Belize Offshore Jurisdiction
Reasons to choose Belize offshore jurisdiction
- English Common Law with local modifications. As in many other former British colonies, the Privy Council serves as the final court of appeal. The Caribbean Court of Justice (CCJ) is the final court of appeal.
- Parliamentary democracy; became independent from the UK in 1981.
- English is official language and Spanish is generally understood.
- Plenty of offshore banking institutions, which allow easily to maintain bank account in the same jurisdiction where your IBC registered.
- Offshore industry of Belize was developed and designed under Baron Michael Ashcroft guidance and initially IBC registry together with Bank of Belize were managed as highly successful enterprises.
- Progressive corporate legislation – absence of derelict British statutes and only real-life provisions, which made Belize to attract massive clientele for IBC services.
- Modern companies registry, capable to register IBC within 24 hours
Reasons to buy Belize offshore (Belize IBC)
- Tax exempt from local taxes: if income derived from outside of Belize
- Directors and shareholders can be residents and citizens of any country
- Meetings can be held in any country as the directors see fit
- Plenty of incorporation agents offering IBC administration services
- Low incorporation rates
- Reasonable due diligence requirements and straight-forward incorporation process
- Good alternative for Mauritius, RMI, Samoa etc
Belize as an offshore jurisdiction
Belize is an offshore jurisdiction, which emerged as an offshore financial center in 90s of 20th century and quickly became the domicile of choice for numerous international businesses. Development of Belize is closely connected with business activities of British entrepreneur and philanthropist Baron Michael Ashcroft, who started to develop bank of Belize and due to his efforts entire offshore industry of Belize was created.
Belize specialises in IBC formation, offshore banking, vessel registration and offshore trust services. For last few years, Belize is trying to bring more accountability and transparency into offshore financial industry by implementing up-to-date AML laws and ensuring commitment to the industry best practices.
Belize is an ideal jurisdiction for those looking for plain and prompt incorporation services at reasonable cost.
Belize offshore jurisdiction. General Overview
Location: Belize is located in Central America and it’s bordered by Mexico on the north and Guatemala on the west.
Time zone: CST (UTC – 6)
Language: English (official language) and 8 recognized regional languages
Personal income: Non-residents are taxed only on locally derived income (in Belize). Flat tax rate 25% applies on local income.
Corporate tax: IBC income derived outside of Belize is not taxed. Real estate in Belize taxed at 15% and telecommunication companies taxed on 24.5% (assuming Belize sourced income).
Exchange restrictions: No
Minimum authorised capital: no minimum capital and capital can be in any currency
Shareholder disclosure: no, shareholder registers are held in the registered agent office and are not available for public inspection.
Shareholder requirements: can be resident of any country; private or legal person.
Bearer shares: can be issued but shall be immobilised in the registered agent’s office.
Shareholder meetings: can be conveyed in any country.
Directors requirements: can be resident of any country; corporate entities are also allowed.
Residency requirements: no residency requirements, can be resident of any country.
Meetings: can be held anywhere.
Accounts & Returns
Annual Return: financial statement should be prepared, mirroring company’s financial position
Filing of accounts: no filing requirements,
Audit requirements: no. The location, where accounting records are being kept must be made known to the registered agent.
Held in the Companies Registry: Certificate of Incorporation, Memorandum and Articles of Associations
Held in the Registered Agent office: Minutes of the First meeting and Director’s appointment, Registers of Directors/Shareholders, Share certificates, Register of mortgages and encumbrances, Beneficial Owner Declaration and Due Diligence
Timescale for new entity: 2-3 business days
Annual fees: payable before 31st of July of subsequent year
Shelf companies: available