Belize, as known in the past “the British Honduras”, is an independent democratic and politically stable Commonwealth state in Central America. It got independence from Britain in 1981 and has gotten applauded for its offshore company formation and tax optimization. Belize nation is a diverse one, the population is multilingual, and English is the official language, making the nation an excellent spot to base a global business.
Open a company in Belize : limited liability company
The Belize company formation process is a fast and easy one and can be formulated in just one to two days. In addition, the outstanding taxation standards in this jurisdiction pull in an outstanding number of investors.
The government of Belize is entirely committed to the progressing advancement of Belize as a fundamental offshore jurisdiction, therefore, incorporating a company In Belize brings support and assurance from the authority.
As an individual, You can incorporate an offshore company in Belize for the following exercises:
- E-commerce
- Global Business and trading
- Inheritance purposes
- Intellectual property management
- Movable and immovable property custody
Why register a company in Belize
The charm of Belize as an offshore territory mainly includes the high reliability and reputation of this jurisdiction. Belize is one of the most prominent offshore territories and it attracts international business owners from all over the globe.
Benefits of opening a company in Belize
- High confidentiality
- Closed register
- Zero tax burden
- Speed of company formation
- No yearly financial and tax reports are required, and no audits conducted.
Company Registration Procedure in Belize
Documents Required for a Company Setup in Belize
- Genuine copy of the passport of all the individual shareholders, directors, and beneficial owners by a Notary Public,
- Genuine copy of the address proof of all the individual shareholders, directors, and beneficial owners
- Genuine copies of Memorandum and Articles of Association
- Latest annual returns and audited financial statements
- Certificate of Name Registration
Outlined next, are the simple and straightforward steps to set up your company in Belize.
Select a Business Structure
The first and foremost thing an incorporator should decide upon is the type of business entity he/she wants to form. In Belize, one generally opts for one of two types of business entities:
- Free Zone Company
There are two free trade zones in Belize where companies can be registered. One of them has warehouses and office buildings and it will suit industrial companies as well as banking, finance management, and insurance companies. The other will suit processing and assembly enterprises.
- Offshore Company
It is a tax-free corporation designed for executing all forms of businesses in the country. Belize Offshore Companies are incorporated for a variety of tax planning and global investment purposes.
Find the Location
Once the business structure has been decided on, the next step is to find a strategic location. Once the location is determined, the incorporator must submit an application to the Commissioner of Lands and wait for their authorization. The registered office must be situated in Belize and the principal office address may be in any country.
Register a Business Name
The next step is to register the business name. This is done at the Belize Companies Registry and it usually takes a processing time of 3 hours. It is mandatory for the company name to be a unique one, that is it must not be identical to any established company currently operating in Belize.
Submit Necessary Documents and Get the Incorporation Certificate
Next, is the incorporation of the company, which includes the submission of required legal documents such as Memorandum of Association and Articles of Association, which again is done at the Belize Companies Registry. Once the application has been reviewed, a certificate of incorporation will be issued.
Apply for a Trade License
Any company operating in Belize must have a license. The incorporator shall go to the Belize City Council for the Trade License Application. The application will be authorized based on the recommendation of the Trade Licensing Board.
Apply for Work Permit
The immigration department is in charge of providing work permits. For obtaining a work permit, the incorporator shall be a resident of Belize or must have been resided in Belize for a period of 6 months at least, otherwise, the incorporator will not eligible to get a work permit.
Register with the Social Security
This act is controlled by the Belize Social Security Board (SSB) and guarantees the employee’s health will be taken care of in case of an accident or sickness.
Register for Goods and Services Tax (GST)
The next step is to register for the general sales tax (GST) which is applied at a rate of 12.5% on all goods and services in Belize. This is done at the Department of GST and is a mandatory step.
Get the Taxpayer Identification Number (TIN)
The final step is registering for business tax in order to get the Taxpayer Identification Number (TIN) and to get a certificate of registration.
These are the simple and streamlined steps that must be followed while setting up a company in Belize.
No other jurisdiction has shown that it will back up its protection laws as enthusiastically as Belize. With a quick and direct methodology, Damalion can adequately help you register a company in Belize. Contact your Damalion expert today to get started.
