Time of establishment of the company
Belize is a Central American country south of Mexico and east of Guatemala. Its capital city is Belmopan, but the economic centre is Belize City, a port city close to the international airport. Belize is the only English-speaking country in Central America. Since independence from the UK (1981), the country has had a solid and democratic government. The main advantage of Belize is the speed of establishing companies (24 hours) and the confidentiality guaranteed by the state (the members of the company do not appear in the commercial register).
What to keep in mind
Belize is one of the few places considered to be a real offshore jurisdiction. It is probably one of the most flexible jurisdictions in the world and offers some advantages when setting up foreign companies. When considering setting up a company in Belize, the exotic image of this jurisdiction should be borne in mind. Commonly known as a tax haven, it can cause distrust on the part of customers, partners or suppliers. If your company’s good image is dominant, we would rather recommend other jurisdictions – Gibraltar, London or Dubai, because of their prestige. If you have any doubts as to which location is appropriate for your company, we would be happy to advise you.
Company registration procedure
Registration of the company:
- Checking in the register of companies whether the chosen name is available.
- Preparation of the articles of association and the company’s statute.
- Submission of documents to the register of companies.
There are no restrictions on the number of shareholders, however, a minimum of one shareholder is required to establish the company. Foreign shareholders and nominee service are allowed. Bearer shares are prohibited.
The function of a member of the Management Board may be performed by a natural or legal person. The Management Board manages the company’s affairs and represents it. In the case of using the nominee’s service, it is worth considering obtaining a power of attorney to represent the company, however, it is connected with the risk of a tax establishment in the country where the attorney operates.
The company must have a registered address in the territory of Belize, which will appear on the company documents and postal data of the company. It is possible to use the services of a virtual office with a dedicated telephone number.
Time to set up the company:
The time of establishing a company is about 5 days.
No minimum capital required.
Taxes and finances
Corporate income tax is 0%. No inheritance tax on inheritance of shares held by non-residents. There is also no VAT.
No accounting requirements. To avoid paying VAT on services and goods sold, you must prove that they were not produced in Belize – so keep records of your transactions.
Your company will have a multi-currency bank account with Internet access to your account, VISA or ATM MasterCard card (you can obtain several cards).
Companies in Belize may serve the role of holding companies, managing movable and immovable assets. It is therefore an ideal place to register yachts and leisure boats.
A company registered in Belize is required to extend its operations on an annual basis, which entails, for example, the payment of stamp duty and the re-establishment of the company’s bodies.
The conditions for setting up a company
The last condition is the legality of the company both in Belize and in the country in which it will operate. The creation of a foreign company should not and must not be used to legitimise illegal activities.
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