Registering a Business in Belize

Administration

The country of Belize (located on the Eastern Coast of Central America) is considered a constitutional monarchy where the queen acts as the head of state within certain parameters of the constitution whether written or unwritten. A governor general represents the Queen within the country. It is also a member of the commonwealth (formerly the British Commonwealth; an inter-governmental organization of 54 independent member states that were part of the British Empire, all but 2) .It is not a political union but member states do share certain values like good governance, free trade, human rights, and world peace.

A prime minister who holds effective and executive powers to run the country governs the country. After the prime minister, we have the cabinet after a deputy prime minister. The cabinet which is the executive arm of government is what enables the government to run smoothly and ensure that all the necessary services reach the masses effectively and as required. There are various ministries but the ministry of public service, governance, elections, and boundaries is the one concerned with registration of companies in Belize.

Under this ministry, there is the section that deals with the registration of companies. There are several steps taken before a company can be registered. First the business name search is done. For a group or individual to register the company they must travel to Belmopan the capital of Belize. This is where the computerized name search is done for all existing Belizean companies. This takes one day and there is no charge. This request for a name search can also be done via fax or the telephone at a fee of 50 Belizean dollars. The second step is the registration of the company statutes, memorandum, and articles of association at the company’s registry. This takes only two days and a fee of five hundred Belizean dollars is charged for the certificate of incorporation. There is also a charge of 10 Belizean dollars for filling and a further 50 dollars is needed for registration of the application. 24 Belizean dollars is required for the registration of the company’s statutes and memorandum while 14 dollars are required to register the directors who are to act on behalf of the company. For such companies, law requires the two directors.

Each of the directors must hold shares within the said company. The number of minimum shares that each director should hold is one. Each share must not have a minimum value of no less than one Belizean dollar. Therefore the practical startup capital needed is two Belizean dollars. The directors must also submit several documents before all the processing can be completed. These documents are identification for all the directors (where possible), and a copy of the company’s memorandum, statutes and articles of association. The council license can then be obtained at 25% of the annual rental charges for the business premises. This is after the council has made the necessary inspections that take right about 20 days.

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