Physical Presence:

This requirement will allow companies to have the main management or head office of their companies located in Belize and therefore be able to be government by the Belize domestic laws.

Physical Presence and substance works together.

 

Substance Requirements:

The substance requires varies by the type of business the company is engaged or will be offering.  The IFSC considers whether the company has substance in Belize through the physical presence level the company has and controls or through the level of its management agent services it utilizes.

 

The following substance requirements are considered:

  • Shall have 2 full time staff (1 CEO) and 1 director resident in Belize.
  • Shall maintain or keeps at all times at the office in Belize or (the registered office) its accounting and all other corporate records of the business in Belize (can be held in digital format).
  • Have audited financials prepared by reputable auditor or auditing firm.
  • Provides for all meetings of directors to be held in Belize or where the local Belize director or all directors are in attendance at all times.

 

The Company must meet, at all times, the following additional pre-defined substance requirements:

  • carry out its core income generating activities in, or from, Belize:
  • employing suitable persons to carry out the activities.
  • Having the business done in or from Belize proportionate to the core activities of the company can be administered by a Management Agent in Belize

 

 Additional requirements:

  • carry out its core income generating activities in or from Belize: this could be having the management being done from Belize.
  • Records keeping in Belize.

 

Taxation

  • Effective as from 2019, the current tax free status of Belize companies will be abolished.
  • There will be a corporate tax (the percentage and how it will be calculated with be provided by June, 2019.
  • There will be some different source types of income that will be exempted.

 

Transitional Period for existing companies
Belize company formation
issue date		 Grandfathering
On or before 16 October 2017 Grandfathered up to 30 June 2021
After 16 October 2017 Grandfathered up to 31 December 2018
Belize company License
Issue date		 Compliance due date
All Financial licenses issued December, 2019

GENERAL
Type of the company Belize – International company
Common law or civil law Common Law
Readymade company available Yes
Legislations Belize Companies Act 270 and the Financial Services Act

DIRECTORS 
Minimum number of resident Directors 1
Corporate directors permissible yes
Publicly accessible records of directors No
Location of directors meetings In Belize or from Belize
SHAREHOLDERS (MEMBERS)
Minimum number of shareholders 1
Corporate shareholders permissible Yes
Local shareholder requirement No
Location of shareholders meetings Allowed to be held by proxy
Publicly accessible records of shareholders No
BENEFICIAL OWNERS 
Publicly accessible records of beneficial owners No
Shares may be held by a nominee on behalf of beneficial owner customer Yes
COMPANY SECRETARY
Appointment of Company Secretary Yes

SHARE CAPITAL 
Standard currency USD, GBP, Euros
Permitted currencies USD, GBD Euros
Registered shares Registered Shares only
ACCOUNTS AND RETURNS
Requirement to file annual Accounts Yes, within 6 months of financial year end
Audit requirement Yes
Publicly accessible Accounts No
Requirement to file annual company return No
Requirement to file income tax return Yes
OTHER
Migration/redomiciliation of companies to or from Mauritius Yes
Double taxation treaty access Belize has an extensive double taxation avoidance treaty network with 40+ countries
Requirement registered office and  Registered Agent in Belize
Trading restrictions if duly licensed by the Belize authorities, a Belize company may carry on the business of banking, insurance, reinsurance, fund administration etc.
Powers A Belize company has the same powers as a natural person, including the right to sue and be sued. It is a separate legal entity with limited liability and has perpetual existence
Name restrictions: it is prohibited (or requires requisite license) for a Belize company name to contain words such as “Bank”, “Trust”, “Building Society”, “Insurance”, or which suggest the patronage of any Government. It is prohibited to use a name already in use.
Language of name: while normally in English, a Belize company  name can be in any language, but must be accompanied by an approved translation in English.