Create an Offshore Company in Belize

Our company formation experts in Belize can help you open a company here and better understand the requirements for this to happen.

What types of companies can I incorporate in Belize?

The following legal structures are available (since the Belize Companies Act 2022, new IBCs can no longer be formed; former IBCs were re-registered as companies under that Act):

• Private company;
• International Business Company (IBC);
• Limited life company;
• Public investment company;
• Joint venture and cooperative;
• Limited liability partnership.

Why is the IBC a popular business form?

The following advantages were worth noting (under the former IBC regime; the IBC tax exemption was abolished in 2019-2021 and the IBC Act was repealed by the Belize Companies Act 2022):

• No taxes;
• There are no nationality restrictions for investors; entrepreneurs from any country worldwide can open an International Business Company in Belize;
• The founders can use company names in foreign languages;
• Non-residents can act as directors (see below for details);
• The company is subject to low registration and annual fees;
• The incorporation is prompt and efficient, as overseen by the Belize Companies and Corporate Affairs Registry (BCCAR).

What steps must I follow to open a company in Belize?

The process can be divided into seven main steps, as listed below by our team:

1. Receive the name proposals from the client and check their availability for use;
2. Reserve the chosen company name;
3. Perform due diligence (this stage also includes a customer verification process known as “know your customer” or KYC);
4. Fill in the company incorporation application form;
5. File the incorporation documents (if the payment is confirmed);
6. Receive the corporate documents;
7. Handle the required post-incorporation documents, such as opening a corporate bank account in Belize.

What documents are required for setting up a company in Belize?

The list of documents required when the founder/director/beneficial owner is a natural person includes:

• Certified passport copy;
• Address (proof thereof no older than 3 months);
• Bank reference letter (also no older than 3 months);
• The signed CV;
• Statement concerning the source of the funds used for company creation.

When the founder of the business is another company (corporate shareholder), the following are required:

• The legal entity’s certificate of incorporation (issued by the foreign trade register in the country in which it is registered);
• The company’s memorandum and articles of association;
• A list of directors and shareholders, along with the authorized signatories
• The company’s certificate of good standing;
• Other documents, as may be required, to perform the due diligence/know your client verification.

The documents listed above for natural persons/corporations are to be certified by a notary public (or lawyer/accountants as may be the case). Translations into English are to be provided when the original documents are not issued in English. Our team can give you more details.

What are the mandatory conditions for registering a company in Belize?

Several key aspects are in place in terms of the company’s registered office, shareholding and corporate management structure requirements. We list these below:

• The company must have a registered office address based in Belize (official documents will be sent to this address);
• Only one shareholder and one director are required;
• The company is not required to have a resident director and/or shareholder;
• There is no public access to the details of the shareholders and directors;
• There is no requirement to schedule the company director’s meetings in Belize, these can take place in any location.

Companies are subject to the Economic Substance Act. An exemption is the IBC controlled or managed outside of Belize, and which does not have the tax resident status.

Belize companies that do not qualify for an exemption from the Economic Substance Act are required to:

• Have employees in Belize.
• Maintain a substantial economic presence in the country and engage in Core Income Generating Activities (CIGA);
• Have an amount of annual operating expenditure in Belize;
• Maintain a physical office (one or more);

We invite you to watch the following video about the creation of an offshore company in Belize:

What is the estimated incorporation time?

You can expect approximately 2 weeks, provided that all the documents are provided in the requested form. The submission of incomplete or incorrect documents is one of the foremost causes of delay in company registration matters.

How much does it cost to start a company in Belize?

Our team can help you open a Belize company for a fee starting from $2,500 (excluding government fees).

The standard authorized share capital for the company is USD 50,000 (and the share capital can be expressed in any currency).

Please keep in mind that incorporation packages can be tailored to meet specific requirements.

What rules must I follow for taxation and reporting?

Belize companies (including former IBCs) are subject to the Income and Business Tax Act; those that engage in economic activities within Belize are subject to the income tax and stamp duty and must file income tax returns.

Companies must file an annual return with the BCCAR (by 30 June) and submit financial statements with their annual tax return to the Belize Tax Service; moreover, companies are expected to keep accurate accounting records.

You can contact us if you need professional and efficient assistance in order to open an offshore company in Belize.