All Belize IBCs regardless of holding IP assets or not are now in charge of completing IP Assets Grandfathering Certification Program Form (IPAG Form) and relevant annexures (only if do have IP assets) to be lodged to Belize IFSC no later than 31st Jan 2020 via their registered agent.
FYI, as formally stated in the regulation, IP assets include:
Any intellectual property right in intangible assets, including but not limited to the copyright, patents, trademarks, brand, and technical know-how, from which identifiable income accrues to the business (such income being separately identifiable from any income generated from any tangible asset in which the right subsists).
An IBC that fails to comply with the aforementioned requirement will face heavy penalties of up to $100,000 per case or even a forced strike-off.
Should you have any questions in relation to the IP assets grandfathering program, don’t hesitate to contact us at service@bbcincorp.com.
Disclaimer: While BBCIncorp strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact BBCIncorp’s customer services for advice on your specific cases.
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