Belize is a top choice for entrepreneurs and investors seeking offshore incorporation due to its business-friendly environment, robust privacy laws, and tax benefits. This guide provides a step-by-step approach to setting up an offshore company in Belize, including the requirements and benefits.
Why Incorporate in Belize?
Belize offers several advantages for offshore businesses:
- Tax Benefits: International Business Companies (IBCs) are exempt from corporate taxes, income taxes, and stamp duty on transactions outside Belize.
- Privacy: Belize laws ensure confidentiality by not publicly disclosing the names of shareholders and directors.
- Efficient Setup: The incorporation process is quick, often completed in 24–48 hours.
- No Capital Requirements: There’s no minimum paid-up capital requirement.
- Flexibility: Belize IBCs can operate globally without restrictions on currency or business scope.
Step-by-Step Process to Set Up an Offshore Company in Belize
Step 1- Choose a Business Structure
The International Business Company (IBC) is the most popular offshore company structure in Belize. It is designed for international operations and provides numerous tax and operational advantages.
Step 2- Select a Registered Agent
A registered agent is mandatory for all Belize IBCs. The agent, based in Belize, handles the incorporation process and serves as the intermediary between your company and Belize’s regulatory authorities.
Step 3- Choose a Company Name
- The name must be unique and not similar to any existing Belizean entity.
- It must include a suffix like “Limited,” “Ltd.,” “Corporation,” “Corp.,” or “Incorporated.”
- Names suggesting government affiliation or prohibited activities (e.g., banking or insurance) require special licensing.
Step 4- Prepare the Required Documents
The following documents are needed to register a Belize IBC:
- Copy of the Passport: For each shareholder and director.
- Proof of Address: A recent utility bill, bank statement, or similar document.
- Due Diligence Documents: This may include a reference letter or bank reference, depending on the registered agent’s requirements.
These documents are submitted to the registered agent, who ensures compliance with Belize’s regulations.
Step 5- Draft the Memorandum and Articles of Association
These documents outline the company’s structure, business objectives, and operational framework. The registered agent or legal consultant typically drafts these documents.
Step 6- Submit the Incorporation Application
The registered agent submits the incorporation documents to the Belize International Financial Services Commission (IFSC). This includes:
- Memorandum of Association.
- Articles of Association.
- Application form with company details.
The approval process typically takes 1–2 business days.
Step 7- Pay the Registration Fees
Incorporation fees vary based on the authorized capital of the company. Belize IBCs with an authorized capital of up to $50,000 USD pay a low flat fee, making it a cost-effective jurisdiction.
Step 8- Receive the Certificate of Incorporation
Once the application is approved, you will receive a Certificate of Incorporation, confirming that your company is legally established.
Step 9- Appoint Directors and Shareholders
- Directors: At least one director is required, and they can be individuals or corporate entities. Directors do not have to reside in Belize.
- Shareholders: Only one shareholder is required, and this can also be an individual or corporate entity.
Step 10- Open a Corporate Bank Account
Although Belize IBCs are not required to hold a local bank account, many companies choose to open offshore accounts to facilitate international transactions. The registered agent often assists with banking introductions.
Step 11- Maintain Compliance
- Belize IBCs must maintain accurate accounting records but are not required to submit them to the authorities unless requested.
- There is no requirement for annual general meetings, but meetings can be held anywhere in the world if necessary.
Key Requirements for Setting Up a Belize Offshore Company
| Requirement | Details |
| Minimum Directors | One (individual or corporate) |
| Minimum Shareholders | One (individual or corporate) |
| Registered Agent | Mandatory |
| Local Office | Required for the registered agent |
| Capital Requirements | No minimum paid-up capital |
| Accounting Records | Must be maintained but not filed publicly |
| Annual Renewal | Flat renewal fee based on the company’s authorized capital |
Costs of Setting Up an Offshore Company in Belize
- Incorporation Fee: Typically around $1,000–$1,500 USD, depending on the registered agent and services.
- Annual Renewal Fee: Approximately $500–$800 USD.
- Bank Account Setup: Additional fees may apply for banking introductions.
Conclusion
Setting up an offshore company in Belize is a straightforward process that offers substantial benefits for international business operations. With low costs, strong confidentiality protections, and a quick incorporation process, Belize remains a leading jurisdiction for offshore company formation. By working with a qualified registered agent and meeting the compliance requirements, you can establish your offshore company efficiently and effectively.
If you’re considering this step, ensure you understand Belize’s legal framework and seek professional advice to optimize your offshore strategy.
