Belize is a state that was recognized in 1981. It has joined states like Cyprus and the Cayman Islands in supporting and aiding of registering and establishing of International Business Companies or IBC. The main idea of offshore businesses is to pay less tax and to have less scrutiny of your business by local authorities. The local rules and laws on how to begin a business are also straightforward and are the bases used to start up an offshore or international company
To begin with, it will take a day at most to get a name recognized and registered for your new company and ensure the name is not already taken. There is no charge to handle this part of the process. It will take another 2 days to register company statutes and memorandum and articles of association at the Companies’ Registry. It is at this point that the directors or nominees of the company’s board are made known to the Registry and registered. From then on, another day is taken to apply for a trade license with the City Council and this is at no charge.
At this juncture, a city inspector is sent over the next day to inspect the business premises or property. Their local government is so efficient in that there are only four such inspectors in Belize but one has to be sent through the following day for inspection. From there on, there will be a waiting period 20 days to receive the inspector’s report. In the meantime, take one day to pay for the trade license with the Council. How much does it cost? You will have to part with 20% of the premises value for that.
From there on, a company seal has to be created and made and this takes about 2 days. Then you do have to register your business or company with the Belize Income Tax Department so you may be put down for tax collection as per the laws of the state. This will take about 10 days to complete, and at the same time you should register for the for General Sales Tax at the Tax office and this should take about 2 or 3 weeks to complete and register.
You are no longer charged for the rest of the registration process after dealing with the Income Tax Department. Moreover, after that, you now have to register your employees with the social security board at which point you will have to wait for three months, but you are now entitled to open up and do business. The main requirements are that all the employees and directors have clean legal records, that the shareholders or partners are Belize residents and that your capital has been paid in full. Also within a month, you must have 10 or more employees.
The Belize Council has been lauded for its efficiency when it comes to company registration and business processes. In addition, this is why registering for an offshore company with them is fast and efficient.
We provide the following company formation services, Seychelles Company Formation |Belize Company Formation| Offshore Company Formation | BVI Company Formation | Bahamas Company Formation
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