Legislation of Belize

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
company incorporation
partnerships
limited liability partnerships
trusts
joint ventures, cooperatives
international financial organizations
international insurance
offshore banking
ompany name
copyrights
patents
trade marks
commercial free zones
trade and investment development
income tax
money laundering prevention
accounting records maintenance
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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 (TEIA)

Australia
Belgium
Czech Republic
Denmark
Faroe Islands
Finland
France
Greenland
Iceland
India
Ireland
Mexico
Netherlands
Norway
Poland
Portugal
South Africa
Sweden
Switzerland
United Kingdom

List of state regulatory authorities

Government of Belize
Belize Chamber of Commerce and Industry
Belize Trade and Ivestment Fund
Belize Companies and Corporate Affairs Registry
Department of General Sales Tax
Customs and Excise Department
Bar Association
Central Bank of Belize
Financial Intelligence Unit

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 Her 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, 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
US dollar
Standard authorized share capital
50000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
25%
Min. rate for corporate tax
Corporate tax (in detail)
Income tax is paid only in the oil sector. Other companies pay business tax, calculated as a percentage of revenue.
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%/15%/25%
Other taxes
Social contributions, Property taxes
Exchange control
No
Government fee
Stamp duty

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 кв. км
Population
387.879 (2017)
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
Government (cabinet of ministers) with a Prime Minister as its head
Legislative branch
bicameral National Assembly ( Senate and House of Representatives)
Judicial branch
Magistrates Court, the Supreme Court, the Court of Appeal
Unemployment
23,7% (2020)
GDP per capita rank
136 (2020)
Corruption perceptions index rank
109 (2008)

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