COUNTRY

Belize

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    BELIZE COMPANY FORMATION

    Belize is a small Central American country that is becoming an increasingly popular location for Belize company incorporation. Belize offers a favorable tax regime, a stable political environment, and a business-friendly regulatory framework that makes it an attractive destination for entrepreneurs and investors.

    For businesses that are not operating in Belize, there is no necessity to file an annual return, financial statement, or tax return.

    Belize is a little state in the Caribbean that is part of Central America. Belize shares boundaries with Mexico to the north, Guatemala to the west, and the Caribbean Sea to the east.

    The nation is a monarchy with a written constitution and is a member of the British Commonwealth of Nations. Belize’s prime minister is in charge of the country’s executive branch, and its parliament is renewed every five years.

    The legal framework is handled by the International Limited Liability Companies Act.

    KEY REQUIREMENTS FOR COMPANY INCORPORATION IN BELIZE

    Belize Incorporation Services

    TIMELINE OF BELIZE INCORPORATION SERVICES

    COMPANY INCOPORATION
    3 to 4 days
    CORPORATE BANK ACCOUNT OPENING

    3 to 4 weeks

    Directors

    One is the required minimum number of directors; it may be either a person or a company. There are no requirements for residence. The information of the directors of the company are not publicly disclosed.

    Shareholders

    A director and shareholder can be the same. 100% foreign shareholding is allowed in Bangladesh.

    Local Registered Agent

    The company must appoint a qualified registered agent in Belize. 

    Share Capital

    The members’ liability is limited to the total of their capital contributions. No minimum capital is necessary, and it might be in the form of an unpaid up basis.

    Registered Address 

    A company must choose to maintain a registered office and address in Belize.

    TYPES OF BUSINESS TYPES IN BELIZE FOR INCORPORATION

    Sole Proprietorship

    A sole proprietorship business is run by one individual. It is one of the most common company structures in Belize for startups is this one. In addition to being the owner of all company assets and profits, the sole proprietor is also responsible for all corporate liabilities and debts.

    Partnership

    A traditional form of corporate ownership that is used extensively around the world is a partnership. The partnership consists of two or more individuals who jointly own a single company.  In the beginning, the partners have a legal contract outlining all of the partnership’s connected issues, including decision-making, profits, conflict resolution, etc. 

    Limited Liability Company (LLC)

    A Limited Liability Company (LLC) is a good business structure for entrepreneurs looking to combine the advantages of a partnership and a limited company.  In this sort of business, the members are not personally responsible for the debts or liabilities of the firm. 

    International Business Company (IBC)

    According to Belizean law, a private corporation is known as an International Business Corporation (IBC). When conducting business abroad, foreign nationals most frequently employ this sort of corporation. They benefit from tax exemptions and low compliance requirements.

    Public Investment Company

    The International Business Companies Act (Part XI) also regulates public investment companies (PICs). Upon fulfilling the necessary conditions regarding its Net and Gross physical assets, listed shares, shareholder arrangements, and other requirements as defined by the relevant legislation, this structure is permitted to conduct business in Belize while benefiting from tax advantages. 

    Trust

    Belize Offshore Trust is frequently chosen because it offers the best asset protection and flexibility. The Belize Trust Act governs the formation of trusts in Belize. Asset protection, tax reduction, confidentiality (the Trust Deed is not made public), flexibility, and other benefits are key advantages of using a Belize Trust.


    DOCUMENTS REQUIRED FOR COMPANY INCORPORATION IN BELIZE

    • Articles of Incorporation
    • Certificate of Incorporation
    • Registered Agent Agreement
    • Memorandum of Association
    • Application for a business license

    PROCESS OF REGISTERING A BUSINESS IN BELIZE

    The process of registering a business in Belize typically involves the following steps:

    • Business name registration: The applicant must have a distinct name for the company, which he must first check for availability to avoid any overlaps, and then reserve with the Belize Companies Registry.
    • Preparing memorandum and articles of association: Following name reservation, the applicant must create the MOA and AOA for the company, clearly stating the business’s goals and other relevant details.
    • Submitting the documents: After preparing the necessary paperwork, it must be delivered to the Registrar in Belmopan along with the incorporation fee in order to receive approval. Everything must be verified by the appropriate authority after submission of the required paperwork and payment of the required fees, and then the Central Bank of Belize must issue approval.
    • Certificate of incorporation: The registrar will issue the certificate of incorporation following Central Bank of Belize approval, which must be displayed at the company’s registered office.
    • Appointment of Directors: The first director may be selected after receiving the Certificate of Incorporation, together with the shareholders. Officers must be chosen to run the firm once it is incorporated. Directors may also serve as these officers. After the steps listed above are finished, the relevant authorities will issue the company seal.
    • Open a corporate bank account: The applicant must open a business bank account with a suitable bank in Belize. Refer to the Belize corporate bank account opening for more information.

     

    PROS AND CONS OF INCORPORATING IN BELIZE

    PROS

    Taxation Belize incorporation services in business

    Taxation

    All local taxes, including capital gains tax, stamp duty, dividend, and income taxes, are automatically waived when using a Belize IBC.  Additionally, the entrepreneurs are exempt from paying taxes on the transfer of any kind of asset. 

    Asset protection Belize incorporation services

    Asset protection

    The Trusts Act governs Belize Trusts. The trust laws of Belize are among the world’s most effective and flexible asset protection trust regulations. A trust of this kind is typically used for an IBC.  By using a trust to hold shares in the IBC, the owner is given an additional level of legal security.

    Reduced Operating Costs Belize incorporation services

    Reduced Operating Costs

    In addition to utilizing offshore businesses, it is necessary to cut down on their operating costs. Building an offshore business in a fair tax haven nation is the right trade-off. Because of the cheap cost of labor, overhead, and real estate, operating expenses are modest.

    Quick and Simple Bank Account Opening Belize incorporation services

    Quick and Simple Bank Account Opening

    Companies from almost any country can open an offshore bank account with Belizean banks. The process of bank account opening is simple and fast.

    CONS

    Limited workforce Belize incorporation services

    Limited workforce

    Belize has a small population and a limited workforce. It can be challenging to find skilled workers in certain industries in Belize.

    Limited infrastructure Belize incorporation services in business

    Limited infrastructure

    Belize’s infrastructure is still developing, particularly in terms of transportation and telecommunications. This can make it challenging for businesses that require these services

    Political instability incorporation services

    Political instability

    Belize has experienced political instability in the past, and there is always the risk of political turmoil or unrest that could impact the Belize company formation and overall business environment in Belize.

    Reach out to us at Relin Consultants for our Belize incorporation services.

     

    FAQs

    What kinds of businesses can be registered in Belize?

    In Belize, you can register different kinds of businesses, including sole proprietorships, partnerships, LLCs, IBC Public Investment Companies, and trusts.

    Can the nominee director and shareholder set up the company in Belize?

    It is possible to form a company in Belize with a nominee director and shareholder.

    What can we do with the Belizean registered address?

    The fundamental requirement for registering a Belize offshore corporation is a local address in Belize. The address solely functions for documentation; it does not serve as a mailing address.

    When will I renew the license for my Belizean offshore business?

    Renewal requests for Belizean corporations formed between January 1 and July 31 must be submitted prior to the corporation’s anniversary.

    A company that was incorporated in Belize between August 1 and December 31 must be renewed by July 31 of the subsequent year.

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