Belize, a small Central American country, is considered one of the top offshore destinations in the business world. Its authorities have worked hard to develop corporate laws that create a business-friendly environment and provide low tax rates without violating international laws. You can either register a new company in Belize from scratch or purchase a ready-made company, also known as a shelf company. The second option allows you to start operations overnight.
Belize: Main Benefits
Let’s look at the main advantages that only an offshore destination like Belize can offer:
- Low tax rates. In Belize, there are no taxes on inheritance, capital gains, or dividends. Also, there is no profit tax if 100% of profits come from outside the country.
- Privacy. In Belize, you can expect a high degree of confidentiality, ensuring that no information about company owners, directors, or shareholders will ever become public.
- Straightforward registration procedure. Belize has streamlined its business registration process, allowing companies to be registered quickly without bureaucratic hurdles. There are no requirements for a physical office, and the option to buy a ready-to-use company is available for starting operations promptly.
- Flexible legislation. Belize’s corporate laws are flexible, allowing for quick adaptation to changes in the business environment. Company owners can choose any management structure and engage in lawful operations.
- Asset protection. Any asset protection lawyer will mention Belize as a country with a legal framework that offers bulletproof asset protection.
- Political and economic stability. This point is crucial, as any seasoned entrepreneur knows how challenging it is for a business to operate during times of instability. Belize can be your safe haven, where your company will thrive.
Considering all the above points, it’s clear why Belize is an attractive offshore center for business owners and international investors.
Buying a Ready-Made Company in Belize: Details
A shelf company you can purchase in Belize is a registered company that has not engaged in any business operations. Its main benefit is the speed: it’s a “buy and use” option that spares you the effort of collecting and submitting a package of documents. If you see a business opportunity and want to seize it immediately, or you need to enter a foreign market quickly, this is exactly what you need.
Another great advantage is the company’s business history, as newly minted businesses are often regarded with mistrust. A ready-made entity comes with a proven track record and, as a result, more credibility from partners, customers, and financial institutions.
Many ready-to-use companies are sold with a fully operational bank account, making them a tool you can use immediately. This is not a mandatory feature, though: you may have an existing business account and be completely satisfied with it. You may also have a particular well-respected bank in mind whose services you would like to use. It will be more difficult to set up an account with such a bank if you establish a company from scratch, but a shelf company will open the doors of the world’s best financial institutions.
There is one nuance, though: purchasing a shelf company without expert assistance may be risky. You can follow this link and discuss all the details with an expert at no charge or use the services of another reliable agent if you know one. The agent will guide you through the process seamlessly, and all you will need to do is provide the information about your proxies or agents, the directors you appointed, and the ultimate beneficial owner. Needless to say, the information will be kept confidential.
The ready-made company in Belize usually comes with an open configuration, which means that you can adjust its internal structure to match your specific needs and ensure that it will be convenient for you to carry out the business operations you are planning to engage in.
You will need to appoint at least one director regardless of the company type you buy (it can be an LLC or an IBC). The director’s residence does not matter, and it can be an individual or a legal entity. If confidentiality is your primary concern, you will have the right to appoint a nominee director.
To comply with local laws, you will need at least one shareholder. The secretary position is not mandatory, so there is no need to appoint one unless you want to. Keep in mind, though, that a registered agent and a registered office are still necessary.
Required Documents and Costs Involved
Let’s look at the overall expenses required to get a fully functional Belize company:
- Setting up or purchasing a Belize company will cost at least USD 1,750.
- You will be liable for an annual company renewal fee that equals USD 1,400, no matter whether it is an LLC or an IBC.
- The services of a nominee director or manager, secretary, or member will cost USD 1,399 each.
You may be required to submit some extra documents after your company has been registered. Let’s look at the costs:
- A notarized set of corporate document copies will cost USD 400.
- If you want to have them apostilled as well, the cost will increase to USD 670.
- A copy of the company incorporation certificate will cost USD 500.
- You may need to prepare a register of managers, members, shareholders, directors, and mortgages, and the cost of this service will amount to USD 525.
- The First Board Meeting Minutes can be prepared for you at USD 560.
- The Share certificate costs USD 300.
- The cost of the company search service amounts to USD 435.
- A notarized Power of Attorney costs USD 625.
- You may also need a Letter of authority, and the cost of this document equals USD 399.
- Finally, you might need to have a trust declaration. A simple one will cost USD 600, a notarized one will cost USD 825, and a notarized and apostilled one will cost USD 1095.
Under Belize’s legislation, all companies are required to keep accounting records. You will need to store them for no less than 5 years after you close the account, complete the transaction, or terminate business relationships, no matter whether these are continuous, recurring, or one-time events.
You can keep your accounting records using one of the three legal options:
- At the office of your registered agent in Belize
- At the registered office in the country
- In any place in the world on the condition that the registered agent has been notified about it.
If you have any questions, do not hesitate to follow the above link and talk to an expert for free!