Belize Compliance Services

ID document fraud and identity theft are on the rise. While many documents can be used to prove a person’s identity and fraud represents different risks for companies it becomes necessary to verify the identity of the persons you do business with. We can verify identification documents to confirm the validity of the document and the information provided. Our search casts a wider net to broaden the scope of our checks to include information beyond those provided. Our team analyzes the authenticity of the document providing you with a clear answer about the compliance of the document(s).

The KYC (Know Your Customer) process, which consists of knowing who your customer is and who you are talking to, must now be integrated into the customer journey as fraud and identity theft are on the rise. For this reason, our security solutions focus on fraud prevention, compliance with regulations and customer experience. In our KYC report we perform global searches for document verification and identity check to ensure that you are always protected.

As your business grows, so does the need for due diligence. Our business authentication checks offer the security of knowing that affiliated businesses are legitimate ventures. We search multiple data sources to validate a company’s status and existence along with connected entities and ultimate beneficial owners. We also provide a screen of the company and its owners against global watchlists and sanction lists.

Our comprehensive service returns supplementary intelligence on businesses, such as shareholder details, types of business, managing directors and other data elements extracted from our search.

The current need companies have go way beyond the traditional organization and operation. Our team of experts provide high quality monitoring services with our ongoing checks and research on individuals and entities. Our monitoring services help to:

• Provides a reliable, ongoing, and real time overview of a company’s financial situation.
• Provide diagnostic advisory services.
• Foresee potential risks and operating problems, allowing for a quick and effective response.

We perform identity assessments to ensure that all business affiliates are who they claim to be. Our anti-money laundering checks enable businesses to make confident, correct risk management decisions in key business and compliance workflows across the customer lifecycle. The anti-money laundering screening allows you to achieve a more effective workflow by:

• Simplifying initial due diligence
• Supporting accurate investigations
• Reducing false positives
• Facilitating faster remediation
• Optimizing due diligence and monitoring efforts

Our due diligence checks allow you to gain valuable insight on existing and potential business affiliates giving you a clear overview of just how much of a risk they pose to your business. Due diligence enables your business to maximize efficiencies across risk assessment, decision making and investigations while supporting consistency across critical workflows.

This critical service equips you to make knowledgeable risk decisions without disrupting your day-to-business. Our program is designed to provide detailed information about your most critical or risky relationships and should be utilized where standard due diligence is not enough. The overarching focus of our due diligence program is on quality and all our research is conducted to strict service levels and stringent quality control.

Managing and growing a business comes with many accounting, tax and regulatory obligations that require dedicated and strategic financial solutions. This is why our audit and tax filing services go beyond the required financial audit, review or compilation to help you make better financial decisions for your business.

As your trusted financial advisors, we work with you and your team to leverage your financial information to increase efficiency and profitability. Our team will carefully review your data, make recommendations for improvements, and help you look ahead to a more secure financial future.

When forming a new business, the first thing you do is set up a business address. Get the support you need as you expand your business into new markets. Our virtual office services offer all you need to operate efficiently.

Benefits of having a virtual office:

• Call forwarding
• Receiving and forwarding local mail
• Local physical address
• Local telephone number
• Prestigious central location
• Access to a professional meeting room

We also provide the following services for an additional fee:

• Copying / Printing
• Document Scanning
• Document Binding
• Translation Services

Annual financial reports are required for all IBCs. Our financial reports a prepared in accordance with local financial reporting standards for statutory submissions. Our services include:

• Preparation of financials
• Document storage
• Record availability
• Record retention

The Belize Accounting Records (Maintenance) Act is the legal resource for accounting and reporting matters in the country. The Act requires that all companies in Belize keep their accounting records at their registered office in Belize or at their Registered Agent’s office in Belize. These accounting records are to be kept for a period of at least five years following the date of the transaction, the closure of an account or the termination of a business collaboration.

