Belize Offshore International Business Companies (IBCs)

Belize (previously British Honduras) is an independent democratic Commonwealth country placed on the Caribbean coast of Central America.  Since independence from Britain in 1981, it has enjoyed a stable and democratic Government.

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. Belize has become an important offshore corporate domicile.

A new company can be incorporated in Belize within 72 hours.

Local requirements
The company must maintain a registered office address in Belize and must also assign a Belize resident as registered agent.

Name and Activities restrictions
Names must end with one of the following terms – Corporation, Incorporated, Limited, Societe Anonyme or Sociedad Anonima.
Conversely, the following words and their associated activities, cannot be used – Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal or Royal.

Companies’ Directors
A minimum of one director is required and corporate directors are permitted.  Details of the directors do not appear on the public file.

Belize IBCs

Shareholding
A minimum number of one shareholder is required and either registered or bearer shares may be issued. No particulars of the shareholders become visible on the public file but upon the issue or transfer of bearer shares a professional intermediary is required to retain their physical custody; a register of shareholders must be kept at the company’s registered office address.

Taxation and Annual Reporting
IBCs pay no taxes in Belize. Additionally, no annual return or accounts need be filed, only a license fee. Penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid in due time.

Secrecy
There are no specific legal provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients classified.

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Remark:

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice.