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Belize Offshore Company Overview
Belize became a British Crown Colony in 1862 and became independent
in 1981. Belize is now a parliamentary demGTAcy.
The government of Belize is fully committed to the ongoing development
of Belize as a leading offshore jurisdiction. Through regular consultations
with the private sector, the government ensures that its policies
and legislation continue to meet the needs and interests of the international
financial community in an environment which engenders trust and confidence.
The Belize International Business Company (IBC) is the most popular
form of offshore corporate structure. An IBC is formed under the International
Business Company Act 1990 and generally must conduct its trading and
business outside Belize. However, Belize's legislation also allows
an IBC to carry on a number of activities within Belize. Belize offshore
companies are used for a variety of tax planning and international
investment purposes.
» Key Corporate Features
» Belize General Information
» Belize Company Information
» Belize Compliance
» Information
Downloads
» Statutory
Information Downloads
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Type
of entity: |
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IBC |
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Type
of law: |
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Common |
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Shelf
company availability: |
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Yes |
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Our
time to establish a new company: |
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1 Day |
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Minimum
government fees (excluding taxation): |
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US$100 |
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Corporate
taxation: |
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Nil |
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Double
taxation treaty access: |
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No |
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Standard
currency: |
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US$ |
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Permitted
currencies: |
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Any |
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Minimum
paid up: |
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No minimum required |
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Usual
authorised: |
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US$50,000 |
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Minimum
number: |
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One |
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Local
required: |
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No |
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Corporate Directors Permitted |
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Yes |
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Publicly
accessible records: |
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No |
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Location
of meetings: |
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Anywhere |
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Minimum
number: |
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One |
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Publicly
accessible records: |
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No |
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Location
of meetings: |
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Anywhere |
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Required: |
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Optional |
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Local
or qualified: |
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No |
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Requirement
to prepare: |
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Yes |
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Audit
requirements: |
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No |
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Requirement
to file accounts: |
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No |
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Publicly
accessible accounts: |
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No |
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Requirement
to file annual return: |
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No |
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Change
in domicile permitted: |
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Yes |
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Belize General Information
Belize (formerly British Honduras) is a scenically beautiful, independent
country located on the Caribbean seaboard of Central America. Belize
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 of Belize 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 approximately 312,000 of which some 70,000
live in Belize City. The population of Belize is ethnically diverse
and includes descendants of the original Mayan culture and people
of Caribbean, Caucasian, Chinese and East Indian descent.
» Political Structure
Belize has a long history of peace, stability and demGTAcy. 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.
Belize is a parliamentary demGTAcy and constitutional monarchy which recognises HM Queen Elizabeth II as head of state represented by a Governor General who must be a Belizean national. The National Assemby is composed of the Senate and the House of Representatives, the Senate has 12 members and the House of Representatives comprises of 29 members, directly elected at intervals of no longer than five years. The prime minister and cabinet have executive power.
There are two main political parties; both parties are committed to the economic development of the country and the encouragement of overseas investment. The next elections are to be held in March 2008.
» 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
but Spanish is widely spoken.
» Currency
The Belize Dollar (BZ$).
» Exchange Control
Offshore activities are exempted from exchange control.
» Type of Law
Common Law. Based on English Company Law.
» Principal Corporate Legislation
International Business Companies Act, 1990, amended 2000.
Belize Company Information
» Procedure to
Incorporate
Registered Agent delivers the Memorandum of Association and Articles
of Association to the Registry together with the appropriate
fee.
Cannot trade within Belize or own real estate there. Cannot undertake the business of banking, insurance, assurance or reinsurance, company management or registered office facilities for Belizean incorporated companies.
» Powers of Company
A Company incorporated in Belize has the same powers as a natural
person.
» Language of
Legislation and Corporate Documents
English.
» Shelf Companies
Available
Yes.
» Time to Incorporate
One day.
» Name Restrictions
Any name that has already been incorporated in Belize, 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.
» Language of
Name
A Belize IBC can be incorporated using any language. Chinese language
incorporations with Chinese documentation are very popular.
» Registered
Office Required
Yes, must be maintained in Belize at the address of a licensed management
company.
» Names Requiring
Consent or Licence
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.
» Suffixes to
Denote Limited Liability
Limited, Corporation, Incorporation, Société Anonyme,
Sociedad Anónima, Gesellschaft mit beschränkter Haftung
or the relevant abbreviations.
» Disclosure
of Beneficial Ownership to Government Authorities
No.
Compliance
» Authorised and Issued Share Capital
The usual 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.
» Classes of
Shares Permitted
Registered shares, shares of no par value, preference shares, redeemable
shares and shares with or without voting rights.
» Taxation
A Belize International Business Company does not pay any tax on
its worldwide profits to Belize authorities.
» Double Taxation
Agreements
Belize is not a party to any double tax agreements.
» Licence Fees
Companies with an authorised capital up to US$50,000 pay
the sum of US$100 per year.
Companies with an authorised share capital over US$50,001 pay the sum of US$1,000
per year.
Companies with some or all of its shares of no par value, pay the sum of US$350 per year.
» Financial Statement
Required
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.
» Directors
The minimum number of directors is one. Directors may be natural
persons or bodies corporate, they may be of any nationality and
need not be Belize resident.
» Company Secretary
A company secretary is not a requirement under the Act, but a secretary
is normally appointed to facilitate signing obligations.
» Shareholders
The minimum number of shareholders is one.
Information Downloads
Statutory Information
Downloads
Access to this statutory material is provided by the International
Tax Planning Association. Access to other laws relating to international
tax planning is available to members on the Association's website,
www.itpa.org.
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| IBC
Act |
327KB |
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| Protected
Cell Companies Act |
63KB |
Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. GTA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.
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