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Belize

Updated time: 19 Sep, 2020, 09:58 (UTC+08:00)

Introduction to Belize

Belize is a nation on the eastern coast of Central America, with Caribbean Sea shorelines to the east and dense jungle to the west. Offshore, the massive Belize Barrier Reef, dotted with hundreds of low-lying islands called cayes, hosts rich marine life.

The capital is Belmopan and the largest city is Belize city, which is located on the eastern coast close to the major international airport. Belize has an area of 22,800 square kilometres.

Population:

The current population of Belize is 380,323 as of March, 2018, based on the latest United Nations estimates.

Official language:

English, while Belizean Creole is an unofficial native language. Over half the population is multilingual, with Spanish being the second most common spoken language.

Political Structure

Belize is considered a Central American and Caribbean nation with strong ties to both the Latin American and Caribbean region.

It is a member of the Caribbean Community (CARICOM), the Community of Latin American and Caribbean States (CELAC), and the Central American Integration System (SICA), the only country to hold full membership in all three regional organisations.

Belize is a parliamentary constitutional monarchy. The structure of government is based on the British parliamentary system, and the legal system is modelled on the common law of England. Belize is a Commonwealth realm, with Queen Elizabeth II as its monarch and head of state.

Belize economy system:

Belize has a small, mostly private enterprise economy that is based primarily on export of petroleum and crude oil, agriculture, agro-based industry, and merchandising, with tourism and construction recently assuming greater importance.

Trade is important and the major trading partners are the United States, Mexico, the European Union, and Central America.

Currency:

Belize dollar (BZD)

Exchange Control:

Foreign exchange control exists under the Exchange Control Regulations Act, Chapter 52 of the Laws of Belize (Revised edition 2003), but all offshore activities are exempted from it.

Financial services industry:

Belize has a strong community of accounting firms, law firms and several international banks, offering a variety of products especially catered for international clients. Internet access is readily available through satellite, cable, and DSL.

Belize has a favorable business environment, with minimum regulatory restrictions.The professional infrastructure is reasonably good. Belize has high reputation in terms of efficiency and low costs.

The Financial Services Sector is supported by creative legislation enacted by parliament to encourage investment in offshore international enterprises or the Belizean IBC.

Belize Incorporation of a Belize IBC under the International Business Companies Act of 1990 empowers investors to incorporate tax free Belizean companies with legitimate global business and investment interests or aspirations. Incorporating in Belize is simple. Since the passage of the IBC Act, Belize has emerged as a global location for offshore company formation.

Also read: Open offshore bank account in Belize

Belize Corporate Law / Act

Belize is an internationally-recognised offshore centre. Its main advantages are the speed with which it is possible to register a company and the increased confidentiality that this country offers. In addition, Belize also offers non-residents the ability to establish offshore accounts.

Types of Company and Belize company formation services :

One IBC Limited provide Belize Company formation services with the type most common form are

  • The International Business Company (IBC) - Belize IBC
  • The Limited Liability Company (LLC) - Belize LLC

Business Restriction:

A Belize IBC cannot trade within Belize or own real estate within the country. It can also not undertake the business of banking, insurance, assurance, reinsurance, company management, or registered office facilities for Belizean incorporated companies (without an appropriate license).

Company Name Restriction:

A Belize IBC’s name must end with a word, phrase or abbreviation that indicates Limited Liability, such as "Limited", "Ltd.", "Société Anonyme", "S.A.", "Aktiengesellschaft", or any relevant abbreviation. Restricted names include those suggesting the patronage of the Belize Government such as, "Imperial", "Royal", "Republic", "Commonwealth", or "Government".

Other restrictions are placed on names that have already been incorporated or names that are similar to those that have been incorporated to avoid confusion. Additionally, names that are considered indecent or offensive are also restricted in Belize

Company Information privacy:

The documents for Belize company Incorporation do not carry the name or identity of any shareholder or director. The names or identities of these persons do not appear in any public record. Shareholder(s) and/or director(s) nominee services are allowed to ensure confidentiality.

Incorporation Procedure

Just 4 simple steps are given to incorporate a Company in Belize:
  • Step 1: Select basic Resident/Founder nationality information and other additional services which you want (if any).
  • Step 2: Register or login and fill in the company names and director/ shareholder(s) and fill in billing address and special request (if any).
  • Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal or Wire Transfer).
  • Step 4: You will receive soft copies of necessary documents including: Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in a Belize is ready to do business. You can bring the documents in company kit to open corporate bank account or we can help you with our long experience of Banking support service.
* These documents required to incorporate in Belize:
  • Passport of each shareholder/beneficial owner and director;
  • Proof of residential address of each director and shareholder (Must be in English or certified translation version);
  • The proposed company names;
  • The issued share capital and par value of shares.

Read more:

Compliance

Capital:

Share capital may be expressed in any currency. The standard share capital is US $50,000 or an equivalent in another recognizable currency.

Share:

The register of the shares of Belize corporations must be kept up to date anywhere in the world as per directors' decision and make it available for inspection by the shareholders;

Belize offshore company shares can be issued with or without par value and may be issued in any recognizable currency;

Director:

  • Directors may be of any nationality and can be a natural person or a corporate body.
  • Only one director is required
  • The names of directors do not appear on public record

Shareholder:

  • Shareholders may be of any nationality
  • Only one shareholder is required, this can be the same person as the director
  • The shareholder can be a person or a corporation

Beneficial Owner:

At registration, no information whatsoever is filed on public record on the company beneficial owners, directors and shareholders. This information remains only known to the licensed Registered Agent, who is bound by the law to keep it completely confidential. Confidentiality is one of the main reasons why Belize is so attractive.

Belize corporate tax:

All IBCs incorporated under the Belize International Companies Act are exempt from taxation.

Finance statement:

Company in Belize:

  • Does not have to keep records in Belize and there are no requirements to file accounts or a financial statement.
  • No filing of accounts or annual returns.
  • No public filing requirements except Memorandum and Articles of Association.

Local Agent:

You must have a registered agent and registered office in Belize.

Double Taxation Agreements:

Belize has double tax agreements with these countries: Caribbean Community (CARICOM) countries – Antigua and Barbuda, Barbados, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago; the U.K., Sweden and Denmark.

License

License Fee & Levy:

Ensuring that your company is kept in good standing through payment of the annual government fee and filing of annual documents.

Payment, Company return date Date:

Ensuring that your company is kept in good standing through payment of the annual government fee and filing of annual documents.

Under the Belize Business Companies Act 2004 companies are not required to file accounts, details of directors, details of shareholders, register of charges or an annual return with the Belize Companies Registry. There is no requirement for any financial statements, accounts or records to be kept for a Belize IBC.

 

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