Monthly Archives: September 2009

Register Belize Company

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Registration of a company in Belize is open to every person and corporation from all over the world. The process and efficiency of company registration has been simplified to attract many investors as possible. The Belizean government has enforced laws that favor offshore companies and business enterprises through the International Business Company (IBC). The Belize company formation has and is still attracting many investors. This is because it’s tax free and enjoys the legitimacy of world’s business and investment boost. Technological development has thus enabled Belizean government to make registration easy and may only take few days.

To register a company in Belize, a person or a company registering need to ensure that the following factors are given serious consideration:
> Identify an agency that can help in the process of company formation. The agency must be a company that will help in opening a bank account necessary for the company’s registration. The bank account should a legal bank account with own IBAN account number and it must be in a place where the bank has a SWIFT code.
> The Belize government requires that the company to be registered be able to identify its would-be clients.

After these factors have been taken into account, the registration requirements are therefore provided to start the whole process of ensuring that you have the company or corporation registered:

• Identify the suitable name for the company. The search is best done at the Registry of Companies.
• Present the memorandum of understanding and the Articles of Association at the Registry of Company offices.
• Obtain a trade license from the Belize City Council. This is non-payment service and done to offer legality for the company registered. The city council will inspect and give the trade license after the payment.
• Register the company at the income tax department. This will help the government in tax collections.
• Make registration of your company at the GST (General Sales Tax) offices. The general tax registration will show the genuineness of operating the specified offshore business.
• Finally, the workers that are expected to work in the Business Corporation or company should be registered at the Social Security Board. This ensures current and future safety of all the workers.

To help the Belizean government curb crime and the fraudulency that takes place during formation and the registration of a company, there are documents that must be submitted upon registration. These also come along with the fee for government filing and storage. The following articles are presented: an Incorporation Certificate, a Memorandum of Understanding and the Articles of Association, the letter of appointment of the directors of the first term, the name of the nominated shareholder (this is only presented if required), a special declaration from the nominee stakeholder, the share certificates, the register of stakeholders, managers and directors, the registered agent services and the document showing the legal office of the company.

However, for Belize offshore companies, there are renewable fees that must be paid every year. The renewable charges are; Government fees which is paid annually, the fee for the registered agent which is also a yearly payment and lastly, the fee paid for the company’s registered office. The fee for this office must always be renewed at the beginning of every year.

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Important steps In Offshore company formation.

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It is well understood that having an offshore company brings complete freedom and if used properly it can safely siphon profit from your business. Offshore company formation can place your business firmly beyond the taxman’s reach in a tax haven.Futhermore it can shield you from a great deal of regulation and tiresome bureaucracy.

An offshore company provides a very high level of privacy and confidentiality as well as an attractive tax optimization opportunity. Nevertheless, types of companies offered in different offshore jurisdiction are significantly unlike. For this reason, not any jurisdiction and any offshore company might be appropriate for any planned activity.

Therefore it is very imperative to comprehend the exact jurisdiction that will be particularly strong for organizing certain activities. Although the procedures for offshore company formation in Belize, Seychelles and BVI do not significantly differ from one another, their use is not all the same. This is why it is important to get the right consultancy on which jurisdiction and the precise offshore company appropriate in each particular case.

There are many reasons why people opt for offshore companies these includes; tax saving, assets protection, flexible business law ,privacy and lawsuit protection. In offshore company formation, there are certain steps that must be taken into consideration.

First you will have to plan- perfect tax planning, preferably with great help of corporate consulting company is very imperative in the formation of an offshore company. For this matter you have to involve the key issues during successful tax planning such as legal, financial and tax aspects of the company and business.

When you are planning for an offshore company formation you have to;

-Identify an ideal corporate bank account that can facilitate international trade in a tax efficient way.
-You must verify whether the registration of director and shareholders are made public. You will have to consider jurisdiction with minimal reporting requirements.
-Make sure you have checked minimum capital requirements and also, if the company is required to be registered for taxes like VAT.
-Investigate if the company is in apposition to receive foreign sourced fund without being subjected to local tax.
-understand the various taxes and exemptions that are allowed.
-Before proceeding to any step check the frequency and rate of renewal fee.
-Ensure you are well conversant with the accurate number of minimum and maximum number of directors as well as shareholders that are allowed in the jurisdiction.

After planning everything the second step is the process of formation. It is advisable to hire an offshore company formation agent to do the necessary paperwork with the office of the register. The new company’s name, authorized capital, nature of business and details of registered office should be put into written.
Subsequent to that, a certificate of incorporation will be issued by the Register on successful completion of the registration. This is a very significant document for it confirms the legal commencement of the company from a particular date.

You will then sign the “resolution” appointing the first directors of the company. The appointed board of directors will then hold their first meeting to adopt the company’s seal, by-laws as well as appointing the banker of the company.

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