Belize is in Central America, bounded N by Mexico, W and S by Guatemala, and E by the Caribbean Sea. It has an area of 22,966 square kilometers.
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
International Business Company (IBC).
PROCEDURE TO INCORPORATE
Registered Agent delivers the Memorandum of Association and Articles of Association to the Registry together with the appropriate fee. The incorporation will usually take three to four working days.
RESTRICTIONS ON TRADING
Cannot trade within Belize or own real estate there and cannot undertake the business of banking, insurance, assurance or reinsurance. However, the legislation does allow an IBC to carry on the following activities within Belize:
- make or maintain deposits with local banks in Belize;
- make or maintain professional contact with persons in Belize;
- prepare or maintain books and records within Belize;
- hold meetings of its directors or members within Belize;
- hold lease of property for use as an office in Belize;
- own a vessel(s) registered in Belize in accordance with the Registration of Merchant Ships Act, 1989;
- hold share(s) in another Belize IBC.
POWERS OF COMPANY
A Company incorporated in Belize has the same powers as a natural person.
LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS
Any name that has already been incorporated or it 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 which 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, Sociètè Anonyme, Sociedad Anónima, Aktiengesellschaft or the relevant abbreviations (Ltd., Corp., Inc., S.A., A.G.).
AUTHORISED SHARE CAPITAL
The normal authorised 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, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. Allow Nominee shareholder(s).
BEARER SHARES PERMITTED
Yes. (However, Bearer Shares are immobilized.)
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No. Disclosure of the beneficial owner(s) is not required; share register may be inspected only by a shareholder.
Only the Memorandum and Articles are required for public records. The registration and deregistration of Registers of Directors, Members, and Mortgages and Charges are optional.
A Belize IBC is exempt from:
- the payment of all forms of local taxation;
- the payment of stamp duties for transactions in respect of its shares, debt obligations or other securities;
- the payment of stamp duties with respect to all instruments relating in any way to its assets or activities.
TAX INFORMATION EXCHANGE AGREEMENTS
Belize has tax information exchange agreements with Australia, Belgium, The Netherlands, United Kingdom, Portugal, Sweden, Norway, Denmark, Finland, Iceland, Greenland, the Faroe Islands, France, Ireland and Mexico.
DOUBLE TAXATION AGREEMENTS
Belize has double tax agreements with the countries of the Caribbean Community (CARICOM).
LEGAL PROTECTION OF ASSETS
Assets are protected from confiscation or expropriation orders or similar actions by foreign governments.
FINANCIAL STATEMENT REQUIREMENTS
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. No filing of annual return is required.
No annual meeting is required. Any and all meetings may be held outside of Belize and may be by telephone or other electronic means.
The minimum number of directors is one. Directors may be natural persons or bodies corporate. They can be of any nationality and need not be Belize resident.
A company secretary is not a requirement under the Act, but at the option of the Company, a secretary may be appointed to facilitate signing obligations.
The minimum number of shareholders is one. Shareholders may be natural persons or bodies corporate and of any nationality.
No minimum capital is required. Shares may be issued with or without par value and in any currency as permitted by the Memorandum of Association and Articles of Association.
We have some stock of “Ready-made” companies that are immediately available for purchase and are pleased also to incorporate a company with client’s proposed name. All companies are provided with our comprehensive company kit, include the following:
* Certificate of Incorporation
* Subscriber Appointment of First Director(s)
* 1 Statutory Book
* Original & copies of Memorandum & Articles of Association
* A Corporate Seal
* A Pre-ink Stamp
* Share Certificates
Panocean Secretarial Group will be happy to provide you with a schedule of our current fees for the company set up and provision of company secretary/correspondence address/nominee services upon request.
These are only the general guidelines and they do not constitute any legal liability for inaccurate information mentioned above.
Panocean Secretarial Services Limited ©2004 Copyright. All rights reserved. It is not allowed to reproduce, transmit or re-keying the above information.