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Situated on the Caribbean seaboard of Central America, Belize is a British Commonwealth member.
The
official language is English and the local currency is the Belize dollar
which is tied to the US dollar.
In
an effort to establish itself as a modern offshore financial centre, in 1990, Belize adopted
the International Business Companies Act.
In order to remain exempt of tax, Belize IBCs may not carry on business
with Belize residents and may
not own property or have an interest in property situated in Belize except
for leasing.Most business purposes are
permitted with the following exceptions:
-Banking
-Insurance or
reinsurance business
-Providing registered
agent/office facilities for companies
The
legislation covers the following main points:
Capital
-There are no minimum
or maximum capital requirements.
-Both par and no par
value shares are allowed.
-Only one subscriber
and thereafter one shareholder (who can be corporate) are required.
-Bearer shares are permitted.
-Annual general
meetings of the shareholders need not be held.
-A share register must
be maintained at the Registered Office but may only be inspected by
shareholders of the company or by order of the Belize court at the request of
a share hold.
Officers
-The minimum number of
directors is one.
-Corporate directors
are permitted.
-Meetings may be held
anywhere in the world and by telephone.
-There is no
requirement to appoint a Company Secretary.
-There is no annual
return-filing requirement.
-The preparation and
filing of annual financial statements is not required.
Incorporation
-Incorporation can
usually be done in one day.
-Shelf companies are
available.
-All companies must
appoint a Belize resident agent and have a registered office address in Belize.
-The Belize authorities do not require disclosure of the beneficial owner.
-Company names in any
language are permitted.
-Company names must
have one of the following words or an abbreviation thereof at the end of
its name: “Limited Corporation”, “Incorporated”, “Société Anonyme”,
“Sociedad Anonima”, “Aktiengesellschaft”.
-The following words
may not be included in a company name: “Building Society” “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”,
“Royal”.
-The following words
may not be included in a company name unless the company has been licensed
accordingly: “Assurance”, “Insurance”, “Bank”, “Trust”.
Taxation
-Belizean IBCs are
exempt from any form of income tax, capital gains or transaction tax.
-There is no other
taxation than the annual government fees, which are low.
-Although Belize has
signed double taxation agreements with several countries, IBCs are not
subject to these treaties.
-There are no exchange controls.
Useful links : Belize Government - http://www.belize.gov.bz
Please contact us for further information
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