Belize
Company Formation Set Up Offshore Business

A Belize BC can be incorporated using any language, and must end with one of the following suffixes: Limited, Corporation, Incorporation, Société Anonyme, Sociedad Anónima or their abbreviations.

Similarly, the name of a Belize LLC must contain words to show the nature of its business structure such as “Limited Liability Company” (abbreviations “L.L.C.”, or “LLC” is acceptable).

A local address in Belize is the initial requirement to register a Belize offshore company. The address works for documentation only, it has no function of mailing.

In the past, the main distinction between Belize LLC and BC was their compliance and tax obligations. The LLC enjoyed exemptions from income and business taxes for income originating outside of Belize and annual obligations, whereas the BC had to pay income business tax and fulfill annual compliance requirements.

However, with the implementation of the Belize International Limited Liability Companies (Amendment) Act on July 21, 2023, Belize LLCs are now subject to income and business tax and annual obligations.

Therefore, the key difference between the two entities now lies in company ownership.

In an LLC, ownership is represented by members, who can be individuals or entities. On the other hand, in a BC, ownership is represented by shareholders, who can also be individuals or corporations.

For Belize companies incorporated between January 1st and July 31st, the renewal must be made before the company anniversary.

The company formed in Belize from August 1st to December 31st must be renewed before July 31st of the following year.

Generally, setting up a company in Belize can be done in 6 steps as follows:

• Step 1: Choose a business name and register it with Belize Companies & Corporate Affairs Registry.
• Step 2: Submit the required documents & get your incorporation certificate.
• Step 3: Acquire a business license or permit, if your business activities fall under the scope of licensed activities as per the law.
• Step 4: Register Income Tax and General Sales Tax with relevant departments.
• Step 5: Register with the Belize Social Security Board. This is a must if you want to hire employees for your company.
• Step 6: Register Intellectual Property (Optional). This is not mandatory but it is highly recommended for companies to do so, as it is a good way to protect your brand.

The steps above are only general guidelines. Depending on your chosen business structure, there might be specific requirements to fulfill. Therefore, it is recommended to seek professional guidance to open your company in Belize.

The time required to open a Belize company usually ranges from 2 business days to 2 weeks, depending on the complexity of the company structure and the availability of relevant documents.

The costs to register a Belize company may include the incorporation fee, business license fee, registered agent fee, and other miscellaneous expenses such as bank charges, legal consultations, notarization, and translation of documents.

To ensure that your Belize company formation process is swift and effective, engaging the assistance of a professional service provider is highly recommended. They can provide invaluable assistance in navigating the legal complexities involved with this task.

In order to open a Belize company, you must fulfill the below requirements:

• Having a unique business name;
• Having at least one director, who can be a Belize resident or non-resident;
• Maintaining a registered office address in Belize;
• Engaging a registered agent in Belize;
• Submitting relevant documents to the Registrar; and
• Paying registration fees as required.