CONTENTS SAINT LUCIA AT A G LANCE INVEST IN SM ART M ANUFACTUR ING WHY SAINT LUCIA? OPPORTUNITIES IN SM ART M ANUFAC TU RI N G

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1 MANUFACTURING

2 IN V ESTME N T O P P O RTUN ITIE S IN SMART MAN UFAC TUR IN G I NVES TM ENT OPPORTU NI TI ES I N S M ART M ANU FACTU RI NG CONTENTS Whether you are a large or small manufacturer, a producer of niche or mass products, or an assembly house, there is an opportunity for you right here in Saint Lucia. 02 SAINT LUCIA AT A G LANCE 03 INVEST IN SM ART M ANUFACTUR ING WHY SAINT LUCIA? OPPORTUNITIES IN SM ART M ANUFAC TU RI N G 05 INVESTM ENT E NVIR ONM E NT 01

3 INVESTMENT OPPORTUNITIES IN SMART MANUFACTURING 02 Government Official Language Location Climate Area Topography Population Airports Main sea ports Electrical Standard Telecommunications Time Zone Travel Time Currency Exchange Rate Inflation Rate Unemployment Rate Adult Literacy Rate Labour Force SAINT LUCIA AT A GLANCE GDP Independent, Parliamentary Democracy. English (French Creole widely used as a second language) 21 miles south of Martinique; 26 miles to the north of St. Vincent; 110 miles north east of Barbados Tropical tempered by the northeast trade winds, mean temperature 28*C (82*F); 616 sq km (238 sq miles) Habitable: sq. miles Mountainous, intersected by numerous short rivers. 172,811 (2013) Hewanorra International and G.F.L. Charles Port Castries and Port Vieux Fort Voltage - 220/240 V Frequency - 50Hz Plug - G LIME, Digicel, Columbus (FLOW) EST+1; GMT-4 UK and other Europe - 8 hours; North America - 4 hours average East Caribbean Dollar (ECD) 1 USD = 2.70ECD 1.5% 23.3% (2013) 72.8% (2010 census) 55.9% US $1.32 billion Saint Lucia has significantly diversified its manufacturing base over the last decade, producing a range of award winning products including food and beverages, condiments, corrugated cardboard cartons, handicraft, sporting goods, furniture, metal sheeting, apparel and souvenir items, among others. The manufacturing sector is divided into two main categories - traditional and non-traditional. Traditional manufacturing consists mainly of food and beverage products, while non-traditional manufacturing includes non-metallic products and chemicals. The manufacturing sector continues to transform Saint Lucia s history as a trading nation, its strategic location in the Caribbean archipelago, cultural heritage, and membership in the OECS and CARICOM Single Market makes it the ideal location INVEST IN SMART MANUFACTURING from where to service both the regional and near shore markets of Europe, North America, South America and CARICOM member states. Access to these major markets provides a broader spectrum to investors. The years of being an agricultural based economy and the Government s effort at developing a diversified crop base has lead the path for the transformation and expansion of the manufacturing sector with the development of new and exciting products. Agro-processing is a leading component of Saint Lucia s growing manufactured products, as illustrated by the international competitiveness of its world renowned rums, spices and condiments. The manufacturing sector accounts for approximately 5% of Saint Lucia s Gross Domestic Product (GDP). It also employs 5% of the national workforce. In recent years the sector has become more sophisticated with a growing number of technology and innovation induced non-traditional manufactured products. The Government of Saint Lucia continues to create an enabling environment to stimulate the growth of the manufacturing sector and spur its expansion. The positive outlook for manufacturing is further buoyed by the Government s commitment and efforts through the Trade Export Promotion Agency (TEPA) to assist with the creation of niche opportunities in the sector to raise the awareness of Saint Lucian products in the market place, support manufacturing companies to achieve international standards and meet export requirements. 03

4 INVESTMENT OPPORTUNITIES IN SMART MANUFACTURING Saint Lucia is a lot more than a tropical paradise. Saint Lucia offers to the discerning investor access to key markets through strategic bilateral trade agreements. Professional and skilled labour can be sourced from within the OECS and CARICOM regions where the requisite skills are not available locally. Saint Lucia continues to be ranked as the No.1 place to do business in the English speaking Caribbean by the World Bank - Ease of Doing Business Reports. INVESTMENT OPPORTUNITIES IN SMART MANUFACTURING INCLUDE: WHY SAINT LUCIA? When it comes to quality of life, Saint Lucia surpasses or is on par with its leading competitors in the Caribbean region. There are new and emerging industries that offer substantial potential for growth and investment in the manufacturing sector OPPORTUNITIES IN SMART MANUFACTURING Agro-processing Dairy production Smart technology manufacturing High-end furniture High fashion Pharmaceutical products including use of local biodiversity for developing traditional/herbal medicine Production of household products and light industrial tools & materials Production of packing materials Electronic assembly INVESTMENT ENVIRONMENT There are basic procedures to be followed when investing in Saint Lucia. These include: 1. INCORPORATING A COMPANY IN SAINT LUCIA incorporation of companies must be done through a lawyer registered in Saint Lucia. The three step process is simple: a. Application for name search and name reservation; b. Filing of articles of incorporation with the Registrar of Companies (Declaration of Compliance, Memorandum of Association, articles of Association); c. Payment of fees and issuance of Certificate of Incorporation. 2. TRADE LICENSES All foreign companies who intend to conduct business in Saint Lucia must obtain a Trade License. Trade Licenses are issued by the Ministry of Commerce. 3. REGISTERING FOR VALUE ADDED TAX (VAT) VAT is levied at a standard rate of 15%. Any business activity that exceeds the established threshold is required to apply for registration for VAT. 4. WORK PERMITS Under the Foreign National and Commonwealth Citizens (Employment) Regulation, No. 3 of 1971, all persons who are not Saint Lucian nationals or citizens require a work permit to engage in any form of occupation on the island. 5. PLANNING & BUILDING APPROVALS If a company is desirous of constructing a building or developing land it must apply for permission from the Development Control Authority and other regulatory agencies for areas such as Environment, Health and Safety. 6. INCENTIVES The Government of Saint Lucia is currently revising the incentives regime to increase the levels of efficiency in the administration and monitoring of the fiscal benefits provided to the infrastructure sector. 05

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