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.
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
- 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.
- 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
|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
|Compliance due date|
|All Financial licenses issued||December, 2019|
|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|
|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|
|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|
|Publicly accessible records of beneficial owners||No|
|Shares may be held by a nominee on behalf of beneficial owner customer||Yes|
|Appointment of Company Secretary||Yes|
|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|
|Publicly accessible Accounts||No|
|Requirement to file annual company return||No|
|Requirement to file income tax return||Yes|
|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.|