Company Formation Survey 2008


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		1. Company law	IBCs are governed by the International Business Companies Act Chapter 270 of the Laws of Belize. Domestic companies are governed by the Companies Act (Chapter 250) of the Laws of Belize as amended.
		2. Types of company:	International Business Company, Limited Duration Company, Local Company, and Limited Liability Partnership.
		(a) type of company preferred for international transactions:	International Business Company, Limited Duration Company, Local Company, and Limited Liability Partnership. International Business Company.
		(b) shareless companies:	(Local) company limited by guarantee.
		3. Capital requirements:	No minimum paid up capital requirements. IBCs may issue bearer shares subject to custody requirements. Shares may be issued with no par value.
		4. Costs to incorporate, excluding government fees:	Approx. USD600. Fees vary depending on registered agent. These fees are also applicable to LDCs.
		5. Fees paid to authorities to incorporate:	USD100 for IBCs and LDCs.
		6. Annual fees paid to authorities:	USD100.
		7. Taxation rates applied to companies generally:	IBCs and LDCs are not subject to local taxation.
		(a) the taxation of companies in 2 (a)	No tax applicable.
		8. Method of incorporation:	By filing Memorandum and Articles of Association, together with the relevant fee to the International Business Companies Registry.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Subscribers may be personal or corporate. Nominee shareholding is also permissible through services of local registered agents and all incorporations must be arranged through a local registered agent.
		(a) are ready made companies available?	Yes.
		10. Length of time to incorporate:	For IBCs and LDCs, approximately 48 hours subject to due diligence requirements. Domestic companies within 7 days.
		11. Minimum members:	IBCs and LDCs may have only one member. Domestic companies must have a minimum of two members. Can be individuals or corporations. .
		12. Registered office:	IBCs and LDCs must have a registered office and registered agent in Belize. Domestic companies must have a registered office in Belize.
		(a) Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Barristers; solicitors; attorneys-at-law; accountants possessing a current practising certificate; a company registered as a licensed financial institution; or any other person designated as fit and proper for this purpose by the International Financial Services Commission is eligible to obtain a licence to provide international financial services (act as registered agent) in or from within Belize. A list of licensed registered agents is available at www.ibcbelize.com.
		13. Directors and secretary:	IBCs and LDCs must have minimum of one director, who may be an individual or corporation. A secretary is not mandatory. Domestic companies must have at least two directors of whom one may also be a secretary.
		(a) Must a director/ secretary be resident?	No.
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	Approx. USD500 annually for director/secretary.
		16. Meetings:	For IBCs and LDCs no members' meetings are required. Directors may meet when preferred. Meetings of members and directors can take place outside Belize. Domestic companies must have an annual meeting of members.
		17. Annual return:	For IBCs and LDCs, no filing of shareholders, directors' details, no audit and filing of accounts. Domestic companies must file annual returns and, for public companies, audited accounts.
		(a) Must financial statements of a company be audited?	Not for IBCs or LDCs.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	No.
		19. Are there any exchange control or other financial restraints imposed upon a company?	For IBCs and LDCs, no; for domestic companies, yes.
		20. Companies formed in the last year:	Approx. 10,834.
		21. Number of companies on the company register altogether:	Approx. 69, 304.
S I T E M A P BACK TO TOP		22. How, if any, is migration into and out of the jurisdiction achieved?	Migration into and out of jurisdiction is allowed for IBCs. Filing of articles of continuation, accompanied by a copy of the Memorandum and Articles of the company, or their equivalent, written in English or, if written in another language, accompanied by a certified translation into English, and in the case of a foreign company, evidence satisfactory to the Registrar that the company is in good standing, must be submitted to the Registrar who must retain and register them in the Register.
		23. Is migration out of your country provided for?	Yes, for IBCs.
		24. Any amendments to company law over the last 12 months:	No.
		25. Anticipated amendments to company law over the next 12 months:	None at this time.
			Compiled by Katherine Haylock, Belize Corporate Services Ltd.