Obtaining payment licences in Belize. Service offer

The key issue is finding the director and shareholder for the company. There must be at least two approved officers to apply for a licence: director and shareholder.

The legislation that regulates financial licences in Belize does not set any special requirements for a shareholder or director of the company that applies for a licence (the Applicant), other than those described below.

The authority in charge of approval of candidates for the director and shareholder is the International Financial Services Commission (the IFSC); the decision is made after assessing a special affidavit which provides the information on the director/shareholder. The director / shareholder will need to meet the following criteria:

• have no criminal record;
• have not been previously refused the grant of a similar licence or had not such a licence revoked/suspended;
• have not been declared bankrupt.

In addition to the Know Your Customer (KYC) affidavit, the following documents must also be submitted for each key person in the applicant company:

• Valid ID document – notarized and apostilled copy;
• Proof of address – not older than three (3) months at the time of application;
• Financial reference (that meets the minimum requirements established by the Belize regulations on licensed financial activities);
• Professional reference/Personal reference (that meets the minimum requirements established by the Belize regulations on licensed financial activities);
• CV;
• Certificates of qualification;
• Evidence of due diligence checks (reporting any negative results).

Also, the Applicant must:

• pay the minimum authorized capital. Each of these types of licences requires a minimum authorized capital of USD 75 000 paid into an account at a Belize bank or, if it cannot be opened, at a financial institution in another country (the law provides certain restrictions). If a company applies for multiple licences at once, the authorized capital requirement may be higher – the IFSC can “add up” the required minimum authorized capitals for each licence, but may also request such a company to have the authorized capital higher than the total minimum;
• provide a business plan describing the proposed activities in the next 5 years;
• approve the internal documentation:

1. Manual of Operating Procedure
2. Money Laundering Prevention Controls Manual
3. Complaints Handling Procedures

• appoint a Compliance officer;
• appoint an auditor and submit audited financial statements to the IFSC.

According to the Standard Conditions for International Money Transmission Services Licence, Standard Conditions for International Payment Processing Services Licence, and Standard Conditions for Money Brokering Services Licence the Applicant, having received the appropriate licences, is required:

• to comply with the International Financial Services Commission Act and the Regulations, as amended;
• not to provide services to individuals or legal entities resident in Belize;
• not to use the currency of Belize in its activities;
• not to provide services to clients resident in countries whose laws require obtaining a local licence, except where such a licence is in place;
• to seek the IFSC’s approval of all management positions / changes in the structure / other changes;
• to report monthly (by the 10th of each following month or at such other times as may be specified by the IFSC) the total value of money exchanged;
• to hold a meeting with IFSC representatives once a year in order to report on the activities in the past year and present a business operation plan for the next year;
• for International Money Transmission Service Licence and International Payment Processing Services Licence, to pay special attention to transactions exceeding USD 10 000 (or equivalent in any other currency) and report all suspicious transactions to Belize Financial Intelligence Unit;
• other.

The format of such a report is not defined by the IFSC; if the IFSC is not fully satisfied with the information submitted by the Applicant, the IFSC has the right to request comments and clarifications.

The Applicant cannot carry on business in a foreign country unless the Applicant is exempt from licensing or is licensed in that country.

The Belize Economic Substance Act and the changes that the Economic Substance Act has introduced to the legislation regulating licensed financial activities require a licensed company to have an office in Belize and at least one local director.

The approximate time of company incorporation is 10 business days. The licence application takes approximately 4-6 months. Please keep in mind the time it takes to provide additional documentation or clarifications requested by the IFSC (these may vary from one case to another).

Certificate of Good Standing

Certificate of Incumbency

[1] The fees are valid at March 2023 and may change without prior notice.

[2] If a company applies for multiple licences at once, the authorized capital requirement may be higher – the IFSC can “add up” the required minimum authorized capitals for each licence, but may also request such a company to have the authorized capital higher than the total minimum.

[3] The director’s final fees are determined after agreeing the specific responsibilities of the director.

[4] In the case of applying for multiple licences; when applying for one licence, the application supporting fee is USD 9 500.

[5] The fees are valid at March 2023 and may change without prior notice.