In line with all of the tax good governance standards as a result of positive reforms to improve the tax regime for international business companies, Belize has recently been moved to the “whitelist” by the EU Council.
To better promote corporate industry, Belize announced two new approaches to benefit any foreign companies wishing to re-domicile into Belize under the Belize IBC Act. To be specific, they are granted:
1. The waiver of the Continuation Fee to be paid to the Government through the IBC Registry.
Time to apply is from 24 Feb 2020 to 14 Feb 2021.
Accordingly, applicable companies in the mentioned period will not be subject to pay the Registrar continuation fees as follows:
- $500, which is applied for companies not incorporated under the Companies Act, Cap. 250 and have the authorized capital not surpassing $50,000;
- $1,000, which is applied for companies not incorporated under the Companies Act, Cap. 250 and have the authorized capital of more than $50,000;
2. To be exempted from the regular service charge in applying for Tax Identification Number (TIN) for any foreign companies conducting re-domiciliation into Belize under the Belize IBC Act. Note, however, that the sole condition for this exemption is that the company must submit the application along with the continuation request.
For any further questions regarding IBCs Continuation to Belize 2020, do not hesitate to contact us or click here for reference to the original notice.