Belize is a well-known offshore jurisdiction that offers favorable conditions for doing business for non-residents. Foreigners are subject to minimal requirements, but an exhaustive list of benefits is provided. For example, company registration in Belmopan or another Belizean city will make available to business people the following benefits.
Advantages of registering a company in Belize
The decision to register an offshore in Belize can open up the following advantages:
- openness to foreign investment;
- high level of confidentiality of business activities, as well as information about beneficiaries;
- quick and easy company registration process;
- preferential tax treatment;
- a developed financial sector;
- absence of currency control.
Forms of doing business in Belize
If you decide to register a company in Belize or otherwise establish your business presence, you can do so in one of several forms:
- A limited liability company is a type of company in which the liability of the participants is limited solely to the amount of their contributions to the company. The firm is suitable for those who plan to conduct business with the country’s residents. To establish this company, one shareholder is sufficient, as well as the authorized capital of $1.
- An offshore (International Business Company, IBC) is a company that is suitable for conducting business abroad. At the same time, IBC receives tax and customs benefits, being exempt from all payments of this kind. Any person, including non-residents, can establish this type of company. Formally for the establishment of this legal entity, even a share capital of $1 is enough, but in fact, it is customary to declare a share capital of $50,000. Paying the authorized money at the time of company registration is optional.
- Trust – non-residents may establish trusts in Belize for asset protection, wealth management, and investment. Non-residents may transfer to the trust any assets that are located abroad. A non-resident must administer the trust.
- Branch office is an option available to a foreign company to start and conduct business in Belize, but without significant investment at the start. This is a simplified option to implement, which requires only a simple registration procedure. The parent company will fully bear all responsibility for the branch’s activities.
- Representation is an option that is also designed for non-resident legal entities who do not plan to conduct business in Belize but want to research local markets. Promotion of services and goods through a representative office is also possible. The foreign parent company will be responsible for all debts or liabilities incurred.
Company registration process in Belize
If you want to open a business in Belize, the process will be broken down into the following steps:
- Selection of the best form of ownership for the future company.
- Selection of a unique name for the new legal entity.
- Collection of necessary data and documents for company registration in Belize.
- Drawing up and executing the essential registration and incorporation documents.
- Filing the documents for registration, followed by entering information about the new entity into the Registry of Companies. Obtaining a certificate of incorporation of the new company in Belize.
- Registration to pay taxes and mandatory social security fees.
- Opening of corporate bank accounts.
- Obtaining a trade license (for IBCs) or other licenses may be required for certain regulated activities.
Regulatory environment and business taxation
Belize’s legislation is based on English law and provides many opportunities for foreign investors. The local legislation does not contain any restrictions for non-residents but, on the contrary, offers tax and customs benefits. It is even possible to register and conduct business here remotely. For non-residents, there are no restrictions on ownership of the real estate and other assets in this jurisdiction, except when non-residents register an IBC (such a company can not own real estate in the country). Income earned abroad is not subject to taxes, including corporate tax.
How Prifinance specialists can assist
If you are considering registering a company in Belize, Prifinance specialists are ready to properly assess and implement this decision in practice, including through the following legal services:
- develop an individual plan of registration considering the peculiarities of the business and the set business tasks;
- collect and prepare all necessary data for company registration;
- draw up and execute all registration and incorporation documents;
- assist with the registration of the registered office and employees of the company;
- undertake negotiations with representatives of local authorities and banks;
- help with solving any issues that may arise in the course of further activities of the company.
Prifinance lawyers have completed more than 11,000 company registration projects worldwide. Specialists can apply this experience to the successful launch and running of a new business project.