Belize became a British crown colony in 1862 and became independent in 1981. Belize is now a parliamentary democracy. The Government of Belize is fully committed to the continued development of Belize as a leading offshore jurisdiction for the incorporation of offshore companies. Through regular consultations with the private sector, the government ensures that its policies and legislation continue to meet the needs and interests of the international financial community in an environment that builds trust.
The Belize International Business Company (IBC) is the most popular form of offshore corporate structure. An IBC is formed under the International Business Companies Act of 1990 and must generally conduct its business and commercial activities outside of Belize. However, Belizean law also allows an IBC to carry out a number of activities within Belize. Belize offshore companies are used for a variety of international investment and tax planning purposes.
Belize (formerly British Honduras) is an independent country of great scenic beauty located on the Caribbean coast of Central America. Belize has an area of approximately 23,026 km2, and borders Mexico to the north and Guatemala to the west and south. The administrative capital of Belize is Belmopan, but the main commercial center is Belize City, which is located on the east coast, near the main international airport.
The total population of Belize is around 300,000, of which around 60,000 live in Belize City. Belize’s population is ethnically diverse and includes descendants of the original Mayan culture and people of Caribbean, Caucasian, Chinese, and East Indian descent.
Belize has a long history of peace, stability and democracy. It became a British crown colony in 1862 and achieved full self-government in 1981. Belize is a member of the British Commonwealth, the United Nations, and the Non-Aligned Movement. In Belize, executive authority is exercised by the Cabinet under the leadership of the Prime Minister, subject to the approval of a 28-member Senate with the majority appointed on the advice of the Prime Minister. There are two main political parties; Both parties are committed to the economic development of the country and the promotion of foreign investment.
Belize’s pristine environment of cays and barrier reefs make it a popular destination for ecotourists, while its clear, unpolluted waters are excellent for swimming, snorkeling, fishing, and other water sports. The country also offers a unique mix of virgin forests, caves, rivers, mountains, waterfalls and jungle, in addition to a large number of Mayan archaeological sites. There are also forest reserves, wildlife sanctuaries, marine tourist areas, and the only jaguar reserve in the world.
The official language and the spoken language is English. The currency is the Belizean dollar (BZ$). The activities of offshore companies are exempt from exchange control. The legal system is based on the English Company Law.
Main Legislation
o International Business Companies Act, 2000.
o Limited Life Companies Law, 1999.
The main type of International Trade and Investment Company is the Belize International Business Company (IBC) or Belize Limited Life Company (LLC).
To incorporate a Belize company, the Registered Agent must deliver the Memorandum of Association and Articles of Association to the Belize Registry along with the appropriate fee.
Restrictions apply to Belizean offshore companies (IBCs): they cannot trade within Belize or own real estate there. Nor can they undertake the business of banking, insurance, insurance or reinsurance. An offshore company incorporated in Belize has the same powers as a natural person.