Belize Background

An International Business Company does not pay any tax on its world-wide profits to the Belize authorities. Belize is not a party to any double tax agreements.

Introduction

Belize was formerly called British Honduras and is an independent democratic Commonwealth country located on the Caribbean seaboard of Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government.

The administrative capital is Belmopan, but the major commercial centre is Belize City, which is located on the eastern coast close to the major international airport. The total population of Belize is around 300,000, of which some 60,000 live in Belize City.

Law and Taxation

The IBC Act was introduced in 1990 and later amended to implement competitive offshore legislation for Belize IBC's. These amendments reflected the changes which were required to provide efficient Belize offshore services.

In accordance with the IBC Act of 1990, offshore companies are exempt from all taxes and stamp duties.

Corporate Requirements

There is no requirement for a secretary, resident or otherwise.

Only one director or shareholder is required for the company formation. Shareholder(s) and director(s) may be the same person.

The shareholder(s) and director(s) can be a natural person or a corporate body. There is no requirement for the appointment of local shareholder(s) and director(s).

The name of the company must contain one of the following words or abbreviations of the words: Limited, Corporation, Societe Anonyme, Sociedad Anonima or Aktiengesellschaft or Ltd., Corp., Inc., S.A., A.S. or A.G.

The names cannot include the words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal or Trust, or any word which suggests the patronage of Her Majesty or any member of the Royal family or a connection to the Government of Belize.

Local Infrastructure

Belize has a long history of peace, stability and democracy. It became a British Crown Colony in 1862 and achieved complete self-rule in 1981. Belize is a member of the British Commonwealth, the United Nations and the Non-Aligned Movement. Executive authority is exercised by the Cabinet under the leadership of the Prime Minister, subject to approval by a 28-member Senate with the majority appointed on the recommendation of the Prime Minister. There are two main political parties; both parties are committed to the economic development of the country and the encouragement of overseas investment.