The Belize Companies Act 2022, which repeals and replaces the International Business Companies Act, Cap. 270 and the Companies Act, Cap. 250, was passed on August 5, 2022 by the Financial Services Commission (FSC).
The enactment of this law aims to adhere strictly to international regulations, enhance and streamline corporate affairs handling.
Here are some provisions of the Belize Companies Act, 2022 that went into effect: Part I, Part XVII (sections 294-305 and 307), and Part XIX (sections 313, 315, and 316).
What are the key highlights of these amendments?
Re-registration requirements for certain companies
If a Belizean company is formed under the International Business Companies Legislation, Cap. 270, and the Companies Act, Cap. 250, it must be re-registered under a new act.
All overseas companies that are registered under the Companies Laws, Cap. 250, will be converted to a Foreign company and must re-register under the new act.
How to re-register
The Online Business Registry system (OBRS) gateway will be made accessible at the end of 2022. Entities will be given a new, unique 9-digit company number and an E-certificate after the re-registration process is finished.
Annual return submission for foreign companies under the new act
Under the latest amendment of the Belize Company Act, applied for foreign companies, you must file an annual return made up to 31 December of the previous year with a deadline of 30 June or earlier. Note that the annual return must be filled out on a form that has been approved. Also, verified by the foreign business director or registered agent.
The requirements of financial records being kept outside Belize
If the accounting records of a company are kept outside Belize, the company shall ensure that it keeps at its registered office some documents as the requirements of the Belize Companies Act, 2022. Documents required include:
- Relevant accounts and returns that are sufficient to show the company’s transactions and financial position to be determined with reasonable accuracy;
- A written record of the physical address of the location outside Belize where the accounting records are kept.
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.
Get helpful tips and info from our newsletter!
Stay in the know and be empowered with our strategic how-tos, resources, and guidelines.