Company registration in Belize

Requirements

Director

Non-resident companies in Belize must have at least one director. The director does not need to be a resident, but they can be a citizen of any country who has reached the age of 18. A person on the sanctions list cannot be appointed as a director. In Belize, nominee service is available. The appointment of a secretary is optional.

Shareholder

Companies in Belize must have at least one shareholder. There are also no residency requirements. A shareholder can be a legal entity or an individual who has reached the age of 18. A nominee shareholder can be appointed.

Address

The company must have a registered office in Belize as well.

Name

The company’s name must be unique and should be checked before registration. There is a requirement for endings. The names of IBC-type companies always end with the words Limited, Corporation, Incorporated, or their abbreviations: Ltd., Corp., Inc. As for Limited Liability companies, the ending should be LLC, and Limited Partnerships end with LP.

Authorized Capital

There are no authorized capital requirements for non-resident companies in Belize. You can start work with an authorized capital of $1. Still, the recommended level of authorized capital for an offshore company in Belize is $50,000.

Local Account

When registering an offshore account in Belize, opening a bank account at a local bank is unnecessary. You can operate with accounts in banks from any country in the world.

Registration Agent

Under Belizean law, there is a requirement to have a registration agent.

Reporting

Companies are required to file accounts.

Taxation

Business Tax

Business tax is calculated as a percentage of revenue. The rate of this “turnover” business tax varies depending on the type of income (from 0.75% to 19%). An LLC does not pay business tax if it does not do business in Belize. Companies may be exempt from business tax and passive income tax if they can prove that they are tax residents of another country (which is not on the EU blacklist) and do not have a permanent establishment in Belize.

Income Tax

Belize levies an annual income tax at fixed rates. They depend on the size of the company’s profits. The tax rates in Belize are as follows:

• 1.5% if the company’s profits are less than $1500000;
• 3% if the company’s profits exceed $1500000.

Value-Added Tax

There is no value-added tax for non-residents of Belize. For tax residents of the jurisdiction, the VAT rate is 12.5%.

Tax on Interest, Dividends, and Royalties

Belize has a tax on royalties, interest, and dividends. The rate for non-residents is 15%.

Real Estate Tax

If the organization owns real estate in Belize, it must pay property tax at 1-1.5%.

Reporting

Tax Return

A tax return for companies in Belize is mandatory to file. It must be filed annually, no later than March 31 of the year following the accounting period.

Accounting Statements

Offshore companies in Belize are required to file accounting reports. The deadline for filing is the same as for tax returns — no later than March 31 of the year following the reporting period.

Audit of Financial Statements

IBC companies are not required to audit financial statements if they do not exceed the established threshold of annual income. The income threshold is $6,000,000. You must be audited if revenue exceeds $6,000,000 and at least 2 of the following criteria are met:

• The company’s shares are traded on the stock exchange;
• The company is in the process of reorganization or liquidation or is selling all of its assets at public auction;
• The International Financial Services Commission regulates the company;
• The company prepares consolidated financial statements