Belize is heaven for potential clients not just because of its tropical area and lively culture, yet also because of its stable political and financial frameworks, steady local law legal structure, and its highly connected infrastructure. Belize is a mainstream offshore jurisdiction and has probably the most adaptable corporate necessities and stable legal arrangements on the planet, making it one of the most well-known and secure offshore destinations. With low start-up costs, complete classification, and numerous layers of secrecy in a controlled and low-risk environment, it’s no big surprise that Belize is one of the pioneers of offshore business developments.
Belize instituted the Companies Act in 1990 that made the legal structure for the offshore segment, which was additionally revised in 2000 to provide added layers of flexibility and secrecy which further strengthened the business condition and made more regions of investment for global investors. From that point forward it has become one of the top destinations among the popular offshore jurisdictions for offshore business developments and spots to open an offshore bank account because of its severe classification and non-exposure laws, simplicity of systems, and prominent location.
What is the Process for Offshore Business Registration in Belize?
To proceed with offshore company formation in Belize, one has to go through the following process.
1.Get in Touch With a Business Consultant
The first step is to find and get in touch with a professional expert who is well-versed with the offshore company process and can assist you accordingly. Proceeding with the expert’s opinion turns out to be a boon as one may not be well-versed with the local proceedings at the initial stage.
2.Selection of Business Structure
The second move is to choose the right kind of business structure that you need to proceed ahead with. Generally, an International Business Company (IBC) is widely preferred by the business investors to proceed for offshore company incorporation.
3.Registering a Name
In the following stage, the incorporator should enlist the name of his/her business. This work is done at the Belize Companies Registry and typically takes a handling time of 3 hours. The title could be rejected in case of the following events:
- Same name as that of an established company.
- Obscene, offensive or questionable.
If it includes the following words “Building Society”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, “Royal”, “Assurance”, “Bank”, “Chamber of Commerce”, “Trust” or “Insurance.”
4.Document Submission and Obtaining the Approval Certificate
The next step includes submission of the required legal documents such as Articles of Association and Memorandum of Association, which again is done at the Belize Companies Registry. When the application has been looked into, a testament of joining is given inside 3 hours. However, the complete set of documents that are required to register an offshore company involves:
- Duly filled offshore application form
- Address proof of the business directors and shareholders
- Identity proof of business directors and shareholders
- Well-detailed business plan
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Passport size photos of the company directors and shareholders
5.Submission of the Documents and Obtaining the Respective Approvals
Once you are handy with the respective set of documents mentioned above, it needs to be submitted to the business consultant, who in turn will submit the same to the government authorities. After submission, it will undergo the verification process and upon the completion process, will issue the certificate of incorporation.
6.Open an Offshore Bank Account
The final step is to proceed with the opening of an offshore bank account process which will help them to carry out the financial transactions at ease. It is highly recommended to move with the opening of a bank account process at the time of company incorporation. By doing so, it will help you to clear the process at the initial stage and also get involved in Forex Trading.
Also, have a look at the Benefits of Opening an Offshore bank account in Tax Haven Countries.
Thus, you have got a gist about the incorporation of an offshore company in Belize. Noe, when it comes to the setting up of a company in practical terms, it is recommended to proceed with the opinion of business experts. Most of the business professionals prefer to proceed ahead with expert’s advice as they gain numerous benefits.
To understand the same in a better way, read our latest guide on The Core Reasons for Hiring an Offshore Business Consultant.
Any chances that you are looking to set up a business in Belize, at that point look no further as our counsellors at Business Setup Worldwide are here to help you with the drill. We give a wide range of help administrations one looks for while framing a company. On the off chance that you need to realise more on company development or company incorporation in Belize do contact us – we'd be glad to help!