In 2011, Belize passed the International Limited Liability Companies Act. This piece of legislation added to the already impressive legal system that makes Belize such a hospitable offshore destination for businesses as well as individual investors.
Although there has long been an option in Belize to become an IBC, or international business company, forming an LLC may be an even better way for some individuals to protect their assets while limiting liability in a big way.
If you're interested in making the most of the International Limited Liability Companies Act and starting your own LLC in Belize, find out how you can benefit as well as how to get started.
LLC Don't Have Annual Requirements
If you are interested in forming an LLC in an offshore location, one of the biggest things you will want to be aware of is whether the destination you have in mind has a lot of annual requirements.
Larger companies and partnerships may require you to be there in person once annually, hold shareholder's meetings to comply with national law, hire a formal company secretary to operate within the host nation and audit the accounts regularly to submit earnings to the government.
If you opt to start an LLC in Belize, however, none of those things will apply to your company. Although Belize is certainly a beautiful, warm country that makes a wonderful vacation destination, you don't ever have to step foot in the nation while opening or managing your LLC in Belize, should that be your preference.
The LLC legislation gives LLC owners all the benefits of a business without many of the primary logistical complications.
LLC Can Be Flexible Wealth Management and Preservation Tools
While an LLC can be a way for legitimate businesses to be run offshore, an LLC in Belize can also be a tool perfect for wealth management and asset preservation.
For example, those who want to better use their IRA, or individual retirement account, can move it offshore and incorporate it into an LLC to give themselves more freedom and financial flexibility.
Your LLC can be a kind of shelter for your assets, protecting them from individual liabilities, bankruptcies or even financial freezes in your home nation or primary country of residence.
An LLC in Belize, like virtually every offshore company within the nation, is also not required to pay income taxes. This means that when your investments succeed, all of the profits you make can go straight back into the LLC rather than being paid to tax collection agencies.
Establishing an LLC in Belize is Exceptionally Quick
Even with so many clear advantages, some investors are concerned that establishing an LLC in Belize will take a lot of time and effort. While it may certainly be helpful to have the guidance and expertise of Georgetown Trust as you get started, the process is actually very quick.
In many cases, the filing can all be done within 24 hours, and that is without ever even stepping foot in Belize. If desired, you can keep your name off the government registers in order to better protect your anonymity or privacy, and you can even begin managing your company's assets right away through online banking accounts.
The International Limited Liability Companies Act passed in Belize in 2011 strengthened the already impressive landscape for independent business operations in Latin America. By establishing an LLC in Belize, you can be better prepared to manage your assets and preserve your wealth.
