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Belize IBCs

International Business Companies
Legislative changes in Belize

We would like to inform you of important legislative changes in Belize that directly impact International Business Companies (IBCs). These amