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Belize is one of the most popular offshore tax havens jurisdictions. Oxford can provide you with all necessary services for the incorporation of a Belize company and provide you with nominee services so that you are able to start your business immediately.
Belize Company Formation and Its Advantages
The Belize International Business Company is formed under the IBC Act that was introduced in 1990 and is considered one of the most user friendly offshore jurisdictions.
A Belize IBC is not subject to any duty or tax either on profits or income. These provisions are provided by Article 130 of the Belize IBC Act.
Despite being immune to local taxes in Belize, the IBC holder needs to pay a fee every year to the Belize government, usually $100 a year for most IBCs. Depending on the capital authorized the right fee will have to be paid. For example, if a company capital does not go over $50,000 and has shares all having par value the fee is $100.
For those IBCs whose authorized capital does go over $50,000 with shares at par value the fee to the government is $1000. The fee is $350 for those businesses whose shares have no par value.
A Belize IBC does not have to make any reporting or to maintain any files of financial accounts. These belong to the Directors of the Company and they will decide which files to keep in order to maintain records of transactions. No information is available to the general public. The owner or the management may keep files for information purposes.
Changing the name of a Belize IBC is essential if it is in a name already used. A company cannot market itself on a similar name with another registered company where there is possibility that a customer could be deceived.
Any international business company should not relate itself to the royal family or the queen in a way that suggests patronage. This means avoiding names like ‘Municipal’, ‘Royal’, ‘Co-operative’, ‘Chamber of Commerce’ or ‘Chartered’. Also, a Belize IBC should not suggest connections with any department of the Government of Belize.
A company must be licensed in Belize to call itself a ‘trust’, ‘insurance’, ‘assurance’ and ‘bank’. In fact, the Registrar of Companies can decide that a name may be offensive or in poor meaning. They can then deny registration to such companies. A name in Roman script is essential unless a foreign script translates exactly to the name of the company.
A Belize IBC needs a name ending. Abbreviations like ‘limited’, ‘corporation’ and ‘incorporated’ are generally a good idea. Or they might be translated to ‘Society Anonyme’ and ‘Aktiengesellschaft’. These can then be shortened to ‘Ltd’, ‘Corp’, ‘Inc’, ‘S.A’, ‘A.S’ or ‘A.G’. The company can then be legally designated by the full name or by the abbreviated form.
The IBC is particularly designed to maintain confidentiality. There is a licensed Registered Agent who must keep confidential by law. At the time of the creation of a Belize IBC no record of directors, owners and shareholders is kept on file. Similarly no other records of the IBC are kept on public file.
The Registered Agent keeps the Register of Members, corporate resolutions, the Registry of Directors and minutes, all confidential. The Memorandum and Articles of Association are kept on public record. This information is not about directors or beneficial owners or controllers of the company, however.
Duty on income or tax must not be applied to a Belize IBC. This is stated in the Belize Act Article 130.