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Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Belize
Are you playing around with the idea of registering a company in Belize and looking for an easy guide to outline the requirements needed? Then you have come to the right place, because this insightful guide will outline just what you need to do.
But first, is Belize the right business destination for you? Understandably, there might be some concerns seeing as how Belize was ranked 152 by the World Bank out of 183 countries for the ease of doing business. That might cast some doubt, but rest assured the government of Belize is working hard to make the country a much more attractive business destination to encourage more foreign investment inflow into the country.
Here are some of the benefits when it comes to registering a company in Belize:
- The Established Offshore Banking Jurisdiction – Investors will be pleased to know that Belize has an offshore banking jurisdiction which is well established. Any business from any country in the world will be able to structure themselves legally so they stand to benefit from two or more jurisdictions, and one of these jurisdictions can be an offshore entity.
- Easy to Setup a Business – Register a company in Belize quickly and efficiently with just one shareholder and one director. The person(s) involved can be of any nationality, and you are already ready to begin the incorporation and setup process with a minimum capital of US$1.
- Wide Use of English – The official business language in Belize is English, and all documents pertaining to international business companies must be supplied in English. If your documents are already in English, then great news because you’re saving on having to fork out an additional expense for translation costs.
- No Financial Statements for Annual Returns – Another great piece of news for investors who plan to register a company in Belize is that they will not have to deal with filing financial statements together with their annual returns because the Income Tax Department of Belize doesn’t require them to do so.
Steps to Register a Company in Belize
Now that you know the benefits, it is time to move onto the steps needed to get your company registration process in Belize started:
- Define Your Name – Once you have decided on a name for your company, you, you will need to check with the Companies Registry and get them to conduct a computerized name search to ensure that your name is still available.
- Register Your Company – Your company must register its memorandum, articles of association and statutes with the Companies Registry.
- Apply for a Trade License – You will then need to lodge an application with the City Council for a trade license. A Council Inspector will come to inspect your premises and submit the findings to the trade license board for approval.
- Get a Company Seal – This can be done at any stationary store in Belize.
- Register for Business Tax – Register your company in Belize with the income tax authorities. You must also register the company with the general services tax authorities and present the relevant documents of compliance.
- Register Your Employees – Any employees that join your company will need to be registered with the Social Security Authorities in Belize.