Updates of Annual Economic Substance Declaration Forms In Belize

Who and How to declare Economic Substance in Belize?

Pursuant to Belize Economic Substance Act (2019), all Belize IBCs and relevant entities regulated under this Act must proceed with the annual filing and delivery of economic substance reports to the Commission.

The reporting period is set during 9 months from the entity’s fiscal year end. Note that each group of entities shall be subject to different declaration forms as prescribed by the Commission.

Listed below are the forms that must be well-attached to certain entities under the Belize ESA:

• Included entities/ holding companies fully or partly conducting relevant activities: Form B
• Pure equity holding companies: Form C
• Non-included entities: Form D

The submission due date is within 9 months after ending the fiscal year for all of the business entities above.

Important Note

The information described on each of Form B, C, and D must be thoroughly examined and approved with a signature by the director (nominee director is not accepted) or the majority shareholder.

Any compliance failure to follow economic substance reporting requirements can be subject to a financial penalty of up to US$1,000 per case.

Still uncertain about whether your entity is subject to Belize ESA or not? Please visit our guide Belize Economic Substance Requirements and Tax Guides for further details. You can also use our Belize Economic Substance Self-Assessment Tool to have a check!