Belize
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Capital: Belmopan
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Population: 270,000
(est. 2003)
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Languages: English
(official), Spanish, Mayan, Garifuna (Carib),
Creole
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Area: 22,806 sq.
km (land area)
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Currency: Belizean
dollar (BZD)
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Fiscal year: 1 April
- 31 March
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Independence status:
21/09/1981 (from U.K.)
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BACKGROUND
BELIZE is located on the eastern Caribbean coast south
of Mexico and east of Guatemala, Belizean countryside
is replete with beautifully undulating rivers a terrain
of mountains and a lush tropical rainforest. Agriculture
constitutes the major economic activity based on sugar,
citrus and banana exports. However, there is an increasing
contribution from tourism and the offshore finance industry.
Other significant exports are garment and marine products.
Belize also benefits from a number of preferential market
access arrangements, especially with the USA, Canada
and, through its British links, the Eurpoean Community.
The combination of excellent service, modern, corporate
and fiscal legislation affords an extremely attractive
environment for the global investor.
Legal System
The law of Belize is derived from English Common Law,
supplemented by local legislation. The court system
is also similar to that of England, and contract and
commercial law are based on the English law model.
Currency
Local currency is the Belize dollar ("BZD"),
which is tied to the US dollar with fixed exchange rate
of BZD1 to USD1. Main bankers in Belize includes The
Belize Bank Limited and Barclays Bank PLC. Commercial
banks are regulated by the Central Bank of Belize.
Confidentiality
International Business Company ("IBC") is
NOT required to file details of shareholders, directors,
or accountants or carry out an audit. The only information
made available to the public is the company's Memorandum
and Artcles of Association and its Certificate of Incorporation.
There is no disclosure of beneficial ownership to the
authorities. Bearer share is allowed, but most clients
use nominee shareholder approach instead. Belize is
not a party to any double taxation treaties, which could
obligate the disclosure of information to tax authorities
of other countries.
Taxation
An IBC enjoys exemption from all local taxation including
stamp duty.
Legislations
An IBC, as governed by the International Business Companies
Act 1990 and revised 2000, registered in Belize cannot
(1) do business inside Belize with persons resident
in Belize; (2) own an interest in real property situated
in Belize, other than a lease of property for use as
an office from which to communicate with members or
where books and records of the company are prepared
or maintained; (3) carry on a banking business; (4)
carry on a business of insurance or reinsurance company;
(5) carry on a business of providing a registered office
for companies.
