Why Start a Company in Belize?
Benefits of setting up Belize Company
Belize offers many benefits for entrepreneurs looking to establish a business in a foreign country. Here are some of the top reasons why you might consider starting a company in Belize:
- Tax benefits: Belize offers a favorable tax system for businesses, with no taxes on foreign-sourced income and a low corporate tax rate of just 1.75%. There are also no capital gains taxes or inheritance taxes in Belize.
- Political stability: Belize has a stable political system, with a democratic government and a legal system based on English common law. The country has a history of peaceful transitions of power and a low level of corruption.
- Strategic location: Belize is located in Central America, with easy access to both North and South America. The country has a well-developed transportation infrastructure, including an international airport and a deepwater port.
- English-speaking: English is the official language of Belize, which can make it easier for English-speaking entrepreneurs to navigate the legal and business landscape.
Legal Requirements for Company Formation in Belize
In order to establish a company in Belize, you will need to follow a series of legal steps. Here’s what you need to know:
Choose a Business Structure
The first step in forming a company in Belize is to choose a business structure. The most common types of businesses in Belize are:
- Limited Liability Company (LLC): An LLC is a flexible business structure that offers limited liability protection for its owners. LLCs are easy to form and operate, and they are not subject to the same regulatory requirements as corporations.
- International Business Company (IBC): An IBC is a type of company that is specifically designed for international business activities. IBCs are exempt from taxes on foreign-sourced income and are not required to file annual reports or financial statements.
- Public Limited Company (PLC): A PLC is a type of company that can issue shares to the public. PLCs are subject to more regulatory requirements than LLCs or IBCs, and they are generally more complex to form and operate.
Register Your Company
Once you have chosen a business structure, you will need to register your company with the Belize Companies Registry. You will need to provide the following information:
- Company name and business address
- Business activities and purpose
- Names and addresses of directors and shareholders
- Share capital and shareholding structure
Obtain a Tax Identification Number
After registering your company, you will need to obtain a Tax Identification Number (TIN) from the Belize Tax Service. This number will be used to identify your company for tax purposes.
Open a Bank Account
In order to do business in Belize, you will need to open a bank account with a local bank. You will need to provide your company registration documents and other information to the bank.
Other Common Offshore Companies we can set up for our Clients
Hong Kong Company Limited by Shares
For any further questions on Setting up an Offshore Company or opening an Offshore Bank Account please feel free to contact us through our website https://pearlem.com
Or send us an email: [email protected]