Belize Company Formation
Benefits of a Belize International Company Formation
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Cost effective corporate solutions
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Fast and easy company formation process
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Tax free regime for Belize LLC
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Strong privacy provisions in Belize
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Possibile to open local bank account
from £995.00
Why Set Up a Belize Company?
Belize is one of the most popular offshore financial centres in the world. The number of offshore entities incorporated in this jurisdiction is good evidence of that. The up-to-date legislation coupled with competitive government fees and affordable services of local agents has made Belize offshore company formation an extremely popular service.
In Belize offshore company benefits include a zero-tax environment, closed registers, cost-effective offshore services, and well-developed, up-to-date offshore legislation. Furthermore, this type of company offers a high level of confidentiality. It only takes one or two days to incorporate a company in Belize and complete all formalities, including the application for a TIN.
Cost-effectiveness of Belize companies
The fees for Belize company incorporation and renewals are considerably more competitive when compared to jurisdictions such as the Cayman Islands or Guernsey. This accounts for Belize’s popularity for incorporating classic asset-holding LLCs or even international trade companies. A Belize offshore company with a bank account opened in an offshore bank can carry out trading activities or provide services offshore.
Glenmuir Trust can set up an offshore company in Belize in the shortest possible time and provide full assistance in all matters from name reservation, CDD process and provision of nominee services, to opening a bank account.
Taxation in Belize
From a tax perspective, it is understood that Belize is a low-tax jurisdiction. Despite the taxation of local companies, in Belize, some offshore companies and trusts enjoy a zero-tax rate on profits, capital gains and passive income. Income tax, withholding tax, capital gains tax, inheritance tax and business taxes are not applicable to LLCs, trusts and foundations.
Tax legislation amendments
In 2019, Belize changed its legislation after pressure from the OECD and European countries. Following the amendments, a Belize offshore company is not permitted to hold intellectual property. Another amendment is the obligation for an offshore company to apply for a tax identification number (TIN), establish a financial year and file an annual return. Despite the additional compliance requirements, Belize company formation has become even more attractive because of the possibility of obtaining a TIN. Banks very often require a TIN to open a bank account or on a case-by-case basis from existing account holders.
Taxation of business companies in Belize
Currently, the BC companies are subject to taxation in Belize with a nominal tax rate. The LLCs are still released from taxation in Belize as passing-through entities.
No value-added tax or Belize company tax is applicable to a Belize company.
Corporate Legislation in Belize
The Belizean legal system is largely based on English common law. This provides flexibility for corporate structuring as the jurisdiction has adopted trust law, recognises trusts, and shareholder agreements can be regulated by English law.
In Belize, the offshore formation of a limited company is regulated by the law based on the English Companies Act of 1948 model. Company legislation was also heavily influenced by the old BVI IBC model. The US LLC concept has been further incorporated into the legislation to compete with other offshore centres.
The OECD’s initiative had an extensive impact on company legislation in the recent past. In 2018, the Belizean government implemented all the necessary recommendations to modernise the regulations and ensure that they meet modern standards.
The concept of a trust in Belize was codified by the Trust Act of 1992. For a Belize offshore trust to be regulated by the laws of Belize, it must be established in the trust deed and registered with the FSC. Trust legislation has been modified and designed to protect trust assets from third-party claims. The Fraudulent Conveyance Act has been completely repealed from the legislation applicable to the Belize International Trust. This has made Belize one of the leading jurisdictions for asset protection.
The court of final appeal in Belize is the Caribbean Court of Justice.
The Company Registration in Belize Package Includes the Following Company Documents:
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Certificate of Incorporation issued by the Registrar of Companies
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Memorandum of Association stamped by the Registrar of Companies
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Articles of Association stamped by Registrar of Companies
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Resolution of appointment of first directors
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Register of directors
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Register of shareholders
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Minutes of first meeting of directors
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Share Certificate for each shareholder
** Payment Plan Also Available For New Incorporations
