It has become a popular destination for the offshore companies because of its English based system of governance and doing business. The majority takes the form of off shore business ventures and by March 2000 after the introduction of the company’s act, they numbered 14,000. The legislation is based on the format followed on the British Virgin Islands. This country (Belize) is a leader in off shore company formation and is a tax haven for international businesses and off shore trusts. There are services available for business registration and there is the subsequent provision of support for smooth transition and operation into the country. Service provision and legal maintenance of off shore companies is also available. The banking system is not only international and off shore but also high tech.

In Belize, one is assured of quality service provision in various areas pertaining to company formation. These include acquisition of a registered business address and a registered agent, and the provision of nominee directors and nominee shareholders that are available in the market. The company is also provided with a secretary and the preparation and filing of all the necessary returns is taken care of. There are several reasons why anyone should choose to invest off shore in Belize. Firstly it is a country that is known for its low taxes within its jurisdiction this is due to the introduction of the international business company legislation in  the 1990’s as well as  a range of offshore enabling laws.

Secondarily it has a good reputation as the ideal place to do offshore business globally. This is because it has specific legislation that prevents money laundering and fraud. The laws of this country protect the individual and the company. This means that any activities of the directors, shareholders or of the company itself are protected from the public eye. Any company information is only privy to share holders of the company on demand although that is soon to change as countries clamor for changes in tax haven policies.

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The country of Belize dates back thousands of years. The Mayan civilization, which spread into this area, dates back thousands of years. It spread into the area now known as Belize between 1500 B.C and 250 A.D. European contact began with Christopher Columbus in 1502 A.D when he sailed there but the first recorded European settlement was in 1628. Belize, formerly known as British Honduras, was a colony of Great Britain from 1840 and became a crown colony in 1862. Full internal self-government under the ministerial system was achieved in 1964. The country’s name was changed from the British Honduras to Belize in June 1973 and the country achieved full independence on September 21, 1981.

The constitution of the British Honduras was established in April 1871 and under it, the lieutenant governor and legislative council governed the British Honduras. This caused power to change from the old settler families to boardrooms and the colonial office in London.

As far as the registration of businesses in this country is concerned, its history is important for various obvious reasons. First of all, the country’s official language was changed to English. As such, any of the processes in business registration done in this country are undertaken in English which 54% of the population speaks with a further 26% having understanding of the same language.

To register a company in Belize, there are several steps followed as is with any other country in the world; the first being to place an order. This form you are to use to form your Belize international business company and it is available on different web sites including Fidelity Overseas. Once you get the order form, it takes only a few minutes to fill it in either electronically or by hand. It has the explanations of the various items that may be required for registration along the way. This form can be sent over the net by either fax or even mail. If buying a readymade company, fill in the same order and send it indicating your full and correct contact details. (This allows the company responsible for the registration to communicate with you constantly and to be able to reach you whenever necessary).

Once the order form has been duly filled, the organization can go ahead and issue information that will aid in the establishment of the company in Belize. This information includes the availability of the name the organization would like to use as its business name. This ensures that the name is indeed available. Depending on the company structure, the registrars would be able to guide the individual or group on the steps taken next. Once all the details are in and understood, the company can then issue a proforma invoice on the different individual service costs for incorporation and running of the organization within Belize for a period of one year. Changes to suit your needs can be incorporated at any point during this process to ensure you get that tailor made solution.

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According to the law on Bahamas Company Formation, two or more people can be involved in the incorporation process. This is done when the persons subscribe to a memorandum. This process can only be carried out by a licensed bank of trust company. A company can only be incorporated if it is not involved in any form of criminal activity. The business operations carried out by the company should not be prohibited by the country’s laws.

If there is evidence that indicates that a business is involved in criminal activities after Bahamas Company Formation, the registrar general will remove the company from the list. Before this happens, the company is given a chance to plead its case within 7 seven days.

Bahamas Company Formation also considers personal liability when a company is in trouble. The law indicates that members, directors, agents, officers and company liquidators will not be held responsible for any company problems unless there is evidence to show that they acted in bad faith. The company memorandum will determine the liability the members will be responsible for. The amount of liability will be determined by the number of unpaid shares the members hold or the responsibility each has to contribute to the company assets when it winds up.

Bahamas Company Formation laws also allow companies to be limited by a guarantee or shares and in some cases; they can be limited by both.

