Advantages and disadvantages of Belize company registration
- A Belize offshore company can be registered within one week with 1 director and 1 shareholder, who can be of any nationality and place of residence. Our foreign Clients will only require a minimum paid-up share capital of US$1 and will not need to travel to Belize to complete the engagement;
- Thanks to a large development grant from the UK, Belize’s local economy will benefit from improved infrastructure;
- In accordance with the Belize Income and Business Tax Act, the global earnings of a properly-structured Belize IBC are tax-exempt in Belize. There is no corporate tax and capital gain tax, nor any withholding tax on distributions paid by the company to non-residents of Belize;
- Registering an offshore company in Belize also offers the following advantages to our Clients:
- Belize company formation is cost-effective and straightforward, with low government business registration fees. The annual government fee is only US$500 for an IBC which authorized capital does not exceed US$50,000;
- The documents required for company formation can be provided in English, hence minimizing translation costs for our Clients;
- The privacy of our Clients will be protected in Belize, as there is no public registrar of companies nor information publicly available on the identity of their shareholders and directors;
- Maintaining a Belize offshore company is inexpensive and easy. Following their registration, Belize IBC companies are not required to submit annual tax returns or audited financial statements to the authorities.
- It is easy to open global corporate bank accounts to support Belize IBC companies after their formation. Healy Consultants works with internationally recognized banks such as HSBC, Standard Chartered, and Citibank to provide corporate bank account services.
- Foreign investors planning to use their Belize IBC to provide asset management, financial, insurance and other regulated services must previously obtain a license from the International Financial Services Commission of Belize;
- Belize is commonly perceived as a tax haven, with lax enforcement of anti-money laundering/countering financing of terrorism regulation. Registering an offshore company in this jurisdiction will inevitably attract additional scrutiny from the tax authorities of the country of residency of our Clients;
- Using a Belize offshore company to evade tax and other illegal activities can send you to jail. It is important that our Clients are aware of their personal and corporate tax obligations in their country of residence and domicile and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.