Belize, a developing nation that is known for agriculture, mining, and tourism, holds a firm ground when it comes to offshore business. The global business investors have been given the complete privilege of incorporating a business in Belize. Starting from setting up a financial institution to the registration of a yacht, an investor has got multiple options to proceed with.
Yacht registration has stood as another dimension for global business investors to focus on. Belize turns out to be an active member of the International Maritime Organization. It is a feasible destination for high-net-worth individuals and for corporate entities to own a yacht. If you are looking forward to owning a yacht in the region of Belize, then this guide is a must for you.
Offshore Industry in Belize
The region of Belize has transformed into a suitable offshore business destination. In the year 1981, the region has gained its independence from the British. It has taken the necessary steps to convert itself as one of the favourable offshore jurisdictions at a global level. English, being the national language, grabs the attention of global investors massively. It is a perfect platform for the following business platforms:
- Internet Space/ E-Commerce Platforms
- Yacht Registration
- Intellectual Property Management
- Inheritance Purpose
- Conduct International Business
Here’s an overview of the company setup in Belize that will help you to understand the offshore industry in the region.
What is Yacht Registration?
In simple terms, a yacht can be called a power vessel that can be utilized for pleasure or cruising. Investments in a yacht are highly opted by business investors, high-net-worth individuals, and even corporate entities to restrict the exposure of their relevant assets. Belize is a perfect destination for yacht registration as it provides a suitable environment for investors to come forward and invest in the same.
Belize Shipping Registry
Belize allows the foreign investors to come forward and invest in the registration of Yacht, which gets registered in the International Merchant Marine Registry of Belize (IMMARBE), a department within the Attorney’s General Ministry. The registry became operational in 1991, with the core task of enrolling the ships in the merchant fleet.
When it comes to eligibility criteria, the registry holds no such requirements. It is open to any type, class, or size of the vessel for navigation engaged in lawful trade and international activity.
Since 2008, certain codes were developed for Yacht which is set accordingly:
- Super Yacht: Yacht of 24 meters and above and 500 GT and over but less than 5000 GT
- Large Yacht: Yacht of 24 meters and above and less than 500 GT
- Small Yacht: Yacht of fewer than 24 meters
Documents Required for Provisional Yacht Registration in Belize
The following set of documents are required to be submitted for provisional yacht registration in Belize:
- A confirmation regarding the availability of the vessel’s name
- Duly filled application form for the registration of ships
- Proof of ownership
- Power of attorney appointing a shipping agent in Belize
- Valid cargo ship safety radio certificate in compliance with GMDSS Code
- International tonnage certificate
- Proof of compliance with ISM Code
- Application for minimum safe manning certificate
- A valid confirmation from the authorized radio accounting entity
- Application for the endorsements of licenses
Documents Required for Permanent Yacht Registration in Belize
The following set of documents are required to be submitted for permanent yacht registration in Belize:
- An original or certified exact copy of a duly notarized Bill of Sale
- An original or certified exact copy of a duly notarized Power of Attorney, thereby appointing a shipping agent in Belize
- Copy of the Deletion Certificate issued from the previous registry
- Copies of all certificates issued on behalf of IMMARBE.
- Payments of permanent registration
It is to be noted that all the documents are to be provided in English. If not, it should be accompanied by a certified English translation.
Licensing Requirements of a Vessel in Belize
To obtain a license for a vessel in Belize, one needs to present the following:
- Belize Port Authority Registration Certificate
- A valid Seaworthiness certificate for the vessel
- Proper navigation guidelines need to be followed, that includes:
- Sidelights of the Port and Starboard
- Stern Lights
- Anchor Lights
- Mast Head Light
- Proper anchor lining is required for the vessel
- Serviceable and approved life jackets for each passenger and the crew
- Serviceable fire extinguisher
- First-aid and distress kit
Why Choose Belize as an Offshore Destination?
Belize has outstood itself as one of the most suitable offshore destinations due to the following reasons.
- Holds a high reputation among the other offshore destinations
- The incorporation process can be completed within a short span
- The ground holds a worldwide network of Deputy Shares in major maritime centres
- A well-established legal system and mortgage recording system
- A perfect ground to set up International Business Corporation (IBC)
- Complete flexibility of foreign ownership
Apart from the above-stated, here are the Top Ten Benefits of Offshore Company Registration in Belize.
How to Register a Yacht in Belize?
The Belize Ship Registry allows offshore companies to own a yacht in the region. To proceed, one has to go through the registration process of an International Business Company (IBC). The steps to be followed includes:
1.Select a Suitable Trade Name
The first and foremost task is to select a suitable business trade name for the International Business Company. Now, it is to be noted that the selected name shouldn’t be a copy of the other IBC’s incorporated in Belize. Once decided, the name needs to be verified by the registry.
2.Prepare the Relevant Documents
The second step is to prepare and clear the documentation process. The set of documents includes the preparation of Memorandum and Articles of Association. Other documents may be prepared as per the business needs.
3.Register the Business
After the documents get prepared, they need to be submitted to the Belize Companies Registry. As per the stated guidelines, a certified business consultant needs to clear this step as it has to deal with legal proceedings.
4.Open an Offshore Bank Account
The investors of the IBC need to make sure to proceed towards the opening of a corporate bank account after the registration process is completed. This step is a mandate as it has to deal with corporate transactions.
5.Conduct the Relevant Activities
Last but not least, the relevant offshore activities can be carried out accordingly.
To know more about the incorporation of an IBC in Belize, kindly go through our latest guide on “Belize Offshore IBC”.
When it comes to the registration of Yacht in Belize, multiple legal proceedings need to be met accordingly. It might turn out to be a troublesome process if the owner is not aware of the legal proceedings that need to be followed accordingly. To ease out the process, most global business investors prefer to proceed with expert’s guidance. Here’s a guide on how business consultants can help you to start an offshore company in Belize.
Business Setup Worldwide has been standing as one of the top ten business consultants in Dubai, which has been helping multiple investors to establish their business ideas into reality. Since inception, we have been dealing with numerous business incorporation by providing hassle-free solutions.
Our business advisors are well-versed with the onshore and offshore business incorporation and can help you to proceed with yacht registration in Belize by providing tailored solutions accordingly. If you are looking forward to further steps, feel free to have a word with our experts. Contact us today-we’d be glad to assist.