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:
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.
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
2. Asset Protection
3. Confidentiality
4. Special Features
5. Great Flexibilities and Easy Maintenance