Belize is one of the most popular and prestigious locations that gets counted when it comes to offshore business. Over the years, Belize has established itself as one of the most populous tax-haven jurisdictions used by global investors as a tax-saving tool.
Incorporating an offshore company in Belize has been one of the demanded offshore requirements by offshore business investors to plan up their taxes and manage their assets and wealth effectively.
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 secrecy layers in a controlled and low-risk environment, it’s no big surprise that Belize is one of the pioneers of offshore business developments. If you want to set up a business in Belize, then this treatise will turn out to be helpful.
Offshore Business in Belize
The offshore company set up in Belize follows the Belize International Business Companies Act of 1990. An IBC is one of the highly opted business structures by the business investors to carry out the business activities.
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.
Business Structure in Belize
While incorporating a business entity, it is important to understand that a business structure has to be defined, based on the shareholders' availability and the total paid-up capital available.
Now, when it comes to Belize, a business investor has got two options:
- Belize International Business Company (IBC)
- Belize Limited Liability Company (LLC)
However, most of the business investors prefer to proceed ahead with Belize IBC.
Benefits of Opening an Offshore Company in Belize
Today, offshore incorporation in Belize has become a prestigious move among international business investors as they gain numerous benefits. A few of them are highlighted below:
- Belize holds a prestigious position
- The business owners have the flexibility to open an offshore bank account
- Invest in the international market
- Flexibility to select any business structure
- Secure the assets and wealth generated
The above pointers are the gist of the benefits that you can grab. To know more in-depth, have a glance at our guide, Top 10 Benefits of Offshore Company Registration in Belize.
What is the Process of Starting an Offshore Company in Belize?
Incorporation of a business entity involves few steps that include:
1.Get in Touch With a Business Consultant
The first step is finding and getting 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.
This depends on the number of shareholders and total capital available for investment.
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 within 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 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 a company's setting up in practical terms, it is recommended to proceed with business experts' opinion.
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!