All businesses are required to register with the Belize Tax Service for a Taxpayer Identification Number (TIN) to be in compliance with local tax regulations. The following businesses are required to make monthly Business Tax payments on their income:

• Anyone carrying on a trade or business earning $75,000.00 or more annually where such receipts are the only source of livelihood of the person.
• Anyone involved in a self-employed profession or vocation, earning $20,000.00 or more annually where such receipts are the only source of livelihood of the person.
• Anyone engaged in the business of investment or earnings from real or personal property.
• Anyone engaged in the provision of personal services, including Tour Operators, Travel Agents and any other Commission Agents.

These business types include sole proprietorship, companies, and partnerships.

Through our payroll outsourcing services we can assist with the computation of salaries, required contributions, individual income taxes, and any other deductions required to be made under the laws of Belize for your contract employees. As your payroll representative we act as the employers of record and offer the following services in addition to the aforementioned:

• make payment to the employees’ bank accounts
• monitor and maintain payroll records
• prepare and file employment-related tax returns

We understand that our client’s payroll function is a sensitive and highly confidential administrative task which is costly and time-consuming. By outsourcing your payroll functions to us, you can concentrate on developing and growing your core business and minimize the risk of leaking confidential information in relation to salaries among in-house employees.

A robust compliance manual will not only demonstrate your understanding of your business’ regulatory compliance obligations, but it will also provide the appropriate details of your compliance procedures, internal requirements, systems, and tools available to manage compliance risk. Our team will work with you to build a comprehensive, customized, user-friendly compliance manual that interlinks with your business policies and meets the precise needs of your business acting as a powerful tool of reference for use by compliance and staff alike.

Suspicious transaction reports can help to mitigate threats to your business before they even become a problem. If you suspect that a transaction with a current or potential client could be related to money laundering or terrorist financing, our research can help you to verify the identity of the customer and the beneficial owner of the affiliate business. We can subsequently file a suspicious transaction report with the Financial Intelligence Unit (FIU) in accordance with the Money Laundering & Terrorism (Prevention) Act, 2008 Section 17 (1)(a).

To comply with legal or regulatory requirements reporting entities need to have systems in place which ensure that reports are made when required. If a reporting entity suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it is required to make a report of their suspicion as soon as possible but no later than 3 days to the FIU.

Our knowledgeable team will provide as many potentially useful and viable options for possible locations for your new business location. We take various aspects into consideration like aesthetics, cost, logistic feasibility, parking availability, access to major utilities, noise pollution, weather conditions, and many other variables that can affect the development and image of your business.

As Location Managers, we are also able to negotiate location fees, take care of the insurance renewals, provide property management services, and secure the necessary contracts and permits required to keep your business running smoothly.

Belize International Business Companies (IBCs), also referred to as an “included entity”, are required to meet economic substance in terms of core income-generating activities (CIGA) and substantial presence in Belize. These businesses otherwise known as an “Included Entity”, that fall within the scope of the Economic Substance Act is comprised of:

• IBCs regulated under the Belize International Financial Services Commission Act; or
• IBCs carrying out any of the following relevant activities:
  • banking
  • insurance
  • funds management
  • financing and leasing
  • headquarters
  • distribution and service centers
  • shipping
  • or those acting as a holding company, engaged, or where one or more of its subsidiaries are engaged in any of the activities listed above.

An “included entity” must:

• Conduct core income-generating activities in Belize. CIGA is specified differently in the Act depending on type of “relevant activities”; and in assessing whether CIGA is conducted in Belize, the following criteria will be considered:
  • Amount of annual operating expenditure
  • Number of qualified full-time employees
  • Physical offices
• Not outsource its core income-generating activities outside Belize. However, an included entity may outsource its CIGA to a Belize licensed person called a managing agent.
• Demonstrate substantial economic presence in Belize in terms of:
  • Adequate number of meeting of Board of Directors in Belize
  • A quorum of Board of Directors present at the meetings in Belize
  • Strategic decisions of the meetings must be recorded in the minutes of meetings
  • All records and minutes must be kept in Belize
  • The board of directors must have necessary knowledge and expertise to fulfill its duties

NOTE: Belize IBCs that are controlled or managed outside the country of Belize and are not tax resident within the country of Belize are not required to comply with the Economic Substance Act and are referred to as a “non-included entity”.