Setting up an offshore company in Belize:
Belize is the tax haven of Central America, with hundreds of offshore islands between Mexico and Guatemala. Belize is a wonderful tourist centre, boasting the second largest coral reef in the world. Its subtropical climate, diverse, albeit small population and charming beaches make it the perfect holiday paradise.
Belize has a strong agricultural sector - sugar, citrus fruits, bananas - due to its climate and land use, and also important timber production. However, because of the beauty of the landscape, Belize's economy is undergoing a transformation and is beginning to rely on tourism and offshore companies, which are now increasingly important. Belize's legal system is based on that of the British, thanks to the fact that Belize was a British Crown Colony from 1862 to 1981. Since 1981, it has been an independent, democratic and developing state. One of the advantages of being a young independent country is that it has not signed the Offshore Business Environment Confidentiality and Security Convention, so there is complete discretion and freedom for those who wish to set up their offshore company here. Belize has very good business relations with the US, Canada and the EU.
Belize's business world is business as usual. The number of companies is growing, with the limited liability company being the most common form of company in the country. In addition to the discretion already mentioned, the Belizean administration is also completely confidential, with no need to include the details of board members or shareholders on the documents to be submitted, so you can start incorporating with complete anonymity.
When setting up an offshore company, the most common questions are whether there is a minimum share capital; what the tax regime is; how flexible the administration is; and, last but not least, what the obligations are.
Belize supports offshore companies, and what better way to show this than by giving the founder almost complete freedom. There is no fixed registered capital or fixed currency. A distinction is also made only for companies with a standard capital of over $50,000, for which a higher annual fee is set. Another advantage is that demand shares can be used, and their nominal value is also not regulated by the government.
Anyone can set up an offshore company in Belize - an individual, a company or a trust. The important thing is that the offshore company has a director, who can be the owner himself. It is also allowed to use a nominee, a nominal owner/director. The management of the company is completely free, the only obligations are that the offshore company must have a registered agent and a registered office.
Very importantly, the Belizean government has also formulated some prohibitive measures against offshore companies, such as:
- You may not do business with local residents in Belize (e.g.: buying and selling)
- The registered office can only be rented, the company cannot own property in Belize
- Belize law prohibits insurance or reinsurance activities or banking activities in the territory of the State
- Also prohibited is the provision of a registered agent/agency to
Belize, the real tax haven. The territory has signed double tax treaties with several countries - England, Denmark, Sweden, CARICOM - and offshore companies are exempt from taxes on income, capital gains and any business activity in the territory. These advantages have attracted a large number of offshore company founders to Belize, mainly engaged in securities trading, real estate business outside Belize, online gambling, asset management and online business.
Thanks to modern technology and Belize's modern, flexible system, it only takes an hour to become a registered offshore company owner. The registration, or incorporation fee, includes the first year's operating fee of 1,200 $. Thereafter, the annual state fee is paid in one lump sum each year, which is 800 $/year for standard registered capital. A possible additional cost may be the annual fee for nominal services, which is also 600$ per company.
But Belize does not only support offshore companies. You only need to spend a year in the country to apply for a permanent residence permit, or citizenship after 5 years.