Belize was formerly British Honduras. It is an independent commonwealth country which is located on the Caribbean seaboard of the Central America. It got its independence from Britain in 1981. The government has been very stable and peaceful. The political administration of the country lies with the Prime Minister. He decides all the policies of the Government in consultation with the various Ministers of the country. These ministers are chosen by the Prime Minister from a designated House of Representatives and an Appointed Senate.
Because of the IBC Act 1990 Belize now offers tax-free IBCs. Earlier there were quite high rates of taxes which had to be paid by resident companies and persons. This new legislation has been based on the earlier BVI legislation. While the annual Government fee is $100 in BVI the equivalent payable fee for the same is $350. It is likely that Belize will soon become a very important offshore corporate domicile.
THE BELIZE IBC
A Belize IBC has the following characteristics: Taxation – in Belize taxes are not paid by IBCs
SHAREHOLDERS
the minimum number of shareholders required is 1. Either bearer shares or registered shares may be issued. The details of the shareholders never appear in the public file but a file of details has to be maintained by the company at the registered office address in Belize. Since 1st July 2001 the certificates of the issue of bearer shares must be kept in the custody of a licensed intermediary professional. He should hold paperwork to the ultimate owner.
DIRECTORS
the minimum number of directors required is 1. Corporate directors are allowed. Public file doesn’t contain the detail of the directors.
ANNUAL REPORTING
it is not needed to file any annual returns or accounts. It is worth noting that as much as 50% of the annual Government fee can be incurred as penalty if the license fee is not paid in time.
TIMESCALE
within 72 hours incorporation can be achieved but it takes about a week for the document to come from the Belize. For immediate purchase we keep ready-made companies in stock.
LOCAL REQUIREMENTS
the company must maintain (within Belize) a registered office address. Further, a resident of Belize has to be appointed as the agent of the company.
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