A timeless classic: bank account + company in Belize
The small state of Belize shares borders with Mexico and Guatemala. The country is a member of the British Commonwealth. The official language is English, but Spanish is widely spoken in the country. The population is distinguished by its diverse ethnic group, with about 390 thousand people living in the jurisdiction. Before you buy a company in Belize, it is recommended to familiarize yourself with the peculiarities of the jurisdiction.
Advantages of offshore in Belize
Tourism and agriculture are especially developed in the country. The state is characterized by political stability, which makes opening an offshore in Belize very profitable. To register a company in Belize, please contact our experts at IT-OFFSHORE.
The main advantages of registering a company in Belize:
- The procedure is fast.
- Prices for registration and service are relatively low.
- No reports are required.
- A high degree of confidentiality.
Nominal service can be used. The country has a well-developed infrastructure, allowing to open an account with a local bank in a short period of time. The jurisdiction has contracts with a number of countries to avoid double taxation.
What to choose: IBC or LLC
International organizations IBC and LLC are the most promising when creating an offshore business. The Law on IBC was created in the early 90's. It provides for a business orientation. The Law on LLC was adopted much later - in 2012. Both types of organizations are used to conduct business related to trade and online services.
A number of rules apply to corporations. A registered office in the jurisdiction as well as an agent are required. The name of a company must be unique. In order to conduct banking or insurance activities, it is necessary to obtain a special license.
Reporting should be done periodically. It allows you to monitor the development of business and prove the legality of funds. An IBC can be created with one director. The position can be held by individuals and legal entities. A secretary is not required in Belize.
Reporting and taxes
The lowest corporate income tax rate is 0%. There is no capital gains tax. The value-added tax rate is 12.5%. Personal income tax is 25%. State duty is $100. There is no stamp duty.
There are no requirements for submission of reporting documents. Access to reporting is closed. There are no mandatory audit requirements. There are some expectations for the preparation of reports. The country has signed a double taxation avoidance agreement with 12 countries. There are 18 states that have signed an agreement on exchange of tax information.
Opening bank accounts in Belize
Opening an account in Belize is beneficial for individuals and legal entities. There are several advantages why you should buy an account in Belize. Information about the owner of the funds can only be obtained by court order, and the country has signed double tax treaties with several countries.
Depending on the bank, it is necessary to keep a minimum amount of 1000 euros or more on the account. Using a debit card, you can debit your account, use online banking and make payments online. You can store your funds in dollars, euros or pounds sterling.
To create an account, you will need to provide several documents. If the account is opened by a legal entity, you will need a beneficiary's passport, ID-number and company details. A natural person needs to submit a passport, recommendation from the bank, information about sources of funds and a resume.