Belize Companies (Amendment) Act, 2023: Ensure Your Compliance

What are the highlights of the Amendment?

Timely and accurate company records

The amendment requires companies to diligently update their records and relevant information in accordance with the Act and Regulations. This guarantees that the records are accurate, current, and truly reflect the company’s current status.

Nominee Directors’ responsibilities

A pivotal change lies in the responsibilities of Nominee Directors. Upon consenting to act as a Nominee Director, individuals will now assume the same duties and obligations as substantive directors.

This measure not only strengthens corporate governance but also aligns Nominee Directors’ accountability with the company’s overall performance.

Disclosure of UBO information

Before the Amendment, only the details of the Director and Shareholder were needed for filing.

However, with the implementation of the amendment, it is now mandatory to file all information related to the Ultimate Beneficial Ownership (UBO) of the company through the Online Business Registry System (OBRS) portal.

This information remains confidential and is accessible only to the registered agent of the company, who can request a comprehensive search on behalf of the company they represent.

Reminder of the re-registration application process under the new Belize Companies Act

Your registered agent can only process orders or services on your company once it has been re-registered.

So make sure you fulfill your Belize company re-registration application as soon as possible.

Foreign companies registering in Belize

Foreign companies wishing to register in Belize must now state the addresses of their proposed registered office in the application.

This requirement enhances transparency and fosters a clearer understanding of foreign entities operating within the country.

Real estate ownership for Registered Foreign Companies

A notable development introduced by the amendment is the authorization for registered foreign companies to own real estate within Belize.

This expansion of rights paves the way for increased foreign investment and economic growth.

Declaration of Nominee Directors and Shareholders

The amendment introduces a stringent obligation for Nominee Directors and Shareholders of existing companies.

Within 30 days of the Act’s enforcement, Nominee Directors and Shareholders must file a declaration with the Registrar, specifying their status and disclosing the identity of their nominator.

If the appointment ends, a similar declaration must be submitted. Upon the enactment of this Act, individuals who previously held positions as nominee directors or nominee shareholders and whose appointments have ceased must file a declaration with the Registrar within 30 days to confirm the termination of their nomination.

Non-compliance with this requirement is considered an offense, and individuals found guilty may be subject to administrative fines imposed by the Commission in accordance with Regulations.

To access the complete Amendment Act, kindly visit the official website of the National Assembly of Belize.

Conclusion

The Belize Companies (Amendment) Act, 2023, underscores Belize’s commitment to upholding international standards in corporate transparency and governance.

By implementing these changes, Belize not only enhances its reputation as a responsible business jurisdiction but also fosters an environment conducive to sustainable economic growth.

For further information regarding the Amendment, you’re welcome to drop us a message via service@bbcincorp.com so our support team can provide you with detailed assistance.