Main Advantages of Belize IBC
Minimal formation requirements
Only one Director and one Shareholder required and this may be a natural person or a corporate body. The same person (company) can be both Director and Shareholder.
Incorporation of Belize IBC takes only 2-5 working days from receipt of the documents.
As long as you qualify to be an International Buisiness Company (do not carry out business in Seychelles itself, do not owe property in Belize on the name of your company, do not perform insurance, banking or registered agency business), you're not subject to any tax or duty on income or profits. A shareholder of a Belize IBC is also not subject to any tax on his income derived from the IBC. These provisiones outlined in BELIZE INTERNATIONAL BUSINESS COMPANIES ACT, CHAPTER 270, REVISED EDITION 2000.
Belize IBC Revised Act 2000
Incorporation documents do not carry the name or identity of any shareholder. Secrecy is generally is one of the key features of the Belize International Business Company as details of the company beneficial owners, directors and shareholders are not part of public record. At registration of a new IBC, the Registrar of Companies does not require any data whatsoever on who is the actual beneficial owner of the new company. This information is only known to the licensed Registered Agent of the company and is kept in complete confidentiality.
Incorporation cost is one of the most competitive compared to other offshore jurisdictions.
Paid up capital is not required
A Seychelles IBC is not required to have any minimum paid-up capital in order to start its business operations. Any amount of authorized capital can be stated in the IBC formation documents, as per equirements of the owners.
BELIZE INTERNATIONAL BUSINESS COMPANY (”IBC“)
The IBC has proven to be the most popular product being offered by the Belize. This product can be compared advantageously with its counterparts in the BVI and other jurisdictions. The IBC is incorporated under the BELIZE INTERNATIONAL BUSINESS COMPANIES ACT, CHAPTER 270, REVISED EDITION 2000.
Why choose a Belize IBC
- No statutory requirement for details of the Director, Secretary, Shareholder and Beneficial Owners to be filed with the Registry of International Business Company of Belize.
- All details of Directors, Secretary, Shareholder and Beneficial Owner are filed with the Registered Agent only.
- No Public access to details of the Company Officers, Shareholders and Beneficial Owners even if a search for the company is conducted at the Registry
- Nil taxation in Belize
An IBC is a:
- Non tax resident in Belize.
- Is not taxed in Belize on foreign sourced income.
- Is not taxed in Belize on profits made by the IBC.
- There is no stamp duty payable upon the transfer of shares in Belize.
Fast Turnaround Time
- Same day incorporation and preparation of documents (if instructions are received within reasonable time)
- Easy Access to Courier companies such as DHL, FedEx for quick dispatch of documents.
- Favorable Time zone to process documents.
Bearer shares allowed
- Bearer shares are permissible
- Unlike the BVI there is no statutory requirement for a custodian guardian to be appointed in relation to bearer shares
Possible to open Offshore Corporate Bank account in Belize
EU Savings Tax Directive
- The European Union Savings Tax Directive is aimed at information exchange between the countries forming part of EU. This applies to EU member states and dependent territories - in regards to UK this applies to the offshore centers such as BVI, Anguilla, Turks & Caicos, Caymans, Isle of Man, Channel Islands, etc. EU Savings tax directive only applies to natural persons and not corporations. Belize is not a member of the EU.
Versatile in its use
An IBC can be used for any objects or purpose as long as it is not prohibited by the IBC Act or any other Law of Belize.
Examples of use of an IBC:
- Asset Protection
- Investment Holding Company
- Appointed as a Director, Secretary and shareholder of another IBC.
- Trading company.
- Appointed as a General Partner of a Seychelles Limited Partnership.
- Marketing Company.
- Consultancy Company and others.
Less expensive than in other jurisdictions
- Considerable cheaper in relation to Government registration fees and fees of the Registered Agent than its counterparts elsewhere
Registered Agent in the Seychelles
- Belize Licensed Corporate Services Provider
Registered Office in Seychelles
- 1 or more Directors are permissible
- Can be Corporate or Natural person Director(s)
- No requirement for Belize Resident Directors to be appointed
- Professional Director(s) may be appointed at the Client’s request)
- Optional and not mandatory
- Can be Corporate or Natural person Secretary.
- No requirement for Belize Resident Secretary to be appointed
- Professional Secretary may be appointed at the Client’s request
- 1 or more shareholders may be appointed
- Can be Corporate or Natural Person Shareholders
- No requirement for Belize Resident Shareholders
- Nominee shareholders maybe appointed at the Client’s request
Authorized share capital
- Any amount is permissible
- Standard currency is USD but any other foreign currency is permissible
Issued Share Capital
- Any amount can be issued
- All issued shares must be paid up or else it will be legally flawed and may affect voting rights
Restrictions in the use of an IBC
An IBC cannot
- Carry on business in Belize
- Own an interest in immoveable property or a lease of immoveable property situated in Belize except if it holds a lease of property to be used as office from which to communicate with members or records and books of the company are prepared and maintained
- Carry on banking as defined in the Financial Institutions Act
- Carry trust business
- Carry on business of insurance or reinsurance
- Carry on business of providing registered office for companies
Permitted use of an IBC in Belize
An IBC can however do the following acts in Belize:
- Make or maintain deposit with person carrying on business in Belize
- Retains/ hire attorney, counsel/auditor/bookkeeper, trust companies, investment advisers or other similar persons carrying on business in Belize
- Prepare and maintain books
- Hold Directors and members meetings
- Hold a lease of property for sole use as an office from which to communicate with members or where records and books of the company are prepared and maintained
- Hold shares, debt obligations or other securities in an IBC or domestic company
- Hold bonds, treasury bills & other securities issued by Government of Belize or Central Bank
- Hold shares, debt obligations and other securities in a company owned by Belize Resident, or IBC or domestic company
- Own or manage vessel registered in Belize
Possibility of re-domiciliation and continuation
- Can be re-domiciled and continued in Belize from another jurisdiction as a Belize IBC
- Can be re-domiciled and continued in a foreign jurisdiction from Belize as another entity
Non Tax Resident in Belize
- Nil taxation in Belize on foreign sourced income
- Nil taxation in Belize on profits made by the IBC
- No stamp duty payable upon the transfer of shares in Belize
- Affairs of the Company are mainly conducted by Directors’
- Shareholders’ Meeting is a requirement whenever there is a substantial disposal of the IBC’s asset (by more than 50%)
- Meetings can be conducted anywhere in the world including in Belize
- Meetings can be conducted by telephone as long as all parties are able to hear and recognize each other
It is a requirement for the IBC to maintain:
- Register of Directors
- Register of Members
- Register of share Transfers
Registers must be kept at the Registered Office of the IBC or any other place as determined by the Director
- No requirement for the IBC to file its audited account and annual returns with the Registrar of Belize International Business Companies.
- To keep the company into good standing it must be renewed with the Registry upon the company’s anniversary date.
- Late renewal will incur penalties.
- Non renewal will result in striking of the IBC from the Belize Registry’s List.
- However restoration of the company into good standing is permitted