Offshore Company Formation in Belize
Setting up an IBC in Belize
Creating an International Business Company (IBC) in Belize comes with a multitude of advantages. Discover the ways in which your international business can prosper by setting up your IBC in Belize.
If you’ve been contemplating the establishment of a company targeting a global audience, perhaps you’ve explored the option of forming an International Business Company (IBC) in Belize instead of incorporating it in your home country. This strategic decision could potentially unlock significant benefits for your business endeavor.
Now, let’s check all Business incorporation features and all the advantages you stand to gain by selecting Belize as the central hub for your operations.
Language:
Official and spoken language: English.
Currency:
The Belize Dollar (BZ$).
Exchange control:
Offshore activities are exempted from exchange control.
Type of law:
Common Law. Based on English Company Law.
Company information:
Type of Company for International Trade and Investment: International Business Company (IBC).
Procedure to Incorporate:
Registered Agent submits the Memorandum of Association and Articles of Association to the Registry, along with the applicable fee.
Powers of company:
A company incorporated in Belize possesses the same powers as a natural person.
Language of legislation and corporate documents:
English.
Shelf companies available
Yes.
Time to incorporate
Name Restrictions:
Names that have already been incorporated or closely resemble existing names, names deemed undesirable, obscene, or offensive, and names suggesting affiliation with the Belize Government, such as royal or imperial names.
Language of name:
A Belize IBC can be incorporated using any language, and Chinese language incorporations with Chinese documentation are particularly popular.
Registered office required:
Yes, it must be maintained in Belize at the address of a licensed management company.
Names Requiring Consent or License:
Names indicating association with banking or insurance industries, including terms like bank, building society, savings, loans, insurance, assurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal, or their foreign language equivalents.
Suffixes to Denote Limited Liability:
Limited, Corporation, Incorporation, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung, or the relevant abbreviations.
Compliance
Authorised and issued share capital:
The standard authorized share capital is US$ 50,000, divided into 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.
Classes of Shares Permitted:
Registered shares of no-par value, preference shares, redeemable shares, and shares with or without voting rights.
Abolition of Bearer Shares:
Bearer shares have been abolished in Belize as per the Belize IBC Amendment Act 2017.
Taxation:
International Business Companies do not pay taxes on their global profits to Belize authorities.
Double Taxation Agreement:
Belize does not have any double tax agreements.
License Fees:
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Companies with an authorized capital up to US$ 50,000 pay US$ 200 per year.
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Companies with a share capital over US$ 50,001 pay US$ 1,000 per year.
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Companies with some or all of their shares having no par value pay US$ 350 per year.
Directors:
A minimum of one director is required, who may be a natural person or a corporate entity. Directors can be of any nationality and do not need to be Belize residents.
Company Secretary:
Although not required by the Act, a secretary is usually appointed to facilitate signing obligations.
Financial Statement Required:
While audited accounts do not need to be filed with authorities, companies are obliged to maintain financial records reflecting their financial position.
Obligatory Register of Directors:
The Belize IBC Amendment Act 2017 mandates the maintenance of a Register of Directors, which should be kept at the registered company office address.
Obligatory Register of Beneficial Owners:
The requirement involves storing Beneficial Ownership information at the Registered Office of the company, although it is not necessary to file it with the government at the Companies Registry.
Penalties:
Failure to comply with the requirement for the Register of Directors may result in a penalty of USD $25 per day of delay, while the Register of Beneficial Owners may incur a penalty of USD $500 per day of delay.
Shareholders:
No Belize residency requirement.
Shares can be issued to individuals or companies.
A minimum of one shareholder is required, and a single share worth US$1.00 can be issued to that shareholder.
Nominee shareholder services are available.
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Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.