Belize (formerly British Honduras) is an independent democratic Commonwealth country located on the Caribbean seaboard of Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government. The cabinet, under the leadership of the Prime Minister directs the policy of the Government which consists of the Prime Minister and ministers chosen by him from an elected House of and Representatives and Appointed Senate.
Although there are fairly high rates of tax for resident persons and companies in Belize, it now offers tax-free IBCs by virtue of the IBC Act 1990. This legislation is modeled on the earlier British Virgin Islands legislation and as the annual Government fees are only $100, whereas the equivalent fee payable in BVI is US$300. Belize is likely to become an important offshore corporate domicile.
Language
The official language is English.
Taxation
IBCs pay no taxes in Belize.
Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.
Shareholders
A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in Belize. It should be noted that with effect from 1st July 2001, bearer share certificates must be retained in safe-keeping by a licensed professional intermediary who holds due diligence paperwork on the ultimate owner.
Annual Reporting
No annual return or accounts need be filed. It should be noted that penalty fees of up to 50% of the annual license fee will be incurred if the license fee is not paid when due.
Time Scale
Incorporation can be achieved within 72 hours but it does take approximately 1 week for documents to arrive from Belize. We do, however, keep ready-made companies in stock available for immediate purchase. Local Requirements
As a matter of local company law the company MUST maintain a registered office address within Belize and must also appoint a Belize resident as registered agent. We would generally provide these services as part of the domiciliary service fee.
