LICENSES IN BELIZE
We are also experienced in procuring all types of licenses required when conducting business in Belize. These include but are not limited to the following licenses in Belize:
- Trade License
- General Sales Tax Registration
- Business Tax Registration
- Central Bank Permit for Foreign Ownership of a Belize Company
- NGO Status Approval
INTERNATIONAL FINANCIAL SERVICES
Belize passed the International Financial Services Commission Act, Chapter 272, of the Laws of Belize recently, which resulted in the for creation of the International Financial Services Commission ("IFSC") which is charged with the following:
- Promoting the growth of the international financial services industry;
- Overseeing and regulating the IFS providers;
- Providing advice and consultations to the Government on the regulation of the IFS industry.
The Act also provides for the following list of international financial services:
- Formation or management of international business companies or other offshore companies
- Trust formation and management of offshore trusts and provision of trustee services
- International asset protection and management
- Money transmission services
- Payment processing services
- Trading in foreign exchange
- Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.)
- Money brokering
- Money lending and pawning
- Money exchange
- Safe custody services
- Accounting services
- Brokerage, consultancy or advisory services in any of the above services
A party wishing to carry on any of the above activities must obtain a license from the IFSC. The Act stipulates that all applications for a license must be procured with the assistance of an attorney at law or an IFSC licensee.
In order to file an application on your behalf we require the following:
- Completed Application
- Biographical affidavits for all directors
- Biographical affidavits from all shareholders and officers
- Proof of payment of an annual license fee.
- Proof of payment of paid up capital must be deposited with a local financial institution.
Please feel free to contact us for our fees in assisting with your application.
INTERNATIONAL BUSINESS COMPANIES ("IBC")
The International Business Companies Act, Chapter 270, Laws of Belize provides for the formation of international business companies. These companies
are often referred to as Belize IBCs or Belize offshore companies. These are companies that are set up to take advantage of Belize's emerging
reputation as a well regulated and international financial center.
Under the Laws of Belize, these corporations may be formed to carry on any business not prohibited by Law. The Belize IBC can do business only with non-residents of Belize but are allowed to establish an office in Belize and to access Belize Offshore banks to open and maintain USD, Euro, Canadian and/or Sterling accounts. Retirees who enter the country under the QRP Program offered by the Government of Belize can also qualify for this benefit while residing in Belize.
IBC's are 100% tax free and subject to favorable reporting and filing requirements. Meetings can be held worldwide and there is no exchange permissions required when converting funds.
Some benefits associated with the formation of a Belize IBC are as follows:
- Cost Effective
- Shareholding Confidentiality
- Exemption from Local Taxes
- Exemption from local exchange control regulations
- Dividends paid to shareholders are exempt from taxes
- No registration requirements for transfer of shares
- Formation with share capital in any foreign currency
- Ability to hold board meetings aborad
- Single or multiple share holders
- Single or multiple directors
- Confidentiality
- Limited Reporting Requirements
- Ability to utilize bearer shares
Belize IBCs are prohibited from carrying on business in Belize and from doing business with locals.
Time frame in establishing IBC - 1 - 2 Business Days