WHAT IS A BELIZE LOCAL COMPANY?
A Belize local company is a company formed pursuant to Chapter 250 of the laws of Belize. It is also referred to locally as a limited liability company since it affords its owners the protection of limiting their liability and separating their personal assets from that of the business.
We strongly suggest establishing a limited liability company when doing business in Belize.
ADDITIONAL BENEFITS – BELIZE RESIDENCE / BELIZE CITIZENSHIP
Incorporating a local company is the very first step towards obtaining Belizean citizenship. Owners (Shareholders) and directors of a local company can open their business in Belize and thereafter obtain their work permit. This usually takes about 1 -2 months. Thereafter, once a year has passed, they may apply for Belizean residence. We can also assist with both the Belize Work Permit application and the Belize Residence application.
Finally, after maintaining their residence card for five years, they will be eligible to apply for Belizean citizenship.
REQUIREMENTS (Kindly Request Application Form)
- Proposed Name of Company ending with “LTD.” or “LIMITED”,
- Two (2) Alternative Names should the initial option not be available,
- Name and Addresses of Shareholders (minimum of two),
- Percentage of Ownership of each shareholder,
- Name and Addresses of Directors (two minimum)
- Name and Addresses of the company officers (i.e., Chairman, Secretary, Manager etc.). These individuals may be the same as the Directors and/or shareholders.
- Share Capital of Company (Minimum $10,000.00 BZE divided into 10,000 shares) The shares may be greater; however, additional charges will apply. Note: Capital is not required to be paid up front.
- We will provide the initial Subscribers
- Address of local company (office location). If none is available, we can provide our office as the registered office for an additional fee.
- Any additional instructions for the company that you may wish to have included in the company articles specifically governing its management.
FEE STRUCTURE FOR BELIZE LOCAL COMPANY
The Cost of setting up a Local Corporation in Belize is as follows:
| Processing Fees for Belize Local Corporation | USD $500 |
| Administrative Fee (office expense) | USD $50 |
| Name Search | USD $50 |
| Total Processing Fees | USD $600 |
| Incorporation & Filing Fee to the Government of Belize | USD $330 |
| Total Charge | USD $930 |
Note: Additional Fees apply for both Local Courier Services (USD $25.00) and International Courier Services.
There is also a charge of USD $50.00 for a Name Search to verify that the name is available.
PAYMENT OPTIONS
We accept Visa, MasterCard, American Express, Western Union Transfers, Bank-to-Bank Wire Transfers, and Bank Drafts for payment. Kindly contact our office if you have any further questions.
LIST OF DOCUMENTS PROVIDED TO CLIENTS
Once the local corporation is established, you will be provided with the following:
- 1 Copy of the Memorandum of Association
- 1 Copy of the Articles of Association
- 1 Corporate Seal to remain at registered office
- Original Certificate of Incorporation
- Certificate of Compliance
- Transfer of Shares to Shareholders from Subscribers
- Allotment of Shares to named Shareholders
- Original Share Certificates
- Resolution of First Directors
- Resolution of First Officers
We are also able to provide you with scanned copies of the above-mentioned documents upon request.
ANNUAL REPORT
We are also able to prepare the annual reports for your company as required by Chapter 250 of the Laws of Belize for a small fee of US $150.00 USD (tax and filing fess not included). These reports are mandatory and must be filed annually to keep the company in good standing. If the company is not in good standing it may be prevented from carrying out certain services including but not limited to transferring real property.
Note: A penalty is charged by the government of Belize for late filing. This late fee is charged daily for late filing.
REGISTERED OFFICE
We can also provide Registered Office Service for your corporation for an annual fee of US $120.00 tax included.
Note: Foreigners who owning shares in the company need an approval from Central Bank, which we can obtain for a fee of US $50.00
ADDITIONAL CORPORATE SERVICES
We also offer additional corporate services at affordable prices, including but not limited to the following:
- Preparation of business plan
- Application for trade license
- Nominee Services
- Virtual Office Services
- Application for Bank Account in Belize
Theoretically, a Limited Liability Company or an LLC is a hybrid between two familiar business structures, namely, a corporation and a partnership. An LLC combines the best of both worlds by offering the advantage of both a corporation and a partnership without the disadvantages of either form.
An LLC, on the other hand, has distinct advantages over both a corporation and a partnership in that it not only avoids multiple level taxation, but it also limits the liability of its members to the extent of the contributions made by them to the Company. No member of an LLC has personal liability for the debts of the LLC except where there are personal guarantees or other special arrangements.
