Belize (formerly British Honduras) is an independent democratic Commonwealth country located on the Caribbean seaboard of Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government. The cabinet, under the leadership of the Prime Minister directs the policy of the Government which consists of the Prime Minister and ministers chosen by him from an elected House of Representatives and an appointed Senate. Although there are fairly high rates of tax for resident persons and companies in Belize, it now offers tax-free IBCs by virtue of the IBC Act 1990. This legislation is modelled on the earlier British Virgin Islands legislation and as the annual Government fees are only $100, whereas the equivalent fee payable in BVI is US$300. Belize is likely to become an important offshore corporate domicile.

FEATURES OF BELIZE IBC

Taxation
IBCs pay no taxes in Belize.

Shareholders
A minimum number of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but upon the issue or transfer of bearer shares a professional intermediary, such as ourselves, are required to retain physical custody of the bearer shares on behalf of our clients. A Register of Shareholders must be kept at the registered office address of the company in Belize.

Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.

Annual Reporting
No annual return or accounts need be filed. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid when due

Timescale
Incorporation can be achieved within 72 hours but it does take approximately 1 week for documents to arrive from Belize. We do, however, keep ready-made companies in stock available for immediate purchase.

Restrictions on Name and Activity
Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal and Royal.

Local Requirements
As a matter of local company law the company MUST maintain a registered office address within Belize and must also appoint a Belize resident as registered agent. We would generally provide these services as part of the domiciliary service fee.

Secrecy
There are no specific statutory provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.

REGISTRATION AND MAINTENANCE FEES

Registration Fee
Our registration fee together with the current year maintenance fee for a company with a share capital no more than US$50,000 is US$700 excluding delivery fee. In particular, the fee covers:
1. current year licence fee
2. current year registered agent fee
3. current year registered office fee
4. one company kit
5. our incorporation service charges.

The registration fee together with current year maintenance fee for a company with a share capital more than USD50,000 is USD1,600.

Documents to be provided by client for incorporation
1. Photocopy of passport of each of the shareholder and director
2. Residential address with proof, such as utility bills, telephone bills
3. Proposed name of the company
4. Amount of share capital (unless otherwise advised, all company will be incorporated with a standard share capital of USD50,000) and percentage of shareholding by each shareholder, if more than one shareholder

Time Frame
The whole incorporation process could be finished in 2 weeks.

Maintenance Fee
Annual maintenance cost for company with a share capital of no more than USD50,000 for second year onward is US$500 which covers annual licence fee, annual registered agent and annual registered office fees.

Annual maintenance cost for company with a share capital of more than USD50,000 for second year and thereafter is US$1,400 which covers annual licence fee, annual registered agent and annual registered office fees.

Regardless the date of incorporation, the second year annual maintenance fee is due for payment on April next year. Annual Maintenance Fee thereafter is due for payment on April each year.

Other Services (Optional)

Provision of nominee director: USD300 each/per annum
Provision of shareholder: USD200 each/per annum
Certificate of Good Standing: USD180
Certificate of Incumbency: USD180