Belize: Land of Opportunities for Your Offshore Business

Belize is a small state of Central America located at the foot of the Yucatan Peninsula. It obtained independence from the UK in 1981. The main sources of income of this state are tourism and agriculture, although the jurisdiction receives a significant percentage of its profits from the banking and offshore industries.

Starting a business in Belize is a suitable solution for those who want to work in the US market, optimize taxation, and protect assets. Belize is one the best state for the formation of an international business company (IBC) and a limited liability company (LLC). Why is Belize so popular among business people from all over the world? The offshore industry experts from Wealth International helped us sort this out.

Benefits of Registering a Company in Belize

Belize belongs to classic offshore jurisdictions with all the expected preferences and benefits:

• There is no income tax, tax on dividends, VAT, interest tax, and royalty tax.
• There are no requirements for the residency of directors, shareholders, and beneficial owners.
• There are no requirements for submitting financial and tax reporting to the authorities.
• The register of beneficial owners is closed for viewing by third parties.
• No need for an audit.
• The legal system is based on English law.
• Belize is on the white list of offshore companies and does not appear in the FATF and OECD backlists.

What Type of Company to Choose for Registration in Belize

Belize LLC remains the most advantageous organizational and legal form for doing business, because:

• no tax liabilities taxes on international profits
• members’ liability is limited in proportion to the ownership share
• wide range of opportunities by company structure and activities
• 100% foreign ownership allowed
• it is unnecessary to have an authorized capital, which can be 1 US dollar.

Belize limited liability company (LLC) is an offshore company with a flexible structure that combines the features of a corporation and partnership. Belize LLCs are governed by the International Limited Liability Companies Law (2011), which only applies to international LLCs formed by non-residents of Belize.

Key features of an LLC in Belize:

• Unlike an IBC, an LLC is not required to apply for a TIN and provide evidence of real substance and management at the place of incorporation. Accounting can be kept in any country, and a meeting of shareholders is not a basic requirement.
• An LLC is an unattached legal entity that has not been identified as harmful under the new OECD or EU rules and regulations.
• A limited liability company in Belize can be formed by a single non-resident person without any amount of share capital.
• It is allowed to use a professional service, both for the directors and shareholders of an LLC in Belize.

Under the Belize International Limited Liability Companies Act 2011, an LLC is prohibited from:

• receive income from residents of Belize
• own real estate as a legal entity
• own shares and other securities of any local company
• issue own shares, debentures, and securities in the name of a Belize resident.

Procedure for Registering a Company in Belize

To register a business in Belize, you need to follow a few simple steps:

1. Choose a Business Structure

As we mentioned above, the most popular forms of doing business in Belize are limited liability companies and international business companies.

You can also register a free zone company in Belize. Nowadays, there are two such zones in the state – a free commercial zone and an export free zone. The first case will be optimal for warehouses, commercial offices, manufacturing, financial, insurance, and banking services. The second option is optimal for processing, manufacturing, and assembly enterprises.

An international business company will be suitable for tax planning and international investments.

2. Choose a line of Business

In Belize, almost any type of activity is allowed. To establish a banking, insurance, or reinsurance company, you will need a license.

3. Register an office

After choosing a business structure, you need to take care of the company’s legal address and register an office. The founder has to apply to the land commissioner and wait for the approval. The registered office address must be in Belize, and the business address can be in any country.

4. Create and Register a Company Name

Company name requirements are:

• uniqueness
• absence of unacceptable and offensive for the Register of Companies words
• names suggesting a patronizing attitude of the Belizean government are prohibited
• absence of the words Royal or Imperial.

The presence of the words bank, municipal, loans, building society, reinsurance, and Chamber of Commerce in the name will require a special license.

5. Submit a package of documents and receive a registration certificate

You will need the following package of documents:

• Memorandum of Association
• Articles of Association
• copy of passport
• information about shareholders and directors.

Documents are submitted to the Registrar of Companies. In addition, you need to pay the state fee. You can get a company registration certificate in Belize in 1-2 days after submitting the documents.

Also Read: Launch Your Own Branded VOD Platform in 6 Easy Steps

How to Register a Company in Belize Quickly and Safely

If you decide to start a business in Belize, the best solution is to seek the help of a professional intermediary such as International Wealth. This company has been one of the leaders in the offshore industry for many years and has extensive experience in opening companies abroad, including in Belize.

International Wealth experts will advise you on any issues, including choosing the organizational form for your business, collecting the necessary documents, opening bank accounts, obtaining licenses, and others. By asking for assistance, you will save not only your time but also avoid additional costs. In this case, the terms for registering a company in Belize will be up to 14 days.

In addition, experts will be able to help you with the maintenance of the company, including audit and accounting, annual renewal, and other issues related to its activities.