Why Does a Business Need Accounting and Bookkeeping Services?
Accounting is regarded as the language of business. A business goes through a lot of transactions after being incorporated. These business transactions either result in cash inflow or cash outflow. Now, to keep a track on all these transactions turns out to be a mandate for any business. There are two types of accounting:
1. Financial Accounting
This form of accounting relates to the information made to stockholders, customers, creditors, regulatory bodies.
2. Managerial Accounting
This deals with the confidential information that is not shared with the public like profits, salaries, cost of production, etc.
Bookkeeping is a term used when the recording of such financial transactions is done. When it comes to accounting, it is a vast process that comprises recording, interpreting, classifying, analyzing, reporting and summarizing these financial data. Any company no matter whether it’s big or small, established or a startup, do require accounting and bookkeeping services to keep a track on the financial flow and to understand the financial aspects in a better way. Moreover, these services help any business organization to foresee the future and plan their business activities accordingly.
Institute of Chartered Account of Belize (ICAB)
The Institute of Chartered Account of Belize (ICAB) was established on 1st Nov 1984, with an aim of building a cohesive body of accountancy. Its main mission is to maintain and foster the international standards of accounting and to enhance the accounting proficiency.
Belize Company Registry
Company registration in Belize takes place at International Business Company Registry of Belize. The regulatory body is the only hub that can provide any information related to public statutory. The regulatory body performs important functions such as:
- Incorporation of a company in Belize
- Business name registration
- Any changes made in company’s name
- Striking companies off the register
- Provision of information to the public
Important Factors in Setting Up a Company in Belize
Company formation in Belize requires certain essentials. Once they are met, an investor can set one’s business foundation in Belize. The essential requirements include:
1. Company Name
It can be in any language but should be unique. It might end with Ltd., Corp., Inc., etc. depending upon the type of business structure.
2. Registered Agent
A registered agent is required to clear the legal proceedings of company formation.
Setting up a company in Belize requires only one director.
Only one shareholder is required. He/she may be of any nationality.
5. Proof of Identity
Identity proofs of the directors and the shareholders are required verification purposes.
Standard Tax Invoice Format in Belize
Any company established in Belize should follow a standard tax invoice while issuing invoices to the customer. It includes:
- Title as ‘Tax Invoice’
- Serial number and date of issue
- Name, address, and the Taxpayer Identification Number (TIN) of business
- Description of goods supplied
- Price of the goods or service before tax
- The rate of Goods and Services Tax (GST) charged
GST and Corporate-Related Tax in Belize
Goods and Service Tax (GST) on imported goods is subject to a tax payment of 12.5%. It is mandatory to file the GST returns by the end of the month.
Business Setup Worldwide Accounting Services
Business Setup Worldwide understands the integrity and important role that accounting and bookkeeping play while establishing a business. We come with a comprehensive portfolio of accounting services that include:
- Bookkeeping and financial accounting
- Payroll and personnel administration
- Audit reports, cash-flow forecasting, bank reconciliation
- Corporate secretarial services
- Company performance reviews
- Compilation of financial statements
- Preparation of international tax structure
Benefits of Availing Accounting and Bookkeeping Services
As we have got an idea that how important accounting and bookkeeping services are from a business point of view, now let’s have a glance at the benefits that are derived from these services:
- Easy understanding of the inflow and outflow of cash
- Up-to-date recordings help to minimize financial issues and crisis
- Transparent picture of business expenses gets displayed
- Decision-making process regarding company purchases, expansion becomes easy
- Business malpractices can be easily tracked
- Financial stability of the company gets highlighted
- The Budget can be easily created and controlled
Business Setup Worldwide is a platform that helps foreign investors in establishing their company in Belize. Our business experts take care of the accounting and bookkeeping, so you can concentrate on business development activities. They guide and plan the entire business and financial structure that helps a company to gain stability in a foreign land. Apart from dealing and sorting out the accounts and financial aspects, our experts also help in clearing the legal proceedings which are essential to clear in order to establish a business.