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November, 16 2018
November, 15 2018
Company Formation in Belize By: AGP Law Firm
What are the advantages of the formation of a company in Belize?
- Belize is located in the Caribbean on the coast of Central America, though situated on the continent. The country enjoys preferential advantages on the British market as the UK is the major partner of Belize in Europe and provides the country with generous social support financing. Belize is a country with a stable democracy.
- A company registered in Belize may be used for trading and investment activities and is fairly considered to be an effective instrument for international tax planning and optimisation.
- Belize offers a favourable tax regime, namely exemption from all local taxes and duties, including income and corporation taxes, capital gains tax, stamp duties, taxes upon the transfer of assets, taxes upon all interests, rent, royalties, etc. The company registered in Belize is not subject to any currency controls either.
- As no taxes are expected to be paid by a Belize company, there is no requirement to file and submit any financial statements or tax returns at the end of each fiscal year. A financial audit is not mandatory either.
- The company in Belize may be incorporated with at least one shareholder. The company shall have not less than one Director and may have no Secretary. Any meeting of shareholders or the Board can be held in any location in the world.
- The company established in Belize enjoys the benefits of a strict confidentiality regime with respect to its beneficial owners. Information on beneficial shareholders and directors of the company is not publicly available and may be disclosed solely on the basis of one’s own discretion. No third parties can gain access to the shareholders register. As the institute of nominal shareholders and directors is officially implemented, the most significant advantage of formation of the company in Belize is that it is impossible for third parties to find out who the real owners of the business are.
- Belize offers a quite straightforward and clear procedure for the formation of a company and reasonable incorporation and maintenance fees. The procedure on incorporation of a company usually takes 24 hours, though you should allow some time for the delivery of all required documents.
What kind of companies can be incorporated in Belize?
A Belize Offshore Company can be incorporated in the form of a Belize International Business Company (Belize IBC) or Belize Corporation. The company name must end with ‘limited”, “incorporated”, “corporation”, “sociedad anonima” or the abbreviations “Ltd.”, “Corp.” or “Inc.”. The liability of shareholders is limited to the nominal value of the shares. There are no requirements with respect to the minimal nominal value of shares. The company is allowed to issue bearer and registered shares.
What are the basic requirements for the incorporation of a company in Belize?
- The company shall have at least one shareholder and at least one Director (they may be both individuals and legal entities).
- The company shall have its registered address and the registered agent on the territory of Belize.
- The applicable legislation of Belize sets out some requirements as to the conducting of business on the territory of the country. For instance, but not exclusively, the company is not allowed to carry on commercial activities with residents of Belize, to have property rights to real estate in Belize, to provide trustee services or to act as a bank or insurance company.
- The Directors and shareholders of an offshore company in Belize should be aware of the obligation to pay a registration maintenance fee annually. The failure to pay such a fee will result in the company’s data being eliminated from the International Business Companies Registry of Belize.
With regard to the question “How to start up a business in Belize?”, our clients will definitely have a number of questions: How to start a company in Belize? How much does it cost to set up a company in Belize? What is the step-by-step procedure for offshore company formation in Belize? It should be noted that the above-mentioned information serves exclusively as a general overview of the procedure for company formation. Our company is always willing to provide you with appropriate legal and financial advice with respect to all the details. We will assist you in complying with the requirements set out by legislation and in determining the best way to set up a business in Belize and to incorporate your own company.
For assistance in incorporating a company in Cyprus, you may contact Margarita Sofokleous, head of corporate services, or Christiana Constantinou, head of client support, or you may even submit a request for Belize Company Incorporation through our online Company Formation form.
By: AGP Law Firm