Belize client case studies in 2023
Belize trading IBC transfers to Healy Consultants Group to meet revised economic substance requirements
- Our Client is a global general trading company registered in Belize. The company’s trading activities are spread across industries including agriculture machinery, automobile spare parts, aviation equipment, food and beverage industrial equipment, oil and gas, and commodity foods like oil seeds, sugar, rice and grains.
- Following economic substance reforms in Belize in 2019-2020, our Client was struggling with the revised legal and compliance requirements. The Client’s existing local registered agent was unable to continue providing the support required.
- Our Client was looking to evaluate potential re-domiciliation locations as well as transfer-in to a more capable management team, to be able to manoeuvre and comply with the revised economic substance requirements in Belize.
- Our Americas CEO Kunal Fabiani had a detailed conference call in Spanish with our Client, who was based in Colombia. During the call, our Client also disclosed his desire to provide full authority and Power of Attorney to one of its managers to facilitate the company’s operational requirements.
- Our Client was interested in understanding potential destinations where he could re-domicile his global general trading business over the coming years with minimum tax liability. He also wanted to gauge if Healy Consultants Group could effectively discharge the legal and compliance requirements for the Belize IBC company, if they decided to transfer-in to us.
- Healy Consultants Group prepared and emailed our Client an engagement advancement proposal and the formal invoice, including all required services.
- Healy Consultants Group crafted a quality skeleton table comparing the re-domiciliation requirements for top tax-exempt locations favourable to our Client’s general trading business. The comparison table included countries in Asia and Europe.
- The skeleton table finalised for the research captured important client considerations including re-domiciliation requirements, timelines, substance requirements, tax and compliance requirements, accounting considerations, corporate banking, information exchange obligations of each country and, most importantly, cost considerations over the coming years.
- Within two weeks, Healy Consultants Group had populated the table with the essential information and walked our Client through all the important considerations to facilitate his decision to re-domicile their trading business in the upcoming year.
- Our Client decided to re-domicile their entity to Singapore after their company was transferred-in to Healy Consultants Group, to ensure the company meets compliance requirements and is in good standing.
Belize Transfer-in and Power of Attorney
- Healy Consultants Group shared pre-filled transfer-in forms with our Client for their signature and email return.
- Healy Consultants Group tackled multiple complications and overcame potential delays in liaising with the concerned government departments and officials during multiple lockdowns in Belize due to the COVID -19 pandemic.
- Within two weeks of submitting the requisite documentation, Healy Consultants Group managed to successfully obtain the updated legalised Memorandum of Association and Power of Attorney documents from the Belize government.
- Throughout the engagement, Healy Consultants Group aggressively and skilfully liaised with the Belize government to complete the following processes as soon as practical: i) transfer-in ii) issuance of updated Memorandum of Association iii) legalisation of the Power of Attorney.
- Upon completion of the engagement, Healy Consultants Group couriered the original revised Memorandum of Association and legalised Power of Attorney to our Client’s preferred mailing address in Colombia.
- Healy Consultants Group is now effectively managing the Client’s Belize IBC to ensure smooth transition during the re-domiciliation to the client’s preferred location in the upcoming year.
Belize Company Establishment
Our Client, Kashayar Amini approached Healy Consultants Group to register a LLC in Belize. The new entity will serve as a holding company and hold shares of a Seychelles entity that is going to be incorporated as ICO issuance company.
- Our Client stated he would like to be the sole shareholder and director of the company;/li>
- Our Client furnished our Firm with scan copies of all due diligence documents to commence the Belize engagement;
- Thereafter, Healy Consultants Group provided our Client with detailed project plan and business plan for the engagement.
- Our team submitted complete company registration document together with our Client’s personal documents to Belize Companies & Corporate Affairs Registry;
- Healy Consultants Group registered the new entity for our Client within 2 weeks.
- Our Client confirmed he does not require a local corporate bank account, thus there is no outstanding fee to be settled following completion of company registration;
- Our company prepared all corporate documents including business registration certificate and company seal and couriered the same to our Client’s preferred address in the UK.