Effective 1 January, 2019

Over the past year the administration of Belizean entities has become significantly more demanding, driven in particular by New Legislations and compliance frameworks, and evolving worldwide regulatory requirements. We are therefore expanding the services we offer in the interest of making the transition under the new legislation as seamless as possible without increasing present fees. We will inform and advise on the new requirements for entities where we provide fiduciary and other services. These are explained in more detail below.

 

NEW LEGISLATIONS

You may have been aware that the Belize Government has enacted a number of pieces of legislations that will affect the administration of Belize entities and place additional obligations on both Directors and Registered Agent.

The legislation addresses international concerns with respect to entities having economic substance. Since the authorities are still working on putting in place the underlying procedures, requirements and deadlines we are not able to provide those details at this time. As soon as all the necessary underlying procedures are finalized, we will inform you.

 

Additional Services

Advisory/ consultancy services – New Legislation

To afford each entity clarity in becoming compliant with the new legislation there will be a one-time nominal fees for advisory services for those that require it.

Tax Legislation

As of January 1, 2019 the tax legislations comes in force, all IBC that were incorporated as of October 2017 is required to be compliant.

 

Physical Presence

All companies with Financial Licenses issued in Belize will be required as of January 1, 2020 to comply with the physical presence rule. We will be informing further on this in a follow-up newsletter.

 

Holdings Companies for IP (Intellectual Property) and other Assets

The guidelines for these entities are still being worked on by the authorities. We will advise in follow-up newsletter once it is available

 

Fee Increases

CILTrust International will introduce advisory, consultancy, compliance and some related auxiliary fees. The fees will be for:

  • Advising on new legislations generally and individually.
  • Providing services to make entities compliant
  • Physical presence services office space, utility etc.
  • Tax ID for entities
  • Doing Domestic business in Belize.

Please continue to request a quote from us for any additional auxiliary services and we will provide you with a specific cost.

 

We will speak to you individually about these changes if we provide these services to your entity/ies, but please note that all entities will be required to become compliant.