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General information Located in Central America, bordering the Caribbean Sea, between Guatemala and Mexico, Belize has a population of approximately 301,270. The official language is English, but Spanish is widely spoken. The currency used is the Belize Dollar (BZ$). The legal system used is English Common Law. Belize is a parliamentary democracy and constitutional monarchy which recognises HM Queen Elizabeth II as head of state. She is represented by a Governor General who must be a citizen of Belize. Types of company 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 must conduct its business activities outside Belize. However, Belize's legislation also allows an IBC to carry on a number of activities within Belize, under certain circumstances. Company names Names of Belize companies must end in the following: Limited, Corporation, Incorporation, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or their relevant abbreviations. Company names containing the following will require licensing: bank, building society, savings, loans, insurance, assurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal this also includes their foreign language equivalents, as well as any name in English or a foreign language that suggests an association with the banking or insurance. Furthermore, names that belong to companies that already exist in Belize, or which are very similar and may cause confusion are not allowed, also included are names which are considered undesirable, obscene or offensive. Names such as royal or imperial or any name that suggests the patronage of Belize Government are also not allowed. Restriction on activities Belize IBCs can not trade within Belize or own real estate. Also, they can not undertake banking, insurance, assurance or reinsurance activities. Approval of names & time required to incorporate a company Names can be approved within 24 hours and companies can be approved within 24 hours of the name being approved. Share capital & government license fee The standard authorised share capital is US$50.000 on which an annual government license fee of US$100 is payable. If the authorised share capital is in excess of US$50.000 then the annual government license fee is US$1.000. The share capital may be divided into different classes and can be denominated in any recognised hard currency. Bearer shares are allowed but must be held in safe custody by the registered agent, along with a note of the beneficial owners’ identities. Company officers Shareholders: minimum of one who can be a physical person or a corporate entity. Directors: minimum of one who can be a physical person or a corporate entity. The director(s) can be of any nationality. Company Secretary: This is optional and can be a physical person or corporate entity, of any nationality. Registered Office & Registered Agent A registered agent must be appointed and a registered office must be maintained within the Belize. Corporate records & public filings Belize companies must keep registers of the company officers (shareholders, directors, company secretaries) and the registered offices at the registered office. Public filing of this information is optional. A register of charges must also be kept at the registered office. The disclosure of the beneficial owner(s) is not required. A Belize company is expected to keep such accounts and records as are sufficient to explain the company’s transactions and allow the company’s position to be determined with reasonable accuracy. However, such accounts are not required to be audited or filed with the financial authorities. Corporate taxation Belize IBCs are not subject to corporate taxation in Belize. Outline Map: Source: http://www.worldatlas.com |
Jurisdictions