Belize

 

Why incorporate in Belize?

 

Belize is one of our fastest incorporation options often with same-day incorporation solutions.  Belize has become one of the most popular IBC destinations for many businesses due to its excellent service and its highly efficient computerized registration system.  Belize also has an incredible infrastructure and is an English speaking country.  Belize is a tax haven and offers maximum privacy through laws that secure your assets and identity.

The Income and Business tax act of Belize states:

“4.-(1) Every person having any official duty or being employed in the administration of this Act shall regard and deal with all documents, information, returns, assessment lists and copies of such lists relating to the income or items of the income of any person, as secret and confidential, and shall make and subscribe a declaration in the form prescribed to that effect before a justice of the peace.

 

(2) Every person having possession of or control over any documents, information, returns or assessment lists or copies of such lists relating to the income or items of income of any person, who at any time communicates or attempts to communicate such information or anything contained in such documents, returns, lists, or copies to any person –

(a) Other than a person to whom he is authorized by the Minister to communicate it; or

(b) Otherwise than for the purpose of this Act,

-is guilty of an offence.”

An International Business Company, according to the International Business Companies Act, cannot:

  • Carry on business with a person whom is a resident in Belize.  It is treated as such when:

1)      Said company makes or maintains and deposits with a company incorporated in Belize and carrying on a banking business within Belize.

2)      Said company makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, administration companies, investment advisers or other similar persons carrying on business within Belize.

3)      Said company prepares or maintains books and records within Belize

4)      Said company holds, within Belize, meetings of its directors or members

5)      Said company holds a lease of property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained.

  • Own a property situated in Belize.
  • Carry on a banking business unless said business is licensed under an enactment giving it authorization to carry on business.
  • Carry on business as an insurance or a reinsurance company, insurance agent or insurance broker, unless said business is licensed under an enactment authorizing said business’s activities.
  • Carry on a business of providing the registered office for companies.
  • Carry on a trust business, unless it is licensed under an enactment authorizing it to carry on said business.
  •  Carry on collective investment schemes
  • Hold shares, stock, debt obligations or other securities in a company incorporated under the companies act or under any enactment amending or substituting the said Act
  • Issue its shares, stock, debt obligations or other securities to any person resident in Belize or any company incorporated under the Companies Act.

The exemption from tax law is stated in the IBC Act Cap 270 Clause 130:

“all income of a company incorporated under this Act; all dividends or other distributions paid by the company to persons who are not resident in Belize; all interest, rent, royalties, compensations and other amounts paid by the company to persons who are not persons resident in Belize; and capital gains realized with respect to any shares, debt  obligations or other securities of a company incorporated under this Act by persons who are not persons resident in Belize, are exempt from all provisions of the Income and Business Tax Act.”

Every bank and registered service in Belize must adhere to the laws regarding the disclosing of information.  The only instance in which they are allowed to release personal or private information is when it is requested by the Belize Financial Intelligence Unit (FIU), International Financial Service Commission (IFSC) or an order of the Supreme Court.  This is only applicable when there is suspect of illicit activity.

Popularity

Belize has become popular jurisdiction for offshore company formation due to its English-based legal system. The IBC legislation was based on the British Virgin Island model. In addition, full-ranged, high-tech and international offshore banking services empower Belize as an ideal jurisdiction for offshore business, so that Belize has been experiencing a fast growth in offshore company formation. Belize IBCs enjoy a flexible corporate structure making Belize a dynamic leader globally in offshore company formation.

Benefits of a Belize Offshore Company

There are many benefits to forming an offshore company in Belize.

1. Tax Minimization

  • A Belize Offshore Company is not subject to any taxes in Belize regardless of where its income is earned.

2. Asset Protection

  • A Belize IBC can provide insulation against frivolous lawsuits separating ownership from personal individual liability.

3. Confidentiality

  • No information pertaining to the identity of directors &/or shareholders need be filed on public record. An Offshore Company’s Register of Shareholders is available for inspection only by shareholders or by order of the Belize Courts at the request of any shareholder.
  • No public filing requirements except Memorandum & Articles of Association.
  • No need for annual returns or audited accounts thereby saving fees.
  • Bearer shares may be issued.

4. Special Features

  • An offshore company can hold and maintain accounts with banks in Belize or anywhere else in the world.
  • An offshore company can hold shares in other offshore company and act as a director as well.
  • An Belize Offshore Company can be used for numerous purposes such as:
    • Maintaining offshore bank accounts
    • General commercial trading
    • Financial management
    • Holding investment securities offshore
    • Leasing of assets
    • Corporate trustee
    • Share ownership in other companies
    • Ownership of intellectual property
    • Factoring
    • Real estate ownership
    • Transfer pricing
    • Ship ownership

5. Great Flexibilities and Easy Maintenance

  • No exchange control restrictions.
  • Efficient and simple incorporation for fast reaction to instant planning needs.
  • Minimal capital requirement.
  • A offshore company may have only one director and one shareholder. Corporate director(s) are allowed. Directors need not be resident in Belize.
  • No requirements for a local director or secretary.
  • No requirements for an annual general meeting.
  • Meetings of directors &/or shareholders may be held in any country, at any time. Directors &/or shareholders may attend meeting by their proxy.

CLICK HERE TO ORDER A BELIZE IBC EXCLUSIVE PACKAGE!