Belize, an English-speaking nation in the heart of Central America, is a comparative newcomer in the field of international business services. Since achieving sovereignty from Britain in 1981, Belize has been attempting to expand its economy away from the farming sector. Belize, therefore, saw the international financial services area as a window of possibility where it could attempt to gain competitive ground. Belize also receives a large income from the tourism sector.

Overview

Incorporation & obtaining license: 3-4 months

Minimum paid up capital: 57500.00 Pound

License fee: £ 920.00 + VAT

License renewal: 4200.00 Pound

Belize´s governments promote the fast and simple establishment, and its current and computerized IBC Registry is able to process an organization registration instantly.

To meet the expectations of advanced investors throughout the globe Belize now offers a full bundle of financing vehicles. Due to such enlargement of services Belize has grown a more charming place for starting a business. For the aforementioned purposes, this Central American country has grown a “one-stop shop” jurisdiction.

Money Transmission License allows IBC to offer money transfer assistance or payment devices on an international level by any means, including, although not limited to, an order, electronic, wire, fax transfer, and currency exchange. In order to get such a license, IBC has to be made accurately and to carry out any money transmission activities.

Normally, in order to function properly it is essential to have:

  • Business and registered office
  • Bank account
  • Functional Website
  • Registered relevant share capital
  • License
  • Adequate experience, eligibilities, and experience
  • One executive in the structure
  • Registered agent

Applicants need to have

Please record that the appellants shall present information regarding the following:

Experience – shareholders, and managers must fit such a position (i.e. the individual must have a history in affording expected financial services. This should be shown in the CV and information should be provable.

Company Website –must be outfitted with all important and essential knowledge that fully tells consumers about services, commodities, terms and conditions and other necessary things in order to answer the concerns of clients and conditions of the regulator. A website can be in draft version, however, most of the data should be ready and in order.

N.B.

*The capital has to be placed in a bank in Belize and managed completely paid up and perfect at all times during the operation of the licensed services and activities.

Notable features

General information

Company structure

  • Minimum 1 shareholder needed. Who can also be a legal person, no nationality or residency limitation.
  • Minimum 1 director Who can also be a legal person, no nationality or residency limitation.

N.B. It is extremely favored to have one director who is a citizen of Belize.

  • Beneficial owners’ details – Disclosed only with the court decision
  • Stockholders’ details – Not part of the public record
  • Directors’ details – Not part of the public record

Taxation

0% – Corporate income tax

Other benefits

Belize does not reveal its banking or fiscal data. However, Belizean banks are FATCA compliant

The meetings of the managers and the stockholders don’t need to be held in Belize; further, there is no provision for an Annual General Meeting. All meetings can be held outside of Belize, by electronic media. Alternatively, managers and shareholders may vote by proxy

For joining a company and getting a license there is no necessity to travel to Belize or have an interview

Accounting conditions – 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 the suggested resident director)

Company name

  • Language: Any
  • Letters: From the Roman alphabet
  • The organization name needs to end with such suffixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima or Aktiengesellschaft.
  • Titles Requiring Approval 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 contacts for company name: name of state, federal or local government.
  • Any name that indicates illicit activity or indicates royal or administration patronage is restricted.
  • The registrar may refuse any name which it deems objectionable or opposite to the public interest.
  • The organization name is limited to be identical or similar that of an existing corporation.

In the case when a foreign language is used for the business name the translation may be required by Registrar to guarantee conformity to above-listed restrictions.

Procedure

In order to get a license, the following measures will be carried out:

  • Gathering and development of all of the records, including those of due attention.
  • Belize business delegation with paid-up capital of $75.000. This requires a particular company with over 50 000 shares.
  • Preparation of anti-money laundering methods and custom tailored business plan.
  • Submission of the due diligence records and other relevant reports to the IFSC to start the process of application.
  • Account opening in a local Bank for providing paid-up capital demands. This involves the development and submission of all the bank forms, corporate documents, and due diligence documents.
  • Ad-hoc support and preparation of minor documents needed during the process.
  • Support with Transferring of funds at a local Bank account in order to meet the capital requirement for the IFSC.
  • Submission of the letter from the local Bank to the IFSC that property provisions are fulfilled.
  • Receipt of license from the IFSC and delivery of reports to the Client.
  • Support with the opening of a corporate statement for further operational needs of the Company.
  • Finalizing bank account opening and delivery of reports to the Client.
Documents

In order to receive License, kindly present the following documents:

For a local bank:

  • Each advantageous owner, shareholder, administrator, authorized signatory
  • A notarized copy of valid passport (2 sets)
  • Attested (stamped and/or signed) copy of verification of residential address ( not older than 3 months) in English or translated into English (2 sets)
  • Attested (stamped and/or signed) copy of a Letter of Recommendation form Bank, stating that the approved person has a separate account and that it is in good standing

For local administrative authority:

  • Each beneficial owner, shareholder, administrator, authorized signatory, and manager must provide
  • CV
  • A notarized copy of valid passport (2 sets)
  • notarized or attested copy of proof of residential address(not older than 3 months) in English or translated into English (2 sets)
  • stamped and/or signed bank recommendation letter
  • Professional letter from lawyer/auditor/ notary
  • A notarized copy of an educational eligibility
  • Signed and notarized application forms
  • Link to company’s website

N.B.

  • If documents are not in English language or language of a particular country, then they need to be brought by a notarized translation.
  • Please guarantee that notarization is in the English language if not then kindly present with notarized English translation.
  • Additional papers may be asked by the regulatory authority or local Bank at any point to certify specific information