TBA & Associates

Maintenance of Accounting Records

Outlined below are the key points regarding the updated regulations of the Accounting Records (Maintenance) Act, 2023, detailing the obligations concerning the upkeep of financial records and supporting documentation within Belize, particularly at the company’s designated office.

Every organization is mandated to maintain its accounting records within Belize, specifically at its registered office.

In cases where an organization lacks a registered office within Belize, it is required to maintain its accounting records at the office of its registered agent situated in Belize.

Should an entity not possess a registered office in Belize and fail to furnish its registered agent with requisite information, the registered agent must promptly notify the Commission in writing, and subsequently resign as the entity’s agent.

Non-compliance with these regulations will result in the entity being deregistered.

The Act stipulates the necessity of accurate and dependable accounting records for entities, comprehensively documenting all financial transactions to facilitate precise determination of financial status and the preparation of financial statements.

Accounting records must be diligently maintained and retained for a minimum of five years following the closure of accounts, conclusion of transactions, or termination of business relationships, regardless of the nature of the relationship—whether singular, periodic, or habitual.

Violation of or failure to adhere to this Act will lead to a summary conviction and imposition of fines, with the competent authority empowered to revoke the entity’s registration, incorporation, or license. Additionally, the Commission retains the right to levy administrative fines in accordance with local legislation.

Entities Subject to This Legislation

Companies that are incorporated or registered in accordance with the following statutes (a) Act No. 11 of 2022, known as the Belize Companies Act; (b) CAP.270:01, pertaining to the International Limited Liability Companies Act;

Foundations established under the provisions of CAP.24:02, which governs the International Foundations Act;

Mutual funds that are registered under CAP.268, the Mutual Funds Act, as well as any other individuals or entities duly licensed under this legislation;

International insurers registered under CAP.269, the International Insurance Act, and any other individuals or entities licensed under the same Act;

Domestic and international trusts registered under CAP.202, the Trusts Act, and the appointed trustees thereof;

Partnerships established in accordance with CAP.259, the Partnerships Act;

Limited liability partnerships registered under CAP.258, the Limited Liability Partnerships Act;

Non-governmental organizations (NGOs) registered under CAP.315, the Non-Governmental Organizations Act;

Non-profit organizations registered under Act No. 14 of 2023, referred to as the Non-Profit Organizations Act.

Our company licensing services

— What we do and do not do

Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.

TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!

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.

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