The laws also give companies the power to be involved in all the activities that will assist them to achieve their objectives as long as they as they are not criminal. These activities include issuing registered shares, voting shares, non-voting shares, unnumbered shares, no par value shares, common shares, redeemable shares and preferred shares.

The memorandum required in Bahamas Company Formation has to have the company name, site of company’s location in the country, the reason why the company was incorporated, the currency the company will use to issue shares, the authorized capital if the company is limited by shares and a statement indicating the amount each member will contribute to company assets when it winds up.

During Bahamas Company Formation, the Articles of Association have to be subscribed by 2 people and a witness has to be present. The law requires this document to be filed at the registrar general’s office when you are filing the memorandum. A certificate of incorporation will only be used when these two documents are filed. If the company shares do not meet the minimum requirements, the registrar has the power to halt the registration process.

Once a certificate of incorporation is issued by the registrar, the company becomes a corporate body that is limited by the memorandum and the provisions made in the laws related to offshore companies. The certificate will indicate that the company has complied with all the requirements that have been set up by the law.

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Bahamas Domestic Limited Company

This is the type of company that is formed for the sole purpose of carrying on preexisting local business. It is limited by shares and it requires not less than two directors. The company is also required to submit its annual returns, which must include a list of all the members. An annual audit is not a necessity, but can be conducted if all shareholders agree to it. The financial statements do not need to be filed. The shares of the company do not need to be paid per value and neither do they have to have distinctive numbers.

Bahamas International Business Company

Most offshore business owners normally use this company formation. This company is a private company that is limited by shares. The companies need to submit the identities, names and addresses of all the directors and owners to the registrar General. The other requirements are quite flexible. For instance, only one registrar and one shareholder are required when registering the company. None of the company’s directors, shareholders and officers needs to be residents of the Bahamas, or any other country in particular.

The minimum capital that is required is not stipulated in any of the Bahamas Company formation rules and regulations. The only documents required for public record are the Memorandum and Articles of Association. This kind of company formation is also exempted from stamp duty, the Bahamian Exchange Control and other estate duties during its first 20 years.

Bahamas Company Limited by Guarantee

The requirements for this kind of company include at least two members and a Memorandum of Association. The Memorandum contains a clause that stipulates the amount of the company’s debts that are guaranteed by all the members. The advantages of this type of company include an exclusion of the members’ names on the annual return. The company can have control over its assets even without shares.

Bahamas Public Company

This type of company is also limited by shares. As a requirement, the company has to have a minimum of three directors. Another requirement is an annual audit at the end of its financial year. The audit must contain all the names and addresses of the directors, officers and managers and this should be sent to the Registrar General.

Bahamas Limited Partnership

Among the requirements of this type of business is one general partner who should have unlimited liability. The company’s limited partners are not allowed by law to engage in the management of the company. All limited partnerships in the Bahamas need to have the legal business license.

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Other great incentives are contained in the Hawksbill Act which guarantees a tax free regime in development of Freeport area. The latest Bahamas Free Trade Zone Act, the Export Manufacturing Industries Encouragement Act, the spirits and Beer Manufacturing Act which has been enhanced to allow duty free importation of construction materials and raw materials.

And the list is endless. Investors intending to incorporate in the hotel industry will enjoy the valuable provisions contained in the Hotels Encouragement Act which has been amended to allow massive tax emption on large new hotels for up to 20 years with reductions for the next 10 years.

Companies incorporating in the agricultural sector will be covered under the Agricultural Manufacturers Act which allows for tax waivers on the machinery and raw materials for setting up an agricultural factory.

Provisions in the newly amended Tariffs Act are highly commendable and will allow new investors to enjoy duty exemptions in the construction of family islands.

Company formation process has been reduced into a one stop shop and investors will need to submit their applications directly to Bahamas Investment Authority which is established under the Foreign Investment Law of 1993.

The government has adopted a policy which favours formation of foreign companies in every sector of the economy. The strategy is already bearing fruit and the country has been able to register over 80,000 new companies, majority being incorporated as International Business Companies (IBCs) for either investment or trading activities conducted in other countries.

Most new companies incorporate in tourism related sector and the banking related services. The enactment of a revised foreign landholding Act in 1993 worked wonders as new companies rushed to incorporate in the area.

To incorporate as an IBC, new companies will need only one person or a judicial officer to serve in the position of a director. Unlike in other areas that may demand three people to act as directors, the Bahamas law favours only one person in the position of a director.

