 bit: data encryption transfer security Separate database and web servers Technical issues

    25. 25 Users of the system Communication Flow The IBC Register Functions Messaging System System Limitations System Basics

    32. 32 View the register of their own IBCs free of charge Request certificates and certified copies of any IBC incorporated in St. Lucia Communicate with any user related to any IBC or request through a secure and private message box Pay for registry services Users can do the following:

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    34. 34 Does not support incorporation online of IBC’s via with non standard constitutional documents, i.e: continuation, merger or consolidation, including higher end IBC’s Register available - no constitutional docs. Existence and corporation type is recorded Rationale

    35. 35 Standard constitutional documents for higher end IBC’s within 6-8 month More options for standard constitutional documents for other types of registration will be developed in Continuous review and improvement Committed to: Client needs Staying ahead

    36. 36 Allows instantaneous public access Applications can be tracked Communication Company data can be easily accessed Ease, speed, efficiency, security Launch Date

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