Belize is a premier offshore jurisdiction for incorporation for IBC incorporation. IBCs are formed under Belize’s International Business Companies Act. This framework is based on the old BVI laws. It is considered as one of the most friendly business legislation in the offshore-financial sector.
ADVANTAGES OF THE BELIZE IBC
» Total exemption from all local taxes
» Fast formation – typically 1-2 Business Days
» Low operating costs
» No requirement for paid up capital
» Information about corporate directors, officers, shareholders and beneficial owners is not filed with the Belize Registry and not available to the public
» Any individual and legal entity may act as shareholder, director and officer
The legal system is founded on English Common Law.
Company Law: Belize’s International Business Companies Act.
Words “Limited”, “Corporation”, “Incorporated”, “Society Anonyme” or “Sociedad Anonima” or “Aktiengesellschaft” or the abbreviations “Ltd”, “Corp”, “Inc” or “S.A.” or “A.S.” or “A.G.” must be part of the name of every Belize International Business Corporation.
The following limitations apply. The name will be rejected by the registry if it is:
» Confusingly similar to a name of the already existing Belize company (including local companies)
» Contains restricted words “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”,
“Imperial”, “Municipal”, “Royal”, “Assurance”, “Bank”, “Insurance” or “Trust”
» Suggests a patronage of the Queen or a member of the Royal Family
» Is indecent, offensive or objectionable.
A Belize IBC can be incorporated using any language.
REGISTERED AGENT & REGISTERED OFFICE
Registered office address must be located in Belize. Principal office address (business address) may be in any country.
Each company is required to have a local registered agent, authorized by the Belize International Financial Services Commission to carry on that business, and must have a registered address within Belize. NTL provides these services automatically as part of our incorporation process.
BELIZE IBC STRUCTURE
» A minimum of one shareholder and one director is required.
» Shareholder may be any individual or corporate entity of any nationality and residential country.
» Director may be any individual or corporate entity of any nationality and residential country.
» The presence of the Secretary is not required, but may be appointed if necessary.
» There is no requirement to appoint officers in specific roles. Any individual or legal entity may be appointed as a director and officer of Belize IBC.
» Laws of Belize authorize use of nominee shareholders, employees and directors. Thus, the present directors, officers and shareholders can remain anonymous. We can provide nominees, both individuals and legal entities.
PRIVACY & DATA PROTECTION
» The Belize IBC Registry is completely private. All information about the shareholders, directors and officers of IBC is stored directly at the registered agent licensed in Belize, such as NTL Corporate Services Ltd. The only documents filed with the Registrar are the Memorandum and Articles of Association.
» The register does not have access to information on directors, shareholders, etc. IBC in Belize provides complete anonymity, except in such circumstances as evidence of fraud or due to international terrorism, as well as during official investigations.
» Assets of IBC in Belize are protected from orders for confiscation or expropriation of assets and other activities of foreign governments. Any court proceedings involving offshore companies are held in camera (in private before a judge, not in a normal public courtroom).
» Register of IBC in Belize is fully closed. The only documents submitted to the registrars are Memorandum and Articles of Association of the Company.
» No need to be in Belize to manage the company. Address of the main office (actual address) may be in any country;
» Meetings of Directors may be held anywhere in the world, as well as by telephone or other electronic means;
» Reports on the international business of the company can be in any place;
» There is no need to file annual and other reports from the shareholders or directors of a business company in Belize. It is not necessary to inform the Register of Enterprises of Belize about the changes of shareholders, directors or officers.
PURPOSES & RESTRICTIONS
» Belize IBC may be organized for any lawful business purposes. Company should not conduct any business within the jurisdiction of Belize in order to be tax exempt;
» Belize IBC can hold shares in another Belize IBC;
» Belize IBC can own a vessel (s) registered in Belize;
» Belize IBC cannot own a real estate in Belize;
» Company should not conduct banking, trust, insurance and reinsurance business unless it was properly licensed.
STANDARD AUTHORIZED CAPITAL
The standard authorized capital included in our Basic Incorporation Package is USD 50,000 divided into 50,000 registered shares of USD 1.00 each. This fits the needs of most clients.
The minimum capital produced: 1 share.
Types of shares: registered, bearer (restrictions apply), with a nominal value, without par value, with voting rights, without voting rights, preference shares, redeemable.
One company may issue multiple types of shares.
All IBC’s are tax exempt. There are no taxes on dividends, income or capital distribution or wages whatsoever.
ACCOUNTING & AUDIT REQUIREMENTS
IBC must keep financial statements, which management considers being necessary to reflect the company’s financial condition.
The company must keep:
» all minutes of meetings of directors, members, committees of directors, committees of officers, committees of members;
» copies of all resolutions of the directors, members, committees of directors, committees of officers, committees of members;
» Reporting documents and minutes must be kept at the registered office of the company or any other place.
» The penalty levied on the company for violation of these requirements is $ 25 per day. If director deliberately violates these rules – he is also levied $ 25 per day.
Audit is not required.
» Completed Order Form and KYC form;
Each Beneficial Owner, Shareholder and Director must provide the following documents to complete IBC incorporation:
» A certified copy of passport or another acceptable ID document;
» A copy or original of a document proving address, such as a utility bill or bank statement;
» A copy or original of a reference letter or bank statement.
A company incorporated under this Act shall have a common seal and an imprint thereof shall be kept at the registered office of the company.
TERMS OF INCORPORATION
Registration takes about 2 business days. Apostilles take an additional one business day. Our office always has a convenient supply of shelf companies ready for immediate transfer.
DOCUMENTS PROVIDED UPON COMPANY INCORPORATION
» CERTIFITATE OF INCORPORATION
» MEMORANDUM AND ARTICLES OF ASSOCIATION
» APPOINTMENT OF THE FIRST DIRECTOR(S)
» OWNERSHIP CERTIFICATE
» MINUTES OF FIRST MEETINGS OF DIRECTORS
Belize IBC has to be renewed every calendar year (i.e. on the 1st January of every year). 31st July is the date where penalties begin to accrue and remain fixed by the law.
Annual Fees include government fees, registered agent fee and registered office fee Government Fees depend of the amount of Authorized Capital:
» Companies with an Authorized Capital up to US$ 50,000 pay the sum of US$ 100 per year.
» Companies with a share capital over US$ 50,000 pay the sum of US$ 1,000 per year.
» Companies which have some or all of their shares with no par value pay the sum of US$ 350 per year.