Take Advantage of Chapter 250 for (Onshore) Local Companies
The Government of Belize considers several factors before granting development concessions to onshore (local) companies. Among other factors, these would include the level of investment made, the potential that the company has for foreign exchange earnings and foreign exchange savings, the creation of employment, transfer of new technology, the location and type of industry, the final destination of the products and the company’s own profitability on its investment. Tax free concessions are generally given for larger development investments. To obtain a duty free concession to bring things needed for a hotel or other type of business, you must have a local (onshore) Belize company.
Companies carrying on business within Belize must be incorporated pursuant to the local Companies Act or if they are overseas companies, they must be registered to do business locally in Belize as overseas companies. Local companies and overseas companies carrying on business locally must make a full public disclosure of their directors and shareholders and should maintain a registered office within the country of Belize. Georgetown Trust, Ltd. performs a wide range of services for local companies’ formation including the filing of statutory returns in the Companies Registry, providing a registered office and nominee shareholders and acting as registered agent for overseas companies doing business locally.