Company registration in Belize
Offshore company registration in Belize became possible in 1990. In this very year the country has passed the law on “International commercial companies” (“The IBC Act”). One of the statutes provides complete liberation of taxes for foreign companies that are registered in this country. Due to this fact a registered offshore company in this country turns out to be a very convenient tool for business and trade activity.
Foreign companies that are registered in this country are also completely dismissed from currency operations control. This, however, refers only to foreign companies that conduct their activities outside this country.
Advantages of registering offshore company in Belize
What are the advantages of registering an offshore in Belize? Firstly it is a flexible and friendly legislation towards foreign companies. Other advantages include:
- The cosy of registering an offshore is one of the lowest among other offshore zones;
- Complete absence of taxes;
- Total confidentiality;
- No need to provide any reporting documents;
- Opportunity to register a company without visiting the country;
- Ability to use currency without any limitations.
Currently, Belize as offshore zone is not included in FATF “black list”. FATF is an international organization that develops measures against “money laundering”. This can also be considered a serious advantage of Belize offshore.
Peculiarities of registering an offshore company in Belize
All advantages of this country as offshore zone make it one of the most fast-developing financial centers in the world. However, there are certain requirements to be followed when registering an offshore in Belize. In particular, the charter capital of the newly formed company has to be US 50,000, but this is not a firm demand but rather a recommendation. Another requirement is that the name of the registered company has to end up with the following words: Limited, Corporation, Incorporated, Societe Anonyme or with the following abbreviations Ltd, Corp., Inc., S.A.
The procedure of registering an offshore company in Belize is simple and it takes only few hours. Firstly a company name has to be checked in a register. If such company does not exist, the registration and preparation of necessary documents are performed. Afterwards the future owner of the company pays the registration fees. When the payment is confirmed, the new company is added to the general register of the companies. Ready documents can be received either in person or by post.
The offshore companies in Belize are allowed to open bank accounts and rent offices. As well the offshores can own sea crafts that are registered in Belize. Other activity is prohibited for the foreign companies in Belize. In addition, there are few other legislation peculiarities for foreign companies.
The director of the company is not required to be resident of Belize, but the company must have legal address and office in the country of registration. It is not necessary to hold director meetings in the offshore registration country and also keep protocols of such meetings. The only public documents are Establishment Charter and Memorandum of Association; all other documents are not to be revealed. In order not to get confused with all the peculiarities of registering an offshore company in Belize, please contact specialists of our company Goldblum and Partners for help. We will assist you in all aspects of registering an offshore in Belize.