Belize’s legislation changes have been the center of attention recently, chief of which how the Economic Substance Rules works and how the tax would be treated for a Belize’s IBC are two of the biggest concerns with our clients.
In what follows, BBCIncorp will walk you through the most important specifics of these changes in an easy-to-capture manner. Let’s see below!
Keynotes for IBCs in relation to Belize Economic Substance Requirements and Tax Matters
The Economic Substance Act of Belize took effect on 11 October 2019. The issuance of this Act is to prevent entities from taking advantage of Belize corporate structures to earn profits but not representing the real economic situation in Belize.
Key highlights of the Belize Economic Substance Act (ESA) that you must know:
- The scope of the economic substance requirements
- Criteria for satisfying economic substance requirements
- How to meet economic substance requirements
In respect to Belize ESA, it is also crucial for in-scope entities to understand the tax implication on specific circumstances.
Feel free to chat with BBCIncorp if you need to know more about Belize’s economic substance as well as tax issues!
In case you are still uncertain about Belize and wish to find another option totally tax-free, BBCIncorp recommends another ideal company formation solution that matches your needs – that is Seychelles Company Formation.
For more information email us via email@example.com to consult our advisors!