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Business advantages of Belize offshore jurisdiction

May 02, 2017

What is an offshore company? We have already analyzed reasons to go offshore in 2017, and now the time has come to analyze Belize company formation process.

This Central America country is considered as one of the most favorable for international business.

Most common company structure in this jurisdiction is an IBC (international business company). It is regulated by 1990 and 2000 government acts that one by one have created a friendly environment for offshore companies. This act is not only useful for entrepreneurs who incorporate business in Belize but also for investors, domestic business and banks.

Except for traditional IBCs, Belize is a jurisdiction where you can easily operate limited partnership, banking business, trust or mutual fund, international insurance company, online gaming, Belize shipping company and others. Everything is under the law and most types of offshore entrepreneurships are tax exempt.

What are basic advantages of starting a business in Belize?

Like another popular offshore jurisdiction, formation process is fairly simple. Number of directors and shareholders can vary from one to unlimited number. You can also use consultant services that know how to set up a company in Belize and can give you any recommendations or assistance. For example, business is required to have a registered office in this country but headquarters are not obliged to be present there on a regular basis. Operating language in Belize is English due to the fact that it is a former UK colony. You also do not need to file financial reports as you are not obliged to pay internal taxes.

Trading rules in Belize offshore jurisdiction are also very close to standard.

You do not have right to do business with domestic companies: this trading is not permitted due to international business tax rules. You have to choose: use international company exempts from capital gains, asset transfer and stamp duty taxes or having the ability to trade with local companies and individuals. If you are an owner of more than one business in different countries, it is important to check international tax agreements. There are countries that blacklisted Belize as a tax haven and just file you with double taxation for every business including Belize offshore company that is not so offshore anymore.

How to open a bank account in Belize and what are the requirements?

Central Bank of Belize, which was established according to the Central Bank act is the main governmental bank in this jurisdiction. Also, main legislation documents in this branch are Offshore Banking act, Money Laundering act and a basic Bank and Financial Institutions act.

When you start doing business in Belize, there are no requirements for the share capital or minimal shares number. However, banks demand for you to keep not less than USD 1,000 or equivalent in another currency on your account. There is a wide range of currencies you can choose while you open account during Belize company incorporation.

What are the documents you need to submit while opening the account?

Standard list is a certified passport copy, bank reference and professional reference. Two last are required to know your banking history and make sure that your professional activities are suitable for this jurisdiction. Company formation process in Belize requires statutory documents to be submitted while opening bank account. These include memorandums, registration certificate, directors and shareholders list and other applicable documents, licenses and certifications.

Belize offshore company formation is close to standard but there are moments you should consider.

Do not forget to analyze all your existing business, check if your domestic country is supporting this jurisdiction; decide whether you want to do online or offline business; make choice on doing internal trades with Belize companies and other. Professional consultant might help you to systemize and sort out your thoughts, plans and abilities. OffshoreLicense Ltd is a company that will explain you how to start a company in Belize and will lead you through all required steps easily and effectively. Doing business requires time and effort; and we are ready to assist you with all organization matters.

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