IBC opening in Belize in 2023

In 2023, Belize's IBCs start living under new rules. From this year, the status of local and international companies has disappeared. They all fall under a single law now. At the same time, although the opening of an IBC in Belize in 2023 is canceled, you can register LLC, trust, project company, and some other forms. All businesses registered before this year must agree to the new requirements.

What you should know about the changes regarding IBC

In the summer of 2002, a new Company Registry appeared. It merged the data from the two registries, which existed before, and where the registration information of local firms and IBC in Belize.

It was also planned to launch a system with the option to open a company online. After its implementation, all Belizean companies will have to re-register in it, obtain a nine-digit number and an electronic certificate.

As for the basic requirements:

• An international company must sign a contract with an agent with the right to represent it in Belize. It is not required only if the shareholders and directors are residents.
• All businesses must have an actual office in the jurisdiction. An alternative is the office of an agent who had signed the contract.
• The business must be incorporated or reincorporated as a limited or unlimited liability firm. A private trust (PTC) or a project company (SPV) can also be set up.
• General meetings are possible through electronic communication.

New interpretation of the Articles of Association

For IBCs, there are two documents instead of Articles and Memorandum:

• Articles - founding papers for incorporation.
• By-laws - internal rules of the company.

What is important to know about reports

Registering an IBC in Belize in 2023 requires the company to keep such documents (if you do not have your own office, you can have an agent):

• A list of the company's actual owners, directors, and members;
• The firm's documents for the past decade;
• Minutes of meetings and decisions taken;
• Information about the real owners;
• Financial records for the last 5 years.

All papers can be kept in both paper and electronic form. If they are outside of Belize, there must be a record of their physical location and an obligation to provide the documents at the first request of the regulator.

The firm must notify its agent in writing of any changes in the registers within 14 days.

When the provisions come into effect

Currently, many of these requirements are only partially in effect. Changes come into effect gradually, and information about them is transmitted to the director through their agent.

How to open a business in Belize

Contact the specialists of IT-OFFSHORE to register a company in Belize in 2023.