Belize
Belize is a small state in Central America. It is a member of the British Commonwealth, the United Nations and the Nonaligned Movement. Moreover, it is a perfect offshore haven for those who wish to incorporate an international company in a timely manner and at a reasonable cost: minimum formal requirements and sufficiently developed telecommunications, and the Belize bureau for offshore company incorporation is one of the fastest in the world.
Belize also has other advantages besides fast registration:
The legal and judicial system of Belize is based on the English Common Law – the country used to be a British colony until 1981, and now its formal ruler is the British monarch. International business companies (IBC) in Belize are incorporated in accordance with the International Business Company Act, which is considered to be one of the most up-to-date and practical laws on offshore companies in the world
- IBCs
in Belize are completely exempt of any reporting, taxes and foreign exchange
control. A company does not need a secretary, a local director or a shareholder,
there is no need to hold shareholder meetings, to actually pay or even prove
the ability to pay equity capital - it is sufficient to issue just one share, which
can be a bearer share or a no-par-value share. Today, there are very few strict
limitations that are in place for international companies in Belize: they
cannot operate in the territory of the country and they cannot own real estate
- Belize
has a classified register of shareholders and directors, and there are only 26 international
agreements on information exchange (even the United States has not made it to
the lucky few, despite its crusade against offshores). Twelve of these are
signed to avoid double taxation. Therefore, the level of protection in place
for financial and taxation information as well as final beneficiaries’ names is
quite high: this data can only be disclosed upon court order
Nevertheless, Belize has a few more specific features:
Belize won’t suit everyone for permanent residency: low quality of real estate and infrastructure may seem too rustic, while swampy plains comprise most of the country’s territory, resulting in a hot and humid climate, which might also be not the most suitable for everyone
- Income tax for citizens and resident companies is 25%, which is not very low
- The
banking system of Belize is defined by low capitalization. That is the reason
why, if you choose this country to incorporate a company, it is advisable to
keep your money in the banks of more developed and reliable countries