Saint Lucia Money Service Business License_Guideline

Saint Lucia Money Service Business License
The Money Services Business Act No. 11 of 2010 (MSB Act) provides for the licensing and regulation of money services providers in Saint Lucia.
Permitted Activities
Money services business refers to the provision one of more of the following services, either as a primary business or as an agent of franchise holder:

1. transmission of money or monetary value in any form;
2. cheque cashing;
3. currency exchange;
4. the issuance, sale or redemption of money orders or traveller’s cheques;
5. Micro-lending; and
6. any other services determined by the Authority

There are five (5) classes of licence, determined by the nature of service being provided:

Class of Licence	Description of Licence	Annual Licence Fees
		Main Agent	Sub Agent
CLASS A	Transmission of money or monetary value in any form Issuance, sale or redemption of money orders or traveller’s cheques Cheque cashing Currency Exchange	5,000	500
CLASS B	Issuance, sale or redemption of money orders or traveller’s cheques Cheque cashing Currency Exchange	3,000	300
CLASS C	Cheque cashing	2,000	200
CLASS D	Currency Exchange	2,000	200
CLASS E	Micro-Lending	10,000	2,000

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	The entity making the application is a Saint Lucia company under the Companies Act. Company includes: A corporation Limited liability Company Partnership
	Director’s Requirements	A company must have at least one director but a public company shall have no fewer than 3 directors, at least 2 of whom are not officers or employees of the company or any of its affiliates.
	Shareholder requirements	The Money Services Business License will need at least one shareholder.
	Local Office	A licence granted under this Act authorises the licensee to carry on money services business in Saint Lucia at the place of business designated in the licence and at such other place as the Authority may authorise in writing.
	Auditor	A licensee shall appoint annually an auditor who be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, satisfactory to the Authority.
	Minimum Capital Requirements	A licensee shall maintain adequate capital in such form and based on such formula as the Minister may by Order prescribe.
	Segregated Accounts	A licensee on receipt of funds from a customer shall immediately and irrevocably segregate the amount intended for transmission or delivery to the payee customer exclusively for the purpose of the proper payment of the funds in due course to the payee customer.

Ongoing Obligations

1. A licence to carry on money services business is valid from the date of first issue to the 31st December of that year and is renewable each year on payment on or before the 15th day of January of the prescribed annual licence fee.
2. A licensee shall within three months of the end of the financial year, forward the audited financial statements to the Authority unless prior written approval for an extension has been granted by the Authority.
3. A licensee who holds a Class A or Class B licence shall file quarterly returns with the Authority within fifteen days of the end of a quarter, along with a written declaration that the information set out in the application for the licence remains correct and gives a full and fair picture of money services business of the licensee. A licensee who holds a Class C or Class D licence must, within fifteen days of the end of the financial year of the licensee, file an annual return with the Authority along with a written declaration that the information set out in the application for the licence remains correct and gives a full and fair picture of the licensee’s money services business.
4. A licensee shall retain for a period of at least seven years from the date of creation of each particular record, all records created and obtained by the licensee, in particular records of each transaction executed by the licensee, records of each outstanding transaction, bank reconciliation records and bank statements received during the course of operation and administration of the money services business of the licensee.

About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

• 1. Company formations and Administration
  2. Assistance with Bank Account opening
  3. Collective Investment Setup and Administration
  4. Intellectual Property Registrations and Maintenance.
  5. Trusts and Foundations setup and administration
  6. Online Payment Gateway Solutions
  7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
  8. Yacht and aircraft registrations.
  9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

• We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
• Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
• We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
• We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details
Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com
OR Contact us on:

• Tel: +248 4321018
• WhatsApp: +248 2525217
• Skype: vf-international.com
• Email: david@valsenfiduciaries.com