Business insurance 

The Belize Offshore Company

Belize became a British Crown Colony in 1862 and became independent in 1981. Belize is now a parliamentary democracy. The Government of Belize is fully committed to the continued development of Belize as a leading offshore jurisdiction for offshore company formation. Through regular consultation with the private sector, the government ensures that its policies and legislation continue to meet the needs and interests of the international financial community in an environment that builds trust and confidence.

The Belize International Business Company (IBC) is the most popular form of offshore corporate structure. An IBC is formed under the International Business Companies Act of 1990 and generally must conduct its trade and business operations outside of Belize. However, Belizean law also allows an IBC to carry out a number of activities within Belize. Belize offshore companies are used for various tax planning and international investment purposes.

Belize (formerly British Honduras) is an independent country of great scenic beauty located on the Caribbean coast of Central America. Belize has an area of ​​approximately 23,026 square kilometers and is bordered by Mexico to the north and Guatemala to the west and south. The administrative capital of Belize is Belmopan, but the main commercial center is Belize City, which is located on the east coast, near the main international airport.

The total population of Belize is around 300,000, of which about 60,000 live in Belize City. The population of Belize is ethnically diverse and includes descendants of the original Mayan culture and people of Caribbean, Caucasian, Chinese, and East Indian descent.

Belize has a long history of peace, stability and democracy. It became a British Crown Colony in 1862 and achieved full self-government in 1981. Belize is a member of the British Commonwealth, the United Nations, and the Non-Aligned Movement. In Belize, executive authority is exercised by the Cabinet under the direction of the Prime Minister, subject to the approval of a 28-member Senate, the majority appointed on the recommendation of the Prime Minister. There are two main political parties; Both parties are committed to the economic development of the country and the promotion of foreign investment.

Belize’s pristine environment, with cays and barrier reef, makes it a popular destination for ecotourists, while its clear, unpolluted waters are excellent for swimming, diving, fishing and other water sports. The country also offers a unique combination of virgin forests, caves, rivers, mountains, waterfalls and jungle, in addition to a large number of Mayan archaeological sites. There are also forest reserves, wildlife sanctuaries, marine tourist areas and the world’s only jaguar reserve.

The official and spoken language is English. The currency is the Belize dollar (BZ$). The activities of offshore companies are exempt from exchange control. The legal system is based on English company law.

Main legislation

o International Business Companies Law, 2000.

o Limited Life Partnerships Act 1999.

The main type of company for international trade and investment is the Belize International Business Company (IBC) or the Belize Limited Life Company (LLC).

To incorporate a company in Belize, the Registered Agent must deliver the Memorandum of Association and Articles of Association to the Belize Registry along with the applicable fee.

Restrictions apply to Belize offshore companies (IBCs): they cannot trade within Belize or own real estate there. They also cannot carry out banking, insurance, insurance or reinsurance activities. An offshore company incorporated in Belize has the same powers as a natural person.

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