Belize

One of the most confidential offshore jurisdictions in the world.

Doing Business in Belize

Important note: if requested, Shanda Consult and its local cooperation partners are able to fulfil all prerequisites for Belize companies that are listed in the following text and can offer the necessary services required, including bookkeeping and similar services. 

Belize is a small state in Central America with a population of approximately 310.000 people. The former colony, previously named British Honduras, was granted independence on 21 September 1981. The GDP stands at slightly over USD 4.000. The main industries of the country are the exploitation of precious woods (primarily Mahogany), agriculture and tourism (primarily from the United States).
Belize has not signed any information exchange agreements with any state and does not give out information on finance and tax related matters.

General information

Legal System

The legal system of Belize is primarily based on British Common Law.

Economy

The main branches of the economy are tourism and agriculture.

Currency

BZD (Belize-Dollar)

Language

Official Language is English.

Time Zone

GMT – 6 hours

General information about Belize Companies

Type of Company

International Business Company (IBC for offshore companies )

Company Law

International Business Act, 2000

Obligatory Requirements of Belize companies

Offshore companies must have a Registered Office and Registered Agent in Belize and cannot conduct its business activity on the territory of Belize.

Minimum capital of a Belize Company

There is no requirement to the size of the authorized share capital. Usually the authorized share capital is 50,000 USD divided into 50,000 shares of 1,00 USD each. No paid-up capital is required.

Restrictions

IBCs are not allowed to be active in the banking sector, they may not pursue insurance business activities, they may not become active as a fund or as an asset management company. IBCs have to pursue business activities outside of Belize. They are not allowed to hold property within the country and are not allowed to publicly offer their shares.

Taxation

None (for offshore companies)

Double Taxation Treaties

None (for offshore companies )

Annual tax return filing

No (for offshore companies)

Annual Financial Statements

No (for Offshore companies)

Company secretary

Not mandatory

Directors of a Belize Company

At least one. Nationality and place of residence not relevant. Can be a natural or a legal person.

Shareholders of a Belize Company

At least one, can be a natural or legal person.

Disclosure of the beneficial owner

Yes, must be documented to the agent of incorporation.  This information does not have to be forwarded to the authorities in Belize.

Directors publicly known 

No.

Shareholders publicly known

No.

Shareholders/Directors Meetings

Meetings can be held anywhere in the world.

Bearer shares

Not allowed.

No par value Shares

Yes, Belize Offshore companies can have shares with no par value. This must be stated in the M& (Memorandum and Articles of association).

Foreign Exchange Control

Not for IBCs.

Name of a Belize company

English

Language of company documents

English

Keeping of Documents of the Company

The Register of Directors and Register of Members must be kept at the company’s registered office address in Belize. The rest of the operational documents, such as Resolutions, Minutes can be kept outside of the territory of Belize.

Keeping of Accounting Records

Belize companies must maintain and keep proper bookkeeping and financial records which must reflect the real business activity of the company in a correct matter as per the recommendations of the law. There is no obligation to keep the bookkeeping records in Belize. Bookkeeping records can be kept anywhere in the world.

Duration of company formation

Registering company around 2 working days. The entire formation process takes approximately 4-7 working days.

Shelf companies

Yes

Re-domiciliation

It is possible to re-domicile foreign offshore company to Belize and also to re-domicile Belize companies to other offshore jurisdiction.

 

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