Belize Offshore

- BELIZE
- POLITICAL CONDITIONS
- LEGAL ENVIRONMENT
- INTERNATIONAL BUSINESS COMPANY (IBC)
- ADVANTAGES OF BELIZE
- NAME FOR YOUR COMPANY
- REGISTRATION REQUIREMENTS

BELIZE

Belize is a beautiful independent country, located on Caribbean coast of Central America. It is a democratic state with a population of 250,000 and a territory of 9,000 sq miles. The capital is in Belize City. Local population is ethnically diverse. It includes descendants of the original Mayan culture, as well as various mixtures of Caribbean people, Caucasians, Chinese and East Indians. Increasing role in local economy is playing international tourism and offshore financial industry. Belize benefits from preferential trade arrangements with the United States, Canada, and the European Community. Official currency - Belize dollar, with fixed exchange rate of USD 1 = BZD 2. Official language - English. Spanish is quite popular.

POLITICAL CONDITIONS

Belize is a commonwealth, a self-governing independent state associated in a common allegiance to the British crown. Political and legal systems closely resemble those of Great Britain with Queen of England being represented by the Governor General. The Prime Minister of Belize is exercising executive authority. There are two major political parties.

LEGAL ENVIRONMENT

Local laws are based on the British common law. Court system is also similar to that of England, with contract and business laws written on the English model. Belize offers the most complete spectrum of offshore products and services. Advanced offshore legislation is reflected in International Business Companies Act of 1990 ("IBC").

INTERNATIONAL BUSINESS COMPANY (IBC)

International Business Companies Act of 1990 regulates registration and functioning of an IBC. It is designed to accommodate for a wide range of clientele, starting from private individuals to medium size family owned businesses and large multi-national enterprises. It allows for minimum reporting requirements and for maximum privacy conditions. IBC can be engaged in any business that is not illegal or otherwise prohibited by law.

ADVANTAGES OF BELIZE

- All profits of an IBC are tax exempt; there are no inheritance,
succession or gift taxes; no stamp duties in respect to transfers and
foreign exchange control regulations.
- Shares can be issued registered or bearer.
- Data on owners and directors is not publicly available and will remain
confidential.
- No annual tax return requirement.
- There is no minimum paid-up capital requirement.
- Annual meetings can be held in any country at any time.
- Simple and speedy incorporation process.
- Limited filing requirements.

NAME FOR YOUR COMPANY

You can give a name to your company in any language. IBC's name must indicate the limited liability status by adding "Limited", "Corporation", "Incorporated", "Society Anonyme", "Sociedad Anonima", or "Aktiendesellschaft", or their usual abbreviations.

REGISTRATION REQUIREMENTS

Description:	Requirement:
Applicable Law	International Business Companies Act of 1990.
Number of shareholders	One shareholder or more.
Corporate shareholders	Legal entities can be shareholders.
Number of directors	One director or more.
Non-resident directors	Non-residents can be directors.
Corporate directors	Legal entities can be directors.
Corporate secretary	Not required.
Authorized capital	Usually USD 50,000
Paid up capital	Not required.
Bearer Shares	Available.
Registered agent	Required.
Registered office	Required.
Annual tax return	Not required.
Audit	Not required.
Board of directors meetings	No restrictions on location.
Information on directors/owners	Not publicly available (it is confidential).
Publicly available information	Memorandum & Articles of Association, registered office and agent.