The International Business Companies Act of 1990 was a revolutionary piece of legislation that encouraged the growth of business in Belize. Today, more than 30,000 different companies are registered as IBCs, or international business companies.
Becoming an IBC can be convenient for a number of reasons, just some of which include fewer operational restrictions, significant tax benefits and privacy for the owners and executives of the company. If you are ready to take your business to the next level and establish an IBC in Belize, these five steps can walk you through the process.
1. Find a Licensed Agent to Help You Establish Your IBC
Although not mandatory, having a licensed agent in Belize can be an incredibly helpful tool throughout the IBC registration process. An experienced agent can help you to determine whether your company's desired name is already registered in Belize, can detail any specific financial requirements and can explain the required structure of your IBC once it is established.
Finding a reputable and trustworthy licensed agent at the beginning can save you a lot of frustration and time throughout each of the following steps.
2. Complete the IBC Application Form
The first formal part of the paperwork in the creation of an IBC in Belize will be filling out the official application form. Along with basic details about the company and its financial situation, the IBC application form will require you to list your company's directors and shareholders.
3. Submit a Declaration of Ownership
The declaration of ownership will typically be submitted at the same time as the application form or just afterwards. This form is proof of ownership of the company as well as proof of your name and identity. If you are submitting any foreign documents during this stage, you will need to have them notarized, but no translation is necessary.
4. Pay Registration Fees for the First Year of Business
If both your IBC application form and declaration of ownership forms are accepted, which can happen within 24 hours in some cases, you will need to pay the registration fees in order for your company to be officially recognized in Belize and around the world as an IBC. The payment of these fees can be done through international wire transfer, credit card or even a money transfer.
5. Establish a U.S. Currency Account for Your IBC
Most new IBCs registered in Belize will want to establish a local bank account for their business. Although it is possible to create an account with the local currency, Belize dollars, the overwhelming majority of new IBCs prefer to start their accounts with U.S. dollars.
While not a requirement, having a bank account within Belize can be a helpful way to pay bills as well as annual renewal fees for the IBC.
Registering an IBC in Belize is a popular choice for new companies who are eager to take advantage of tax benefits, greater freedoms, lower overall costs of operations and banking, more anonymity and less intervention. With these five steps, you can be on the way to your own IBC in Belize.