Legislation of Belize

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
Companies Act
Partnership Act
Trust Act
Cooperative Societies Act
International Financial Organization Act
International Insurance Ac
International Banking Act
Copyright Act
Patents Act
Trade Marks Act
Commercial Free Zone Act
Trade and Investment Development Service Act
Income and Business Tax Act
ЗExchange Control Regulations Act
Money Laundering (Prevention) Act
Accounting Records (Maintenance Act)
Economic substance Act
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Tax treaties entered

Antigua and Barbuda
Austria
Barbados
Dominica
Grenada
Guyana
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Switzerland
Trinidad and Tobago
United Arab Emirates
United Kingdom

Tax Exchange Information Agreement (TIEA)

Australia
Belgium
France
Netherlands
United Kingdom
Finland
Sweden
Denmark
Norway
Iceland
Ireland
Greenland
Faroe Island
Portugal

List of state regulatory authorities

Government of Belize Press Office
Belize Chamber of Commerce and Industry (BCCI)
Belize Trade and Investment Development
Belize Companies and Corporate Affairs Registry (BCCAR)
Belize Customs and Excise Department
Judiciary of Belize
Central Bank of Belize
Financial Intelligence Unit (FIU)

Corporate info

Legal system
Based on English Common Law
Types of entity
- Sole Proprietorship;
- General Partnership;
- Limited Partnership;
- Private Company;
- Limited Life Company;
- Public Investment Company;
- International Business company;
- Trust Fund;
- Joint Venture and Cooperative;
- Branch;
- Representative office
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima, Aktiengesellschaft or related abbreviations: Ltd., Corp., Inc., S.A., A.S., A.G.
Sensitive words
- Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Municipal, Royal or similar words;
- Assurance, Bank, Insurance, Trust;
- words suggesting the patronage of His Majesty or that of a member of the Royal Family, or a connection with the Government of Belize;
- indecent, offensive or objectionable words
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
Register of shareholders and directors, Register UBO, minutes, resolutions, Memorandum and Articles of association, booking accounts and common seal imprint
Seal required, type of seal
Yes, imprint of a common seal must be kept at the registered office
Redomiciliation (to, from) permitted
Permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements / anywhere
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No requirements / anywhere
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
USD
Standard authorized share capital
50 000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
25%
Сorporate tax
25%
Corporate tax (in detail)
Companies operating in the oil industry pay a flat tax of 25% on all profits. Other companies pay income tax at a set rate depending on their profits
Capital gains tax
No
Capital gains tax. Details
There is no capital gains tax in Belize
VAT
12,5%
VAT. Details
GST is similar to VAT. The tax rate is 12,5%
Withholding tax
15% (dividend), 15% (interest), 25% (royalty)
Other taxes
Social contributions, Property taxes
Exchange control
No
Government fee
Stamp duty
Yes

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Central America
Total area
22 966 sq. km
Population
400 031 (2021)
Capital
Belmopan
National currency
Belizean dollar
Conditional reduction of currency
BZD
Against USD
0,5 (2022)
Climate, average max and min t°
Tropical trade-wind; the average temperature is about +26°С
Time difference from Moscow
- 9 hours
Dialing code
+501
State language
English
Ethnic groups
Belizean Creole people 21%, the Maya 11%, the Garifuna people 6% and others
Literacy rate
75,1% (2019)
History
The history of Belize dates back thousands of years. In the past nearly the whole western part of today’s Belize was occupied by the Maya until they left it in 895. At the beginning of the 16th century when the first Europeans (Spanish) put foot here, some tribes of Maya still inhabited the seaside. Spanish tried to get into the inland area, but they had to give up because of the strong resistance from Maya. In 1638 the British started to colonize Belize. In 1786 Spain and Britain signed a convention according to which Belize belonged to Spain. Since 1840 British began to call Belize – British Honduras and in 1862 they declared it a crown colony. During the economic crisis of the 1930s colony’s economy was at the verge of breakdown due to the significant decline in demand for timber in Great Britain. Except from the disasters caused by mass unemployment came the consequences of the hurricane of 1931. Economic situation improved during the World War Two, however after the war it came into stagnation again. In 1964 the colony got internal autonomy, and 1973 it changed its name into Belize. Full independence was granted to the country on September 21, 1981.
Credit rating
B-
Government type
Parliamentary democracy
Executive branch
Head of State - The King of Great Britain, represented by the Governor General. Executive power - the Government (cabinet ministers) with the Prime Minister at the helm
Legislative branch
Bicameral National Assembly ( Senate and House of Representatives)
Judicial branch
The Supreme Court is the court of first instance and appeal. In the districts, there is a Summary Jurisdiction Court, which hears criminal cases, and a District Court, which hears civil cases
Unemployment
23,7% (2020)
GDP per capita rank
136 (2020)
Corruption perceptions index rank
Corruption Perception Index - 43 (2022)

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Banks of Belize

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
2 200
N/A
N/A
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