Belize

Belize Offshore Incorporation

GENERAL

Type of Company: IBC

Political Stability: Good

Common or Civil Law: Common

Disclosure of Beneficial Owner: No

Migration of Domicile Permitted: Yes

Tax on Offshore Profits: Nil

Language of Name: Latin or other alphabets

CORPORATE REQUIREMENTS

Minimum Number of Shareholders / Members: One

Minimum Number of Directors / Managers: One

Bearer Shares Allowed: Yes

Corporate Directors / Managers Permitted: Yes

Company Secretary Required: No

Standard Authorised Capital: US$ 50k

LOCAL REQUIREMENTS

Registered Office/Agent: Yes

Company Secretary: No

Local Directors: No

Local Meetings: No

Government Register of Directors / Managers: No

Government Register of Shareholders / Members: No

ANNUAL REQUIREMENTS

Annual Return: No

Submit Accounts: No

RECURRING GOVERNEMENT COSTS

Minimum Annual Tax/Licence Fee: US$ 100

Annual Return Filing Fee: N/A

introduction

Introductions

Belize (formerly British Honduras) is a scenically beautiful, independent country located on the Caribbean seaboard of Central America. It has an area of approximately 23,026 sq km, and is bounded by Mexico to the north and Guatemala to the west and south.

The administrative capital is Belmopan, but the major commercial centre is Belize City, which is located on the eastern coast close to the major international airport.

Population

The total population of Belize is around 300,000 of which some 60,000 live in Belize City. Much of the country’s population is ethnically diverse and includes descendants of the original Mayan culture and people of Caribbean, Caucasian, Chinese and East Indian descent.

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Political Structure

Belize has a long history of peace, stability and democracy. It became a British Crown Colony in 1862 and achieved complete self-rule in 1981. Belize is a member of the British Commonwealth, the United Nations and the Non-Aligned Movement. Executive authority is exercised by the Cabinet under the leadership of the Prime Minister, subject to approval by a 28 member Senate with the majority appointed on the recommendation of the Prime Minister.

There are two main political parties; both parties are committed to the economic development of the country and the encouragement of overseas investment.

Infrastructure and Economy

Belize’s unspoiled environment with cays and barrier reef make it a popular destination for eco-tourists, whilst its clear unpolluted waters are excellent for swimming, diving, fishing and other aqua sports.

The country also offers a unique mix of unspoiled woodlands, caves, rivers, mountains, waterfalls and jungle, in addition to a wealth of Mayan archaeological sites. There are also forest reserves, wildlife sanctuaries, marine resort areas and the world’s only jaguar reserve.

Major exports are sugar, bananas, citrus products, fishery products, garments and timber and wood products. The offshore finance industry is generating an increasing proportion of national income.

Language

The official and spoken language is English.

Type of Law

Common Law. Based on English Company Law.

Currency

The Belize Dollar (BZ$).

Exchange Control

Offshore activities are exempted from exchange control.

Principal Legislation

International Business Companies Act, 1990.

International Business Companies (Amendment) Act, 1995.

Limited Life Companies Act, 1999.

Company Information

Type of Company for International Trade and Investment International Business Company (IBC).

Classes of Shares Permitted

Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.

Powers of Company

A Company incorporated in Belize has the same powers as a natural person.

Suffixes to Denote Limited Liability

Limited, Corporation, Incorporation, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or the relevant abbreviations.

Registered Office Required

Yes, must be maintained in Belize at the address of a licensed management company.

Name Restrictions

Any name that has already been incorporated, or is so similar as to cause confusion. Any name which in the opinion of the Registrar is considered undesirable, obscene or offensive. Names such as royal or imperial and any name that suggests the patronage of Belize Government.

Bearer Shares Permitted

Yes

Disclosure of Beneficial Ownership to Authorities

No.

Procedure to Incorporate

Registered Agent delivers the Memorandum of Association and Articles of Association to the Registry together with the appropriate fee.

License Fees

Companies with an authorised capital up to US$ 50,000 pay the sum of US$ 100 per year.

Companies with a share capital over US$ 50,001 pay the sum of US$ 1,000 per year.

Companies, which have some or all of their shares with no par value, pay the sum of US$ 350 per year.

Shareholders

The minimum number of shareholders is one.

Company Secretary

A company secretary is not a requirement under the Act, but a secretary is normally appointed to facilitate signing obligations.

Restrictions on Trading

Cannot trade within Belize or own real estate there. Cannot undertake the business of banking, insurance, assurance or reinsurance.

Language of Name

A Belize IBC can be incorporated using any language. Chinese language incorporations with Chinese documentation are very popular.

Time to Incorporate

One day.

Shelf Companies Available

Yes.

Language of Legislation and Corporate Documents

English.

Names Requiring Consent or License

Bank, building society, savings, loans, insurance, assurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries.

Compliance Authorized Share Capital

The normal authorised share capital is US$ 50,000 divided in to shares with or without par value. The share capital may be expressed in any currency. The minimum issued capital may be one share of no par value or one share of par value.

Financial Statement Requirements

Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records that reflect the financial position of a company.

Double Taxation Agreement

Belize is not a party to any double tax agreements.

Directors

The minimum number of directors is one. Directors may be natural persons or bodies corporate. They can be of any nationality and need not be Belize resident.

Taxation

An International Business Company does not pay any tax on its world-wide profits to Belize authorities.

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COIstrongly recommends that each potential user of its services seek tax and legal advice before deciding on implementing a solution employing international financial structures. COI will not be liable for any damages, costs and expenses resulting from or incurred as a result of any action taken or omitted based upon any such information provided by COI.