Belize: A Haven For Company Registration

Belize is a popular offshore territory for registering a company due to its high reliability and reputation. The country offers many benefits, including high confidentiality, quick company registration (within 24 hours), no requirement for annual financial and tax reports, affordable prices, and strong privacy protection for shareholders, directors, and beneficial owners. Additionally, Belize has a pro-business environment, investment incentives, and diverse industries such as tourism, medical tourism, agribusiness, and light manufacturing. The registration process is straightforward and can be done through an online platform or manually. The country's stable democracy and favourable tax rates also make it an attractive option for international business owners.

High confidentiality

Belize has a number of laws in place to protect the identities of those who hold assets in the country. This includes the identities of directors and shareholders of companies, which do not appear in any public records. Belize also offers maximum privacy for offshore companies.

The personal data of company management and shareholders stored in the register of Belize companies is kept 100% confidential. There is also a special service available for those who want additional privacy.

Belize has a stable and democratic government and is an English-speaking country, which may appeal to some business owners. The country also has a favourable tax regime, with a very low corporation tax rate of 1.79% for certain commercial activities. There is also no capital gains tax.

In addition, Belize has signed 14 Double Taxation Treaties with other jurisdictions, including the UK, which simplifies interactions with tax authorities.

Quick registration

Belize is a popular offshore jurisdiction for company registration, offering maximum privacy, international banking, asset protection, wealth-building, and tax-free investment. The country has strong privacy laws, and there are no public records of directors, shareholders, or beneficial owners.

The process of registering a company in Belize is quick and straightforward, and can often be completed within 24 hours or one business day. The entire process can be completed online through the Online Business Registry System, making it convenient and accessible.

To register a company in Belize, you will need to follow these steps:

• Choose a unique company name and reserve it by registering with the Companies & Corporate Affairs Registry. This can be done online or in person at their office. The necessary documents include a valid Social Security card for all owners/partners and a $25 fee.
• Prepare and submit the required supporting documents, such as proof of identity and address for all directors and shareholders. These documents may include passports, CVs or resumes, and address proof such as a bank statement or utility bill.
• File your company registration application through a listed financial or corporate service provider. You will need to have a local registered address and agent in Belize.
• Once your application is approved, you will receive your company registration certificate and other relevant documents. This usually takes around one week.
• Open a corporate bank account with an onshore or offshore bank. This typically takes around four weeks.
• Apply for any necessary trade licenses based on the nature of your business activities. For example, a forex license is required for companies dealing with brokerage or forex services.

It is important to note that while the registration process is quick, there may be additional steps after registration, such as KYC checks and registering as a corporate employer with the Belize Social Security Board. Additionally, opening a corporate bank account and obtaining certain trade licenses can take several weeks. Therefore, it is essential to plan accordingly and allow sufficient time for the entire process.

No annual financial/tax reports

Belize is an attractive destination for foreign investors looking to establish businesses due to its lack of restrictions on foreign ownership. The country's tax laws and regulations further enhance its appeal as a business destination.

Offshore companies in Belize are not required to submit annual financial statements. This is a significant advantage for businesses, as it reduces the administrative burden and costs associated with preparing and submitting financial reports. However, it is important to note that while there is no requirement for an annual financial statement, companies must still maintain accurate financial records. These records must be kept on file for at least five years and can be audited by a government official if there is reasonable cause.

The absence of mandatory annual financial reporting in Belize offers several benefits to companies. Firstly, it allows businesses to maintain confidentiality and privacy regarding their financial performance. This can be particularly advantageous for companies that prefer to keep their financial information internal or have sensitive financial data. Secondly, it eliminates the need for companies to incur additional expenses associated with preparing and submitting annual financial statements, such as accounting fees, audit fees, and compliance costs. This can result in significant cost savings for businesses, especially those with complex financial structures or operations in multiple jurisdictions.

Additionally, the absence of mandatory annual financial reporting can streamline the business setup and maintenance process in Belize. Companies can save time and resources by not having to prepare and submit detailed financial reports, allowing them to focus on their core operations and strategic goals. This can be especially beneficial for startups, small businesses, or companies with limited resources.

It is worth noting that while Belize does not require annual financial statements, companies must still comply with other regulatory obligations. For example, companies are required to file an annual return, confirming that the company is in good standing and that there have been no changes to its directors, shareholders, or registered office. Additionally, as per the Belize Income and Business Tax Amendment 2018, if a company's income exceeds the USD 6,000,000 threshold, its financial statements must be audited.

Affordable registration, purchase and servicing

Belize is an attractive prospect for company registration due to its affordable registration, purchase, and servicing costs. The country has a simple and expedited company formation process, which can be completed in a week. The registration process is hassle-free and can be done online or at a Help Desk Centre.

The cost of registering a business in Belize is relatively affordable, with the basic incorporation package covering company formation, primary documents, government registration fees, a taxpayer identification number, and a registered agent service. The annual administration fees for this package start from $540 for a Belize LLC and $740 for a Belize BC in the second year. The premium incorporation package offers more services, including corporate shareholder and director services, and costs $1240 for a Belize LLC and $1590 for a Belize BC annually from the second year.

The cost of purchasing a company in Belize can be as low as $5,000, which Tetra Consultants recommends setting aside as paid-up capital to fund overhead expenditures and the initial deposit for a business bank account.

Servicing a company in Belize is also affordable, with the country offering a favourable business environment. Belize has no mandatory requirements for financial reporting and auditing, and companies are not required to host annual general meetings. Additionally, Belize has a strong legal system and a stable business environment, with consistent and globally recognised business laws.

Strong privacy protection

Belize has become a popular destination for company registration due to its strong privacy protection laws. The country offers maximum privacy for businesses, with the names of directors and shareholders not appearing on any public documents. Belize's laws are designed to protect the identities of those who hold assets in the country, providing a secure and confidential location for international operations.

The privacy protection in Belize extends beyond just the names of individuals. The country also keeps confidential the information of managers and members, which is not filed with the Belize Company Registrar. This ensures that the information is not accessible to the public. Additionally, there are no requirements for resident directors or shareholders, allowing companies to maintain their privacy and confidentiality.

Belize's privacy protection laws also apply to the company's physical presence in the country. While a company must maintain a registered office address and a registered agent in Belize, the manager and member are not required to have a physical address there. This means that they can reside anywhere in the world while still enjoying the benefits of privacy and confidentiality that Belize offers.

The country's privacy protection extends to the company's operations as well. There are no yearly accounting fees or annual filings required, providing an additional layer of privacy for businesses. The lack of mandatory financial reports or audits further enhances the confidentiality of operations in Belize. However, companies must keep accounting records and make them available if requested, ensuring compliance and transparency while maintaining privacy.

In summary, Belize offers robust privacy protection for companies, including confidentiality for directors, shareholders, managers, and members. The country's laws and regulations ensure that sensitive information remains secure and inaccessible to the public, making it an attractive destination for businesses seeking a discreet and protected environment for their operations.

Frequently asked questions