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Belize International Business Company

Belize - IBC

Synopsis

Belize IBC SetupAn International Business Company (IBC) – is the most popular type of offshore corporation, used worldwide for tax planning and asset protection purposes.
A Belize IBC is formed under the Belize International Business Act which is considered internationally as one of the most modern and user- friendly offshore legislations. As with many offshore jurisdictions, a Belize IBC is exempt from tax in its home jurisdiction and has extensive features protecting the confidentiality of its owners.

A Belize IBC is a perfect corporate vehicle for international transactions, being specially designed with the offshore investor in mind.
Belize’s laws facilitate fast and simple incorporation, and its modern and computerized IBC Registry is capable of processing a company registration within hours.

Documents Required

  • Free from any tax in Belize, with only few simple pre-conditions
  • Free from any reporting requirements
  • Outstanding record of peace, democracy and stability
  • Member of the British Commonwealth, United Nations and the Non Aligned- Movement
  • Legal and judiciary system of Belize is based on the English Common Law
  • The country has not been involved in any conflicts or civil disturbances, unlike some other countries in the region
  • Client confidentiality is robustly enshrined in the Belizean corporate and business legislation
  • Considered by many the most secure and confidential offshore jurisdiction
  • Diversified national economy but with the offshore services industry contributing significantly to the country’s earnings garnering wide support among government and the general public to further develop Belize as a premier offshore financial centre.
  • Only country in Central and South Africa having English as the official language

A BVI IBC

A BVI IBC has the following characteristics:

Shareholders: A minimum of one shareholder is required and we issue shares in registered form only. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in BVI. Corporate shareholders are permitted.

Directors: A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.

Officers/Secretary: A company secretary is not a requirement under the Act, but a secretary is normally appointed to facilitate signing obligations.

Restrictions on Name and Activity: Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.

The following words and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

Local Requirements: As a matter of local company law the company MUST maintain a registered office address within BVI and must also appoint a BVI resident as registered agent. We would generally provide these services as part of the domiciliary service fee.

Timescale: Incorporation can be achieved within 24 hours. However, it does take approximately 1 week for legalization of documents in Belize. We do keep ready-made companies in stock available for immediate purchase.

Annual Reporting: Belize International Business Companies are obliged to prepare but not file any financial accounts. Only such records must be kept as Directors deem necessary in order to adequately keep track of the Company’s transactions, for the information purposes of its owners and management. Financial records do not have to be kept in Belize and the location for keeping such records can be determined by the owners of the IBC.

Taxation:A Belize International Business Company is not subject to any tax or duty on income or profits.
A Belize International Business Company is not subject to any tax or duty on income or profits. Belize cos are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.

Confidentiality: Confidentiality is one of the key benefits of the Belize International Business Company. At registration, no information whatsoever is filed on the public record on the company beneficial owners, directors and shareholders. This information remains only known to the licensed Registered Agent, who is bound by the law to keep it completely confidential.
The only documents of the Belize IBC held on public records are the Memorandum and the Articles of Association.

Company Renewals: Renewal of company, falls every 1st of January. Failure to do so results in penalties and could result in the striking-off of the company from the Company Registry.
Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.

Documents Required:
KYC Documents for individual Director/Shareholder

  • Passport copy
  • Proof of address (dated less than 3 months)
  • Bank reference (dated less than 3 months with satisfactory record clearly mentioned and also the time period the client has been dealing with the bank: minimum of 2 yrs)
  • Detailed CV
  • Professional reference

KYC for Corporate Director/Shareholder

  • Certificate of Incorporation
  • Registered address and place of business
  • Certificate of Current Standing if incorporated more than 1 year
  • Register of Directors
  • Register of Shareholders
  • Memorandum & Articles of Association

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.