Dear Client,

Under pressure from the OECD and related international bodies, Belize has now adopted an Accounting Records (Maintenance) Act. The requirements of this law are similar to that imposed under similar pressures by recent legislation in other offshore jurisdictions, such as the BVI and Seychelles. Other offshore jurisdictions which have not yet enacted similar legislation can be expected to do so in the future.

This new legislation ensures that Belize to maintain its excellent reputation as a responsible offshore financial centre. This reputation benefits all stake holders – end users of Belize financial services, professional intermediaries and Belize Registered Agents.

The new Act that accounting records be maintained by any Belize entity (company, trust, LLC, LLP, etc) and retained for a period of not less than five years following the closure of an account, or the end of a transaction, or the termination of a business relationship, whether such relationship is a one-off, regular, or habitual relationship. The law gives three options for where the accounting records must be kept:

i) If the company has a registered office in Belize, then the records may be kept at this office. (This would be the case a Belize based company, which is also required to follow the same legislation.) OR

ii) The records may be kept at the office of its Registered Agent in Belize OR

iii) The records may be kept “at such other place within or outside Belize as may be determined by its directors or other competent persons.”

Clearly the third of these options will be the one preferred by most Belize entities associated with non-Belize clients. If this third choice is made, the law also requires the Registered Agent to have in its files the location of the accounting records and further that, if the location of these records changes, then it requires that the Registered Agent be notified of the new location of the accounting records within fourteen (14) days of their relocation.

We do not anticipate any sudden request to produce records of course, nor do we expect there to be more than a very few requests. However, where accounting information is requested by a competent Belize

authority the law requires that we be able to produce the accounting records described by the Act in a timely manner. We, as Registered Agent, are subject to a fine of a maximum of $10,000, for each occurrence, where the records are not produced. So you will understand that we respectfully request your sincere assistance in complying with this new law.

If your company does not keep sufficient accounting records, we can help you comply with this requirement by producing the accounts for your entities. For further information or assistance, please send us an email at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.

Required Action: Please complete the below form and send it to us immediately to avoid applicable penalties.

Consent Actions (Accounting Records)

Minutes (Accounting Records)

Belize Accounting Records (Maintenance) Act, 2013

Panocean Secretarial Services Limited

January, 2014