 |
ABOUT
BELIZE |
The offshore jurisdiction of Belize is located in the heart of Central America, bordered by Mexico to the North, Guatemala to the West and South, and the Caribbean Sea to the East. This English-speaking country, with a population of just under 300,000 and covering an area of just under 9,000 square miles, has a long history of peace, democracy and stability, which accommodates the country’s fast growing tourism industry. And, since independence in 1981, Belizean governments have implemented legislation that has made this jurisdiction one of the most modern in the world of corporate financial services.
Such measures that have contributed to the offshore financial services sector include:
- 1989 – The Registration of Merchant Ships Act which constituted an open ship registry, giving birth to the International Merchant Marine Registry of Belize (IMMARBE);
- 1990 – The International Business Companies Act based on the British Virgin Islands model;
- 1992 – The Trusts Act which provides for both onshore and offshore trusts;
- 1996 – The Offshore Banking Act which provides for two categories of offshore banking licenses: the Unrestricted “A” Class and the Restricted “B” Class licence;
- 1999 – The International Financial Services Commission Act which seeks to promote, protect and enhance Belize as an international financial services centre and to regulate the provision of international financial services;
- 1999 – The International Insurance Act which provides for the regulation of persons establishing and carrying on international insurance business;
- 1999 – The Protected Cell Companies Act which allows for the incorporation of protected cell companies or the conversion of an existing company to a protected cell company;
- 1999 – The Mutual Funds Act which provides for the regulation, authorization and control of mutual funds and their managers and administrators;
- 1999 – The Limited Liability Partnerships Act which permits the creation of limited liability partnerships;
- 1999 – The Retired Persons (Incentives) Act which offers certain tax exemptions and incentives to qualified retired persons;
- 1999 – The International Business Companies (Amendment) Act which provides for the establishment of limited life companies.
|
