Registering a commercial firm in Belize in 2020 is a promising solution. The most common form of the enterprises is IBC.
The presence of a registered/leased office in Belize is a prerequisite for business, but officials should not be physically present at the office for the entire period of the company’s existence.
Opening a commercial firm in Belize gives freedom of action regarding trading operations. But, beneficiaries are prohibited from trading with Belizeans. Most of the activities should be carried out outside Belize.
Establishing a Belize enterprise provides an opportunity to reduce a tax rate to zero, if you plan to conduct your business outside a state.
A company can prepare these documents for such purposes as an objective assessment of internal activities, a control and as a tool for various ways to improve business activities.
A number of directors
You need at least one director. It can be both a resident/non-resident, an individual/legal entity.
To register an enterprise in Belize, you do not have to hire a secretary in the company. The government introduced amendments to the legislation on international business companies in Belize, which clear all bureaucratic obstacles.
It is enough to have one shareholder. At the same time, the legislation does not specify a restriction on their maximum number - you can have as many shareholders, as required from the point of view of the beneficiary.
The authorized and issued share capital of the company also has no restrictions.
A jurisdiction suffers from the departure of correspondent banks from the market arena. So, out of 31 banking institutions, 22 banks left the financial arena. This caused serious alarm among the government.
The reason for the completion of the game on financial territory by correspondent banks is simple - a Financial Action Task Force tightened a regulation to increase a resistance against a tax avoidance.
For example, among requirements of the Financial Action Task Force for a local bank, there is a mandatory presence of a registered capital of 2 billion US dollars, and a capitalization of 3 billion US dollars. According to the Financial Action Task Force, local banks will not be able to cope with financial risks. The government is not satisfied with these requirements, as most local banks have a small income.
Due to demands put forward by the Financial Action Task Force, the central institution of Central Bank of Belize has taken a number of such measures to help maintain a stable banking sector and a financial system.
According to the International Monetary Fund, if a player of the Financial Action Task Force continues the policy of tightening requirements in Belize, this will negatively affect the entire financial system. And while no one undertakes to predict prospects for the development of this sphere.
If you are interested in the subject matter of this article, request for advice with YB Case. Our experts will provide assistance in registering companies in Belize and other world jurisdictions.