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Belize IBC registration: what you need to know about international business in 2018

2018-02-14

As a rule, Belize IBC registration is one of the popular options for running your favorite business at the international level. It is necessary to register IBC in Belize in order to conclude deals and establish partnership relations with other international companies.

Most entrepreneurs are aware that the abbreviation will be deciphered as the International Business Company. And perhaps this is one of the most effective vehicles for tax planning and asset management. IBC is perceived as the main force of an offshore platform around the world. Therefore it is not surprising that the IBC registration in Belize is popular.

Belize IBC is a corporation created in accordance with the provisions of the International Business Companies Act 1990. IT-OFFSHORE specialists consider this legislation as one of the most instructive legislative acts concerning the activity of offshore companies all over the world. This is due to the fact that he understands the subtleties of a particular jurisdiction and provides friendly freedom of action for entrepreneurs, regardless of the nature of the activity in which they participate (as long as they are legitimate).

However, everyone is aware of the OECD case. Pressure from the organization led to the fact that now the government of Belize is forced to cancel some key advantages, thereby making the international company in Belize more transparent. Simply put, you can not dream of anonymity.

Last changes and Belize IBC Amendment Act

In 2017, the Belizean government amended the IBCAct. The essence of these changes is to keep their positions on an increasingly regulated international market and meet the requirements of the O.E.C.D.. Thus, the government of Belize intends to get on the white list.

Having studied this topic, IT-OFFSHORE specialists came to the conclusion that BelizeIBCAmendment Act2017 will bring three new changes:
• Bearer Shares canceled.
• Availability of a mandatory register of beneficial owners.
• Presence of a mandatory register of directors.

Violation of one or more requirements will result in the imposition of fines. Now, in detail about each of the changes:

Bearer shares are canceled.

This innovation indicates that now the issuance and transfer of shares to the bearer is prohibited. Thus, a firm that has issued bearer shares must cancel all certificates. This may not be the most pleasant news, but what to do when the government of Belize wants to remain popular for entrepreneurs.

Availability of a mandatory register of beneficial owners.

The next requirement will be to have information about the beneficial owners, stored in the company's registered office. There is no requirement that it be submitted to the state register of companies, but it is required in relation to the shareholder register.

Information with a history is optional. IBC firms must to tell information about their current beneficiaries.

IT-OFFSHORE specialists also specified that the law requires the director of the firm to constantly update the information contained in the register of beneficial owners. In practice, it is simpler, since this can be done electronically or in any other way approved by the Council.

Presence of obligatory register of directors.

This change will also have a relatively small impact on most firms, as it turned out in fact. Currently, the requirement of the new law is the maintenance of the register of directors. In addition, it is also necessary to keep a copy of the registry in the registered office.

Thus, every firms need to create a register, store them in a registered office in Belize, and, upon the request of the competent authority, provide the requested registries for a full twenty-four hours (full day) upon receipt of the notification.

Changes are applied immediately to all new firms in Belize. But after studying the question, IT-OFFSHORE specialists noticed that existing firms have a deadline of 12 months to comply with the new provisions of the law.

In addition to the above legislative innovations, IT-OFFSHORE specialists learned about the new penalties applied to companies. As stated above, the existing Belize firms that are registered before the new law comes into force will have 12 months (means until 01/07/ 2018) to fill out their register.

If you do not do this, you must pay a fine of twenty five dollars per day of delay. In addition to this, five hundred US dollars per day of delay for the register of beneficial owners.

If you find yourself in a similar situation, IT-OFFSHORE specialists will provide you with professional assistance. To do this, you need to use a convenient form of feedback from us.

Otherwise, the state retains its key advantages. If you are not afraid of such transparency, then you have the opportunity to open an international company in Belize, by contacting us for help.