ADVANTAGES OF THE BELIZE INTERNATIONAL LLC
- One Member can incorporate
- Exempt from all local taxes
- The LLC is a legal entity with separate rights and liabilities distinct from its members and managers
- Members are not personally liable for the debts, obligations, or liabilities of the LLC
- Only judgments delivered by a court in Belize are enforceable against an LLC or any of its managers or members
- Members can fully participate in the management of the LLC
- Investment and Tax Planning
- No accounting/audit requirements
- International Trade (except in Belize)
- Hold assets/ship ownership
- Hold IBCs, Trusts and Foundations
LEGISLATION – THE BELIZE ACT
The Belize International Limited Liability Companies Act, 2011 (“the Act”) is modelled on the Nevis LLC law of 1995 and the Cook Islands LLC Act of 2008. It is designed to give statutory certainty on some of the key issues of concern to US attorneys using domestic LLCs. The Act introduces several unique asset protection features consistent with the importance of this industry in the international market place. It is an ideal tax planning and asset protection tool and would be a useful addition to Belize’s offshore industry infrastructure.
RESTRICTIONS
- Belize LLC cannot carry on business with residents of Belize (including Belize Companies)
- cannot buy Real Estate in Belize (but can lend to Businesses in Belize)
- cannot operate as a Bank, Insurance or Finance Company
- cannot act as a registered office or serve as agent
Please contact us if you need more information on Belize offshore corporations and related services – we will be glad to assist You!
Virtual Office – with Registered Address and Mail Services
Our Belize virtual office service allows you to establish a physical presence in-country with mail forwarding services. This feature provides your newly established company a physical address, telephone number with answering service, mail forwarding. This option confirms that you have a company filed, registered, and incorporated in Belize, with an established physical business presence. This valuable service legitimizes your business by demonstrating that your company operates from within Belize adding a layer of privacy from financial predators for asset protection from lawsuits or other civil threats.
We know that opening a bank account in another country can sometimes be a daunting task so our team at Secure Corporate Services facilitates the process to successfully open a Belize bank account. We offer a wealth of experience working with various banks, so we are familiar with the requirements of each bank.
Belize has several offshore banks that specifically cater to non-resident customers and offshore IBC`s. All banks provide internet banking facilities, credit, debit, or prepaid cards and most of the regular banking services.
Our Partners at Ally Professional Services Limited can assist you in establishing offshore bank accounts in the country of Belize at any of the following International Banks located in-country:
- British Caribbean International Bank Ltd
- Heritage International Bank Ltd
- Atlantic International Bank Ltd
- Caye Bank International Ltd
Your offshore bank account can be established within a day or two at any of the above-mentioned institutions once the necessary documentation is provided.
Please feel free to contact us if you require any further information regarding offshore bank services in Belize.
Offshore/International Bank Account Forms are available upon request. Contact us Today!
There is no publicly accessible record in Belize. However, the nominee services will help you to keep your identity invisible on the company’ documents and with the Government’ record. Only the Registered Agent will know the relationship between the Nominee and the Beneficiary. There are several benefits of appointing a Nominee Director or Nominee Shareholder for a Belize offshore Company:
- Fulfilment of legal requirements
- Managing your asset at a high level
- Protecting your identity from the company’s documents and with the Government’ record.
- Keeping your information (Passport number, name, address, etc.) absolutely confidential within your company structure and the Government.
- Full control over your company activities through Power of Attorney (POA) and Declaration of Trust (DOT).
With the Nominee Director, your information will not be disclosed on Government and the company’ documents while you retain your full control over your company through the Power of Attorney (POA). A Power of Attorney (POA) is an agreement between you and the Nominee Director, they will represent or act on behalf of you in your company. The nominee director will not be involved in any operational activities of your company.
Required documents:
- Copy of passport and residential addresses proof of all directors. If the director is another corporation, please provide us with the Company’ documents such as Certificate of Incorporation, M&AA, Registered of Director/Shareholder, etc.
Like a Nominee Director, the Nominee Shareholder will act on behalf of you in your company. Your information will not be disclosed on Government and the company’ documents. The agreement between you and the Nominee Shareholder is called Declaration of Trust (DOT). A Declaration of Trust (DOT) is an agreement in which the Nominee Shareholder is appointed to hold shares in the company for you, but you are named as being the real owner who has full ownership over your shares.
Required documents:
- Copy of passport and residential addresses proof of all shareholders. If the shareholder is another corporation, please provide us with the Company’ documents such as Certificate of Incorporation, M&AA, Registered of Director/Shareholder, etc.
- Amount of share capital and percentage of shareholdings.