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Companies registration in Belize

Belize - a country in Central America. Until 1973 it was known as British Honduras. The country has borders with Mexico in the north and Guatemala in the west. The east coast of Belize is surrounded by Caribbean Sea. The official language is English. Capital – Belmopan. The area of the country is 23 thousand km. Population - 301 thousand people (2008).

The political structure of Belize is based on the parliamentary democracy, British Westminster system. Head of the State is the Queen of Great Britain, represented by General Governor. Executive power is exercised by the government, conducted by the Prime Minister. The leader of the party becomes the one who wins a majority in parliamentary elections, which are held every 5 years.

Belize is an agrarian country. Tourism plays a significant role for the country’s economic development (18% of GDP). The most attractive objects for tourists are monuments of ancient Mayan culture.

Offshore companies are registered as International Business Companies (IBC). IBC can’t conduct business with residents of Belize, companies are prohibited from engaging in banking or trust business, insurance or reinsurance, if the company has not obtained the appropriate license in Belize.

The company must have at least one shareholder and least one director.

IBC must have a registered office and registered agent in Belize. IBC companies are not subject to statutory audit. There are no currency control and restrictions  in the country.

In accordance with ACCOUNTING RECORDS (MAINTENANCE) ACT 2013, the company needs to preserve the accounting and financial records and other documents for at least 5 years.

Companies must provide the address of the storage of such documents to its registered agent in Belize.

The agreement regarding  Double Taxation Ttreaty the country has signed with Great Britain, Sweden, Denmark and the countries of the Caribbean Community (CARICOM).

In order to be removed from the gray list of OECD (Organisation for Economic Co-operation and Development), Belize has signed a tax information exchange agreement in 2010 with Great Britain, Australia, Belgium, Netherlands, Ireland, Italy, Finland, Norway, Sweden, Iceland, Greenland, Denmark, Faroe Islands, Mexico and Aruba.

Benefits of registering a company in Belize:

  • developed infrastructure;
  • any profit from MKK is excluded from taxation;
  • information about the directors and shareholders is confidential;
  • there are no requirements concerning the minimum amount of authorized capital;
  • quick and easy registration.

 

 

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