Economic Substance: Barbados and St. Lucia
Barbados enacted the Business Companies (Economic Substance) Act (“Original ESA”) to provide for the imposition of an economic substance test (“EST”) on companies resident in Barbados in December 2018. The Original ESA was repealed and replaced on November 27, 2019.
In St. Lucia the purpose of the ESA of St. Lucia, which was enacted December 23, 2019, is to require a relevant entity to satisfy economic substance requirements.
More information on the Business Companies (Economic Substance) Act as it relates to Barbados and St. Lucia can be found here.
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