Further, the law allows that shares be issued either in bearer or registered form. Investors will however not be subjected to another process to register the shares nor are they required make a disclosure in the public record.

However companies incorporating as IBCs are not allowed to engage in a business enterprise in Bahamas nor can they own real estate. They are also barred from earning interests from Bahamas Bank Accounts without being subjected to taxation. The tax regime may only be relaxed for twenty years after which it is imposed

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To incorporate in Bahamas, you will only need to acquire a business license which may range from an affordable $ 350 in case you will allow Bahamians to enjoy up to 60 percent of your company ownership. The fee will however spiral to $ 1,000 if more than 60 percent is owned by foreigners.

New companies will be required to pay a License fee to be allowed to run their business. The Business License Act includes all types of manufacturing and commercial undertakings and covers professions such as law, accounting and medicine in business category. The law makes it a criminal offense to fail to obtain a business license and all new applications are forwarded directly to the Business License and Valuation section of the Ministry of Finance.

Companies will still pay an annual fee which may be based on the gross profit as a percentage of turnover. The annual will be calculated based on annual receipts and after deducting the cost of producing that turnover. Companies which are unable to register any profits during the year are not required to pay the annual fee. But companies which register higher returns can pay up to $ 500,000 as annual fee. However, companies registered a non resident under the Exchange Control Regulations Act will pay an annual fee of $ 100.

The license renewal fee is payable on or before the last day of April of each year. The government will only issue the license after the investor provides evidence showing payment of real property tax. The Business License Act can allow for automatic renewal for Bahamian businesses provided companies seeking such privileges have fulfilled all other statutory requirements.

New companies are also required to declare share capital and the number of shares into which it is divided prior to formation. Further, the law requires that all companies be managed by two directors. However public companies can be managed by three companies. Also persons who register as directors at the time of incorporation are allowed to serve in that position until such a time the company will convene a members meeting to elect directors.

Such meetings may be held at any time but after a notice is issued in reference to provisions in the articles of association. Companies are at liberty to hold the meetings through telephone or other electronic gadgets which may allow the recognition of voice of each director. During such meetings, directors are required to present financial statements and audited reports.

New companies can reserve a name of their choice once an application is filed on an approved form which is available at the Registrar General’s Office. The registry will always guarantee a 24 hour company name reservation service. The Bahamas Company’s law further makes it compulsory for all companies to retain the word Limited as the last word in the name of each company.

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The first thing that you need to know about Seychelles company formation is that they have very flexible rules that make it easy for any one who wants to set up a company in the country. There are no minimum or maximum capital requirements for start up of the business. Whatever capital you have, you can easily register your company and start running business as soon as possible. You can have your company registered in less than five days.

However, there are statutory charges for the capital used to start the business. If you have a capital of less than $5,000 you are to pay $100, if the capital amount is less than $50,000, you are to pay $200 and if it is higher than $50,000, then you need to pay $1,000 in fee charges.

Seychelles provides the business owners all the privacy they need. The owner’s names do not have to appear in any of the registry documents. What you require is a name of a subscriber for the business and an office to be in Seychelles. The address of the registered office and the subscribers names are to be filed in the registry.

In Seychelles company formation, you do not have to have more than one director as required by many other corporations. Indeed this is true and furthermore the director does not have to be a shareholder of the company.  Indeed Seychelles is the place to set up your offshore business.  It is the registrar’s office that is to take care of all the documents and paperwork requirements.

The official working language in is Seychelles is either English or French. However, since the rules are flexible, you are allowed to run your business in whatever language you choose as long as you provide translations in English or French.

You will need to give the name of the offshore company. This name should not be similar to that in an existing jurisdiction whether in your home country or in Seychelles. You are required to file the articles of association during the memorandum. The memorandum must show all the terms and conditions of the agreement.

In Seychelles company formation, the shareholders of the company formed can be from any nationality or originality. You are required to provide the information concerning the shareholders and the amount that each holds in the company. This is important for profit calculation and sharing.

The International Business Corporation (IBC) in Seychelles exempts the offshore companies from taxes. However, they are required to pay the charges and nominal fees for the company and all other registered office charges per annum on the day of the incorporation.

