Belize corporate bank account
For Clients interested to secure a corporate bank account facility in Belize, Healy Consultants Group PLC’s expert banking team will be happy to provide a complete A to Z solution, without personal travel required. Consequently, all required KYC and bank documentation to support a quality corporate bank account opening will be managed by our Firm and hassle-free for our Clients.
Please read below for further information regarding corporate banking services in Belize.
Belize banking sector
- The banking sector in Belize is small, reaching only US$3.2 bn in total assets in 2018, but remains lucrative to foreign businesses due to several operating offshore banks;
- While the Belize dollar is pegged to the US dollar, foreign exchange is mostly operated by the Central Bank. Consequently, foreign exchange operations outside of Belize remain very difficult;
- Lastly, deposits in Belize are not insured or guaranteed up to any threshold, increasing the risks of holding large amounts of funds in a Belize corporate bank account.
- Healy Consultants Group PLC recommends our multi-national Clients minimise the funds held with Belize banks because:
- We believe the Belize banking system is fragile, exposing multi-national Clients’ funds to country risk.
- The Belize economy, especially the tourism industry, is being hit hard by COVID-19. In 2021 more local businesses will go bankrupt, loan defaults will cause local banks to go bankrupt, and unemployment will soar.
- Consequently, there will be a liquidation of the financial securities owned by non-resident investors.
- Unlike in many other countries, Belize bank accounts are not insured. Large deposits are therefore at risk should a local bank fail.
- The country’s long-term foreign- and local-currency sovereign credit rating was recently lowered to CC and it was put on CreditWatch. In practical terms this means Belize is at elevated risk of entering into a distressed debt exchange, raising the threat of bank failures.
- Belize is a part of the Common Reporting Standard (CRS) global information exchange system, as well as FATCA reporting protocol. Belize banks therefore share account information with other banks and governments around the world.
- Belize has five licensed domestic banks: i) Atlantic Bank ii) The Belize Bank iii) Heritage Bank iv) National Bank of Belize and v) ScotiaBank. It also has three A-Class unrestricted international licensed banks: i) Belize Bank International Limited ii) Caye International Bank Ltd. and iii) Heritage International Bank & Trust Limited.
- Resident and non-resident entities and individuals can open foreign currency accounts with licensed banks in Belize.
- There are no restrictions on the source of foreign currency funds to be credited in foreign currency accounts maintained with licensed banks in Belize.
- To open a personal account in Belize, most banks require a reference from a bank with which the individual has had a relationship of at least two years, along with other Identity and residence documents.
Belize corporate bank account
- While Belize is perceived as an offshore destination, there are only two larger international banks which solely operate on referral basis. Consequently, opening a new international corporate bank account forms can be a challenge, especially if our Client is not already banking with a foreign branch of the Belize bank;
- There are 11 licensed banks in Belize, with only two internationally recognized banking groups, namely: i) Scotia bank and ii) First Caribbean International Bank. Healy Consultants Group PLC recommends our Clients to open a corporate bank account in either of these two banks;
- Important domestic banks in Belize which, our Clients can consider for the corporate bank account opening needs, include: i) Atlantic Bank Limited; ii) Heritage Bank Limited and iii) Belize Bank Limited. These banks offer moderate banking facilities and online banking platforms but impose fewer due diligence requirements to local companies.
Healy Consultants Group PLC’s Belize corporate banking services
Our team supports our local and international Clients secure quality multi-currency corporate bank accounts in Belize. While challenging, our expert corporate bank account opening team will represent our Client in front of local and international banks and attend bank interviews where mandatory. Please read below for further information:
- In most cases, and depending on our Client’s business activity, our team will project manage the corporate bank account opening within 4 business weeks, all going well;
- Most banks take two more weeks thereafter to fully activate internet banking service and allow international fund transfers;
- Depending on our Client’s exact business activity, there is a 20% probability that the bank’s dedicated compliance team may request our Clients to travel to nearby Belize or international bank branch for signature verification. In such case, Healy Consultants Group PLC will apply the fee discount included in our final quotation;
- As a standard business practice, the Belize bank will proceed to courier independently to our Client a complete banking kit, including: i) account terms and conditions and ii) online banking activation and token device kit.
Ongoing banking support
Belize banks offer moderate array of banking facilities and financial instruments, but only to referred Clients. Most of our Clients request our Firm to facilitate and refer them to the Belize bank in order to increase the probability of credit instruments approvals. Please read below for further information:
- If required by our Client, Healy Consultants Group PLC can refer them to Belize banks and prepare a quality application in order to secure i) advanced credit instruments; ii) business card overdraft; iii) syndicated and revolving loans. Please contact our Belize Banking Specialist for inquiries regarding these services and related fees;
- To secure above instruments, Belize banks undergo a stringed background and due diligence checks to local and foreign companies. In most cases, our Clients will be requested to supply i) recent referral from qualifying body; ii) feasibility and financial analysis study and iii) recent financial statements (audited).
Steps required to open a Belize corporate bank account
Healy Consultants Group PLC will follow these steps to ensure timely approval and issuance of corporate bank account numbers from our Client’s preferred bank:
- Firstly, our Firm and our Client will agree on the optimal domestic or international bank in Belize. Healy Consultants Group PLC will then refer our Client to our preferred bank front office client relationship manager to ensure smooth initial KYC review;
- Once the company formation is concluded, our team will prepare a detailed business plan on our Client’s behalf, optimizing the probability of corporate bank account approval;
- If requested by the bank, our Firm will be happy to i) attend Skype video conference calls; ii) prepare a translated and legalized Power of Attorney or iii) supply supporting due diligence certified according to the bank’s special requirements;
- As a last step, our preferred Belize bank will courier to our Client a complete banking kit, complete with online banking security device (token).
Exchange controls and other regulation
- Belize Dollar (BZ$), is officially pegged to US$ at a rate of BZD 2 to USD 1 since May 1976. This said, many companies accept major currencies as means of payment;
- Belize Central Bank imposes Exchange Control Regulations under Chapter 43 of the Laws of Belize (1980);
- Both resident companies and individuals are allowed to open bank accounts and hold funds and deposits in multiple foreign currencies, including €, US$ and £, however transactions with international currencies are reserved only for international payments;
- Positively, Belize IBC companies do not fall under the foreign exchange control regulations and are allowed to participate in international transfers in multiple currencies;
- All transactions involving inflow and outflow of foreign currency in Belize need to be supported by corresponding due diligence, verified by the bank and in some cases by the Central Bank.
International Banking options
Read more about Global banking options.