Belize is a small Caribbean state in Central America bordering Mexico and Guatemala. Being a part of the British Commonwealth, it gained independence from Great Britain in 1981.
The jurisdiction will be of interest to those who plan to conduct international activities with North or South America. Due to convenient transport accessibility and comfortable conditions for foreign capital, Belize is considered by many entrepreneurs.
If you plan to register a company in this jurisdiction, please, contact our lawyers and get professional advice.
TAXES IN BELIZE
A foreign non-resident company is exempt from VAT. It only pays a fixed fee and some low local taxes.
Corporate income tax depends on the company and ranges from 1-2% to 19%.
A resident company pays 25% of the financial turnover.
It is very important to pay all the taxes, otherwise the company may be blacklisted as a non-payer.
2019 CHANGES
In 2019, new rules on the new tax regime came into effect.
These include:
- the ability to but real estate
- the ability to own shares of any company
- conduct trade relations with companies-residents of the jurisdiction
- conduct investment activity in the jurisdiction
- open accounts in local banks
Among others, companies that trade in securities and assets or carry out brokerage activity are required to have a functioning office in the territory of the jurisdiction.
It should be taken into account that companies that have an office in Belize receive resident status and are required to pay taxes as residents.
PECULIARITIES OF COMPANY REGISTRATION IN BELIZE
- The most common form is IBS
- The name may be provided in any language with the addition of a specific business organization form
- High level of confidentiality
- It is necessary to check the requirements for licensing activities
REPORTING REQUIREMENTS
Non-resident companies are exempt from auditing and reporting.
However, the law obliges companies to maintain accounting records and provide the necessary requirements upon request.
MAIN REQUREMENTS TO A COMPANY
- Any person can act as a director
- All company’s activities shall be carried out in Belize
- Staff is required
- Functioning office
REGISTRATION TIME
Typically, the registration process takes 1-2 weeks, depending on the type of business.
If you are interested in Belize as the future place of registration of your company, contact our lawyers to discuss all the processes and subtleties.
