Key Figures
| Requirement | Answer |
|---|---|
| General: | |
| Type of Entity: | IBC |
| Type of Law: | Common |
| Shelf Company Availability: | Yes |
| Minimum Government Fees (ex Tax): | US$100 |
| Corporate Taxation: | Nil |
| Double Taxation Treaty Access: | No |
| Share Capital or Equivalent: | |
| Standard Currency: | US$ |
| Permitted Currency: | Any |
| Minimum Paid Up: | No |
| Usual Authorised: | US$50k |
| Directors or Managers: | |
| Minimum Number: | 1 |
| Local Required: | No |
| Publically Accessible Records: | No |
| Location of Meetings: | Anywhere |
| Company Secretary: | |
| Required: | No |
| Local or Qualified: | No |
| Shareholders: | |
| Minimum Number: | 1 |
| Local Required: | N/A |
| Publically Accessible Records: | No |
| Location of Meetings | Anywhere |
| Accounts: | |
| Requirement to Prepare: | Yes |
| Audit Requirements: | No |
| Requirement to File Accounts: | No |
| Publically accessible Accounts: | No |
| Other: | |
| Requirement to File Annual Return: | No |
| Change in Domicile Permitted: | Yes |
Belize, IBC
Executive Summary
Georgraphical Overview:
Belize is an independent country within the British Commonwealth bordered by Mexico, the Caribbean and Guatemala to the east and south. It is 24,000 sq km in size, with a population of 300,000. The country is heavily forested with tropical rainforest. The climate is sub tropical, with an annual mean temperature of around 80 degrees. The currency is the Belizean dollar, fixed at BZ$2 = US$1.
Due to racial harmony and religious tolerance, the many different racial elements in Belize have mixed and blended successfully, and Belize has gained a widespread reputation for its friendly people. English is the official language although Spanish, Creole, Garifuna and Mayan are widely spoken throughout the country. The religion is mainly Christianity - both Roman Catholic and Protestant. Small groups practice Islam, Hinduism and Bahai.
Policial and Economic Overview:
Politically and economically stable, Belize has a democratic, bi-cameral legislature based on the Westminster system and a legal system based on common law. The Head of State is Queen Elizabeth II of Great Britain, represented by Governor General Sir Colville Young since 1993.
Employment levels have been stable in recent years, with a growing economy, following the issuing of bonds for national debt in 2006. Recent figures from the Belize Central Statistic Office reveal that the population of the country is increasing rapidly and fast approaching 300,000 permanent residents.
Taxation Overview:
Internal Belizean taxes are moderate, with a small turnover-based tax in addition to 25% corporation tax. Employees pay up to 45% tax on income plus social contributions.
Belize has introduced a number of offshore schemes in recent years, including IBC legislation, a modern trusts law, and an array of free zones and investment incentive schemes, such as a retired persons regime. Investors are attracted to Belize because of its advantageous geographical and governmental situation. The government has recently made moves to open up an e-commerce free zone in order to further attract foreign investment and keep pace with other global jurisdictions.