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Obtain Belize Money Transmission License

Belize Money Transmission License

Money Transmission License
Belize provides possibility for financial service providers to obtain different financial licenses with local Regulator - IFSC. Belize licensed entities enjoy high level of confidentiality, tax exemption and other benefits of modern and user-friendly offshore legislation.
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Incorporation & obtaining license: 3-4 months

Minimum paid up capital: USD 75,000.00 *

License fee: USD 1,000.00

License renewal: USD 5,000.00


Overview

Belize´s laws facilitate fast and simple incorporation, and its modern and computerized IBC Registry is capable to process a company registration quickly.

To satisfy the expectations of sophisticated investors around the globe Belize now provides a full bundle of investment vehicles. Due to such expansion of services Belize has become a more attractive place for starting business. For aforementioned reasons this Central American country has become a “one stop shop” jurisdiction.

Money Transmission License enables IBC to offer money transfer service or payment instruments on international level by any means, including, but not limited to, an order, electronic, wire, facsimile transfer and currency conversion. The best known of such service providers are Western Union, PayPal, Barclays and MoneyCorp. In order to gain such license IBC has to be formed properly and to carry out any money transmission activities.

Usually, in order to operate properly it is necessary to have:

  • Company and registered office
  • Bank account
  • Website
  • Registered appropriate share capital
  • License
  • Sufficient knowledge, qualifications and experience
  • One director in the structure
  • Registered agent

Applicants shall have

Please note that the applicants shall provide information about the following:

  • Experience – shareholders and directors must fit such position (i.e. the individual must have background in providing intended financial services. This should be indicated in the CV and information should be provable.
  • Company Website –must be equipped with all necessary and required information that fully informs customers about services, products, terms and conditions and other indispensable things in order to meet the interests of customers and requirements of regulator. Website can be in draft version but most of the information should be ready and in order.

N.B.

*The capital has to be deposited in bank in Belize and maintained fully paid up and unimpaired at all times during the exercise of the licensed services and activities.

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Licensing Criteria and Procedures for Applying for Belize Money Transmission License

Notable features
Procedure
Documents Required

General information

Company structure

  • At least one shareholder (can also be a legal person, no nationality or residency restrictions)
  • At least one director (can also be a legal person, no nationality or residency restrictions)

N.B. It is highly preferable to have one director who is a resident of Belize.

Confidentiality

  • Beneficial owners' details – Disclosed only with court decision
  • Shareholders' details – Not part of public record
  • Directors' details – Not part of public record

Taxation

  • 0% - Corporate income tax

Other benefits

  • Belize tends not to disclose its banking or fiscal information. However, Belizean banks are FATCA compliant
  • The meetings of the directors and the shareholders need not be held in Belize; also, there is no requirement for an Annual General Meeting. All meetings may be held outside of Belize, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy
  • For incorporating a company and obtaining a license there is no requirement to travel to Belize or have an interview

Accounting requirements - In Belize, financial service providers have obligations to submit quarterly financial statements, annual confirmation statement and an audited financial statement

Secretary - The secretary is considered to be the local registered agent

Registered Agent - Required

Registered office - Not Required

Local employees - Not Required (apart from suggested resident director)

Company name

  • Language: Any
  • Letters: From Roman alphabet
  • Company name must end with such sufixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima or Aktiengesellschaft.
  • Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered.

N.B.

  • Restricted connections for company name: name of state, national or local government.
  • Any name that implies illegal activity or implies royal or government patronage is restricted.
  • Registrar may reject any name which it considers undesirable or contrary to the public interest.
  • Company name is restricted to be identical or similar that of an existing company.
  • In case when foreign language is used for company name the translation may be asked by Registrar to ensure conformity to above listed restrictions.

In order to obtain a license, the following steps will be carried out:

  • Gathering and preparation of all of the documents, including those of due diligence.
  • Belize company registration with paid up capital of $75.000. This requires a specific company with over 50 000 shares.
  • Preparation of anti-money laundering procedures and custom tailored business plan.
  • Submission of the due diligence documents and other related documents to the IFSC to start the process of application.
  • Account opening in a local Bank for satisfying paid up capital requirements. This includes preparation and submission of all the bank forms, corporate documents and due diligence documents.
  • Ad-hoc support and provision of minor documents required during the process.
  • Assistance with Depositing of funds at a local Bank account in order to satisfy capital requirement for the IFSC.
  • Submission of the letter from the local Bank to the IFSC that capital requirements are fulfilled.
  • Receipt of license from the IFSC and delivery of documents to the Client.
  • Assistance with opening of a corporate account for further operational needs of the Company.
  • Finalizing bank account opening and delivery of documents to the Client.

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.

For that reason, please provide us with the following documents.

For a local bank:

(Each beneficial owner, shareholder, director, authorised signatory)

  • A notarized copy of valid passport (2 sets)
  • Attested (stamped and/or signed) copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English (2 sets)
  • Attested (stamped and/or signed) copy of a Letter of Reference form Bank, saying that the authorized person has a private account and that it is in good standing

For local regulatory authority:

(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)

  • CV
  • A notarized copy of valid passport (2 sets)
  • Notarised or attested (stamped and/or signed) copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English (2 sets)
  • Attested (stamped and/or signed) bank reference letter
  • Professional letter from lawyer/auditor/ notary
  • A notarized copy of an educational qualification
  • Signed and notarized application forms
  • Link to company’s website

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.
  • Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.