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Belize is a popular offshore jurisdiction with a closed Business Register and zero taxes for companies doing business abroad. Maintaining a Belizean-based company is simple and inexpensive because there are no reporting requirements and the annual company registration fee does not exceed 1,000 dollars.
Registering a company in Belize in 2024 may be a bit less beneficial than it used to be earlier but it still makes good economic sense anyway. The legislation governing offshore company formation in Belize has been amended recently but the opportunity remains attractive for foreign entrepreneurs. A person of any nationality can register a company in Belize.
Pluses and minuses of registering an offshore corporation in Belize in 2024
A legal opportunity to economize on taxes is probably the main point of attraction for those international entrepreneurs who register companies in Belize. Zero taxation for Belizean-registered offshore companies deriving profits from foreign countries is not the only tax benefit that you can find in Belize. Some tax incentives are also available to the companies doing business on the territory of the country too. Besides, registering an offshore corporation in Belize can open many doors for you in the American and international markets.
Another advantage that Belize boasts is the opportunity for opening a company in a fast manner while protecting the confidentiality of your personal information. Some additional advantages include the following ones:
- Affordable company registration and maintenance costs;
- An opportunity to conceal the information about ultimate beneficial owners of the company;
- An opportunity to register the company remotely.
When you establish an offshore company in Belize, you can take your business venture to the next level. At the same time, certain disadvantages are associated with having an offshore company in Belize too. The main disadvantages include the following ones:
- The company cannot do business with residents of Belize (individuals or companies): it will be taxed otherwise;
- The company cannot own property in Belize: it will be taxed otherwise;
- You need a license if you would like to provide banking or insurance services;
- The Belizean economy is not very well developed;
- Belize is thought of as an offshore jurisdiction, which limits opportunities for locally-registered companies;
- Not all banks in other countries will open bank accounts for Belizean-based companies;
- Not all banks will accept money transfers from Belize.
In view of the limitations that the offshore company status brings, you have to structure the work of your Belizean-based company in a shrewd manner. The golden rule is to have no business dealings with local residents. Only if this condition is satisfied can your company remain tax-exempt.
It will also cease to be tax-exempt if you write a piece of property in Belize in the name of the company. The law does not prohibit that but the company is going to be taxed if it buys property. You certainly need some expert advice if you would like to register an offshore corporation in Belize.
The process of registering a company in Belize
A person from any country can register a company in Belize. Moreover, the company can be owned by several people from different countries. One and the same person or one and the same corporate entity can act as the owner and the director of a Belizean company. Besides, nominee services are legal in the country, which allows keeping the names of the beneficial company owners confidential.
Characteristics of Belize as an offshore jurisdiction
The table below provides main facts about Belize and the key characteristics of an offshore company that you can register there.
| Country’s geographical location | Central America |
| Official currencies | US dollar and Belizean dollar |
| Official language | English |
| Opportunity to buy a ready-made (shelf) company | Available |
| Company documents to be kept with the Register | Names of shareholders, directors, minutes and resolutions, accountants’ books, company seal samples, founders’ agreements, and articles of association |
| Company director | At least one; a non-resident can be a company director; Board of Directors’ meeting are not necessary |
| Company secretary | Any person but not a legal entity |
| Company shareholders | At least one; a non-resident can be a company shareholder; General Meetings are not necessary |
| Beneficial company owners | All information is confidential |
| Charter capital | No requirements apply |
The fact that the US dollar is in free circulation in Belize and that all large banks in the country will open US dollar corporate accounts is one more reason to consider starting a company in Belize.
The company registration procedure is so simple in Belize that you could register a corporate entity in the country by yourself. However, most entrepreneurs seek professional assistance in the matter. This accelerates the company registration process and allows avoiding potential traps and pitfalls.
The stages in the process of opening a company in Belize
You have to go through the following stages if you would like to have an offshore company registered in Belize:
- Decide on the company type and ownership structure;
- Find a reliable registration agent;
- File an application for company registration;
- Prepare the application documents set;
- Obtain the Company Registration Certificate.
Only a licensed registration agent can file an official application for company registration on your behalf. You could not do it on your own but you could find a registration agent on your own. You have to make sure that he or she is an experienced registration agent and preferably has experience in registering companies not only in Belize but also in other countries. We have to warn you about that because unfortunately, not all registration agents are equally professional in Belize. If you run into an inexperienced agent, the company registration agent might become very long and some unnecessary payments might be involved.
Timeframes of registering a company in Belize
You will sometimes hear that registering a company in Belize takes only 1 or 2 days. Theoretically, it does but in practice, it is going to take 1 or two weeks. If you are registering a company remotely, you have to add the time needed for their delivery as well.
The fastest way of establishing a company in Belize is buying a shelf company there. Theoretically, it can take 1 or 2 hours. In practice, however, the new statutory documents can be ready within 1 or 2 days.
Costs of registering and maintaining a company in Belize
If you would like to open a company in Belize from the comfort of your home, you have to hire an intermediary who needs to be paid. Then you will have to pay the registration agent’s fee. The amounts of the intermediary and the agent’s fees can be different but normally they are not overwhelming at all. The company registration fee is negligible in Belize.
As far as company maintenance is concerned, the costs are also quite affordable. An annual company registration fee is due and its amount can be between 100 and 1,000 dollars depending on the company type. If you want to issue shares without par value, you have to pay an additional fee of 350 dollars. The company secretary also needs to be paid but only a few hundred dollars per month, not a full salary.
Thus, registering and maintaining an offshore company in Belize is not going to cost you a fortune. Can the company bring you profits? It can, without any doubt if you use this business instrument wisely.