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Applicants must also:

Submit a declaration letter endorsed by a lawyer who must certify that you have complied with all registration requirements prior to the application for incorporation

The letter must be accompanied by a Memorandum and Articles of Association which must contain signatures from all directors and shareholders of the company.

The Registrar will only give a go ahead if he/she ascertains that the applicant has met all requirements set out in the Companies Act. A certificate for the company will be issued once the Registrar confirms that there is no other company that appears with the proposed name, and that the said company that does not contravene the public order.

The company shall then be registered and given a certificate of incorporation which shall also indicate the date of registration. The certificate shall be based on provisions of the Companies Act.

The process also requires that applicants pay an amount not exceeding S. R. 50 as incorporation fee. However the declaration and registration fees of the memorandums will largely be based on the current share capital of the company.

Requirements for Overseas Registration
Requirements for the registration of oversees companies in Seychelles will vary and will largely require that business entities meet the stipulated guidelines within the fourteen days after the establishment of the place of business or the commencement of operations by the said business. The guidelines include:

The company must submit a copy of the charter, statutes, memorandums, certificates or articles of association or incorporation of the company or the other instrument which define the company’s mandate or regulations that guide their operations. All copies must be written in English or a certified translated copy is availed.

Applicants must also give a detailed list of directors and company secretary in line with subsection (3) section 310 of the Companies Act.

They must also specify the name of the managing agent who has been appointed to oversee operations of the overseas company in Seychelles. They must give a detailed account of that person as outlined in subsection (3) of section 310 of the Companies Act.

The fee charged for the registration of an overseas company is relatively high and currently stand at S.R. 3000. However other additional charges may be required on other requirements to be filled and will cost S.R50.

The law also allows for the formation of companies under certificate of incorporation. Such companies are registered under the Act as incorporated. Companies registered under this category have restrictions in terms of shares transfer and the number of its members is limited to 50.

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To register a company offshore:

You will need to come up with Memorandum or articles of Association which will spell out your objectives as a company, rights of members and other internal processes such as the mode of operation.

You will also have to acquire a certificate of incorporation which will give you legitimacy. The certificate if incorporation is usually granted by the Registrar of Companies in line with the legal provisions in your country of operation.

Offshore Companies will also need to appoint and register an agent in their respective jurisdiction. The agent will in most cases take liability on behalf of the offshore company and oversee smooth running of your business.

The Offshore companies will also require an official address before registration is done as this is meant to create a platform for official correspondence. Shareholders may be nominees from existing corporate organizations. In some cases corporate service providers will nominate directors for the offshore companies as long as they are able to take charge and are not opposed with the operations of offshore company

Offshore companies will also require a company secretary who will ensure that they meet their statutory requirements. Furthermore, a statutory record will be required to indicate the level of their engagement but this will again vary from one country to another.

The Directors will also have to keep proper records to prepare audited accounts. But this requirement will also vary from country to country.

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Another setback of registering in the offshore companies is that there is difficult in determining the real owner of the business. This is because of the advantages that the members enjoy that require them not to disclose the names of the shareholders or the directors. This brings a very big challenge when it comes to declaring the shareholders who should benefit from some dividends. This exercise will take more time in finding the actual owners of the business.

Another problem that affects the registered offshore company is the economic or political stability. Some offshore areas are known to have very peaceful economic and political environment that favors the thriving of offshore companies. Some factors like lack of the knowledge on the local customs together with some social attributes are known to increase the chances of financial loss. However a person can deregister from the offshore companies and then relocate to a political peaceful country. It is also good for people to do some research on the countries that provide suitable conditions for the offshore companies to do well before you can decide to register.

When it comes to the type of business the offshore companies should participate in, there are also some restrictions. It is not easy for the offshore companies to participate in a certain business without a license. This is viewed as the same when it comes to onshore business since many banks do provide offshore operations. In the centers of offshore companies they are very strict on very many legal considerations. For instance, opening bank account for the offshore company operations requires that you have to comply with all the regulations that involve money laundering. Sometimes the bank may require the professional references that normally take time to find.

This bureaucratic procedure has made it hard to take part in the registration of offshore companies. In order for the offshore company to take part in business there should be tax haven rules that will encourage the high number of participation and the registration of these types of companies. But some countries have come up with some new laws that are against the tax haven. As a result you will find very little people are interested in the process of how to register offshore company. Some countries have the capital markets that prevent offshore companies from issuing bonds to the people which in turn makes people not to invest in offshore companies.

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