Registration of a company in Belize with assistance in receiving of an International Money Exchange Services Licence. Service offer

The key issue is the selection of the company's director and shareholder. To apply for the license, a minimum of two approved key personnel is required: a director and a shareholder.

The regulatory acts governing the licensing procedure for investment activities in Belize do not establish any specific requirements for the shareholder or director of the company applying for the license (hereinafter referred to as the Applicant), except as discussed below.

The approval of the director and shareholder candidates falls under the jurisdiction of the International Financial Services Commission (IFSC), and the decision is made after reviewing a special affidavit containing the director / shareholder's details.

The following requirements are imposed on the director / shareholder:

• No criminal record
• No denials of similar licenses or revocation/temporary suspension of such licenses
• No bankruptcy rulings

Additionally, (based on practice), the IFSC pays attention to the director/shareholder's work experience and education: preferably having an economic education and experience in the investment or banking sector.

These requirements are not specified, but in our experience, work experience is necessary in managerial or other "responsible" positions.

As can be seen, the requirements for the director and shareholder candidates are flexible enough, which does not negate the need for a responsible approach to the selection and preparation of suitable candidates, aimed at meeting both formal requirements and the regulator's "discretion."

In addition, the Applicant must:

• Pay the minimum authorized capital of USD 75 000 to a bank account in Belize or, if it cannot be opened, to a financial institution located in another country (there are restrictions according to the legislation);
• Provide a business plan describing the planned activities for the next 5 years;
• Approve an internal Manual of Operating Procedures (including money laundering prevention and terrorist financing controls) and appoint a Compliance Officer;
• Appoint an auditor and submit audited financial statements to the IFSC;
• Provide Apostilled copies of passports, diplomas, certificates, as well as original resumes and recommendation letters for each director and shareholder.

According to the Standard Conditions for International Money Exchange Services License, the Applicant who obtains such a license is obliged to:

• Comply with the International Financial Services Commission Act and the Regulations, including all amendments thereto.
• Not provide services to individuals or legal entities resident in Belize.
• Not use Belize currency in its operations.
• Not provide services to clients who are residents of countries whose laws require obtaining a local license, except in cases where the corresponding license has been obtained.
• Coordinate all managerial positions, structural changes, and other modifications with the IFSC.
• Report the total volume of money exchange transactions on a monthly basis (no later than the 10th day of each subsequent month or at another deadline specified by the commission).
• Pay special attention to transactions exceeding USD 10 000 (or the equivalent in any other currency) and report all suspicious transactions to the Belize Financial Intelligence Unit.
• Hold an annual meeting with representatives of the IFSC to report on the previous year's activities and present a work plan for the following year.
• And other obligations.

IFSC has not established a specific format for submitting such a report. If the data provided by the Applicant does not fully satisfy the IFSC, the IFSC has the right to request comments and clarifications.

The Applicant may conduct activities in a foreign country only if its activities are not subject to licensing in that country or if the license has been obtained by the Applicant.

In accordance with the legislation on economic substance in Belize (Economic Substance Act) and the amendments made by the substance law to the regulatory acts governing licensed financial activities, a licensed company must have an office in Belize and at least one local director.

*The fees are valid as of April 2025.