Belize

INTRODUCTION

Belize (formerly British Honduras) is an independent democratic Commonwealth country located on the Caribbean seaboard of Central America. It is the most sparsely populated country in Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government. The cabinet, under the leadership of the Prime Minister directs the policy of the Government, which consists of the Prime Minister and ministers chosen by him from an elected House of Representatives and an appointed Senate. It has a legal system which closely follows the UK system, and British common law applies. The Queen is the Head of State. The country has its own Supreme Court and Court of Appeal. Cases may in special circumstances be appealed to the Privy Council in London. English is the official language but at least 50% of the population speak Spanish.

INTERNATIONAL BUSINESS COMPANIES

The Belize International Business Companies Act was enacted in 2000 and is modelled on the earlier British Virgin Islands legislation. In an attempt to take business from the BVI the annual Government fees were set lower at only $100, compared to US$300 in the BVI. Other than this small financial benefit there is little to choose between the jurisdictions although the BVI probably has a better reputation and Belize.

The main features of the IBC are that there is no requirement to file details of directors, shareholders, mortgages or charges. There is a requirement to maintain a registered office and an authorised and licensed registered agent in Belize and we provide this as standard.

TAXATION/FISCAL REGIME

Although there are fairly high rates of tax for resident persons and companies in Belize IBCs pay no tax so long as they do not do business within Belize. Accounts must be professionally prepared but do not need to be filed with any government agency.

IBCs pay a flat annual filing fee of US$100 upon incorporation on 1^st January thereafter. There are substantial fines for late payment.

INCORPORATION TIMESCALE/NAMES

Suffixes such as Limited, Ltd, Incorporated, Inc, SA or most others are permitted. Allowing for time differences, names can be checked and reserved instantly and incorporation takes place on the same day. Certain words are prohibited or subject to licensing requirements such as “Royal”, “Trust”, “Bank” and “Insurance”. Even using courier services it can take 10-14 days to receive documentation from the Belize. Because of this it is our practice to try and keep a number of “Stock” or “Shelf” companies available for instant transfer once we have received completed application forms and payment.

FEES FOR BELIZE IBCs

We charge £450 to incorporate a Belize IBC. This includes the first year’s registered office and registered agent fees and all government fees. Thereafter there is an annual fee (due on 1^st January each year) of US$320 again including registered office, registered agent and government fees.

We can help and advise you in respect of the opening and management of bank accounts and the provision, if required, of company officers or managers.

HOW TO ORDER

Simply call us on 01952 270270 or send an email to:

ymf@arcorporatesecretaries.co.uk

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. We do not accept any responsibility, legal or otherwise, for any error or omission. Prices are subject to change.