The Belize IBC is formed under the BIBC (Belize International Business Companies) Act. This legislation was first adopted in 1990. It was then further extended and amended in 2000. It was again revised in 2011. Belize IBC is one of the most modern and user-friendly offshore corporation legislations available today internationally.
A Belize IBC is perfect for corporate international financial transactions. The laws of Belize allow easy and fast incorporation. Its modern and computerised registry processes a company registration within an hour. A Belize IBC also allows the offshore investors to engage in a wide diversity of activities with regard to asset protection, opening bank accounts and many other commercial transactions internationally.
Benefits of Belize IBC
Following are the benefits of why you should set up an IBC in Belize
- Belize has one of the fastest IBC registries in the world. It has a friendly set of rules. Its computerised registry allows super fast and easy incorporation of IBCs.
- Belize is a very peaceful country. It is also well-known to be a democratic and stable country. Its judiciary system always puts high priority in obstructing conflicts, facilitating foreign people with a quality environment for business growth.
- Belize is also considered as a popular offshore financial centre because of its diversified economy with the offshore industry. This acts as an important role in receiving strong support from the government and the public.
- The location of Belize is such that the IBCs can get favourable conditions to access telecommunications both by sea and air.
- Belize has a wide range of extensive features that the IBCs should receive.
Key Features of Belize IBC
Following are the key insights of Belize IBC
Fast and Easy Incorporation
Belize allows you to set up an IBC in just an hour or two. As mentioned above, Belize has a computerised and effective registry process. Hence, it is among the fastest IBC registries in the world.
Belize IBC is a legal entity registered in Belize. It is considered as a separate legal person with the commercial rights and power being the same as that of a common person.
Belize is considered a tax haven for offshore companies. This is one of the most highlighted features of a Belize IBC. Belize IBC is a zero tax-entity, i.e. it is free from paying any form of taxes as long as it carries out business activities outside Belize. A Belize IBC can also gain cost advantages in the incorporation and annual fee. Companies are required to pay a fixed annual fee to the Belizean Government. This amount is significantly less than in other jurisdictions.
Those who register for a Belize IBC can also cut back from a wide range of cost factors. This is because of the following factors that a Belize IBC offers
- No requirement of minimum paid-up capital
- No requirement for the audited accounts
- No requirement for appointment of a resident director
- No need to conduct a regular annual general meeting.
- Minimum requirements to all the books and the records
- No requirement of filing annual returns of directors and shareholders
Flexible Corporate Structure
It is very important for the company to be flexible in structuring. This enables the organisation to be easily sheltered with different needs and changes. Belize IBCs are very flexible in structuring its corporate. Some of the key points are:
- Minimum of one shareholder and one director is necessary
- It is not necessary that the director and the shareholder has to be a resident of Belize
- Corporate directorship is allowed
- A Belize IBC may issue registered shares or the shares issued to bearer or both
- The Memorandum and articles can be revised by a resolution of shareholder or directors
- A wide variety of choices regarding the designation of the company are available.
Requirements of Belize IBC
A Belize IBC is allowed to conduct any kind of business activities unless prohibited by some kind of law. The IBC is required to obtain permission from relevant authorities for carrying out the licensed activities that are mentioned below
- Carrying on banking businesses
- Carrying on either insurance or reinsurance businesses
- Carrying on the businesses of providing registered offices for companies
- Carrying on trust businesses
- Carrying on the investment schemes
- Carrying on the businesses of managing and administering funds
We hope that all the above information above will give you a clear picture of a Belize IBC and why it is so advantageous to start an offshore company in Belize.
Are you ready to set up an IBC in Belize? Business Setup Worldwide is a platform to guide you through setting up an IBC in Belize. If you need any assistance, feel free to contact us! We’d be glad to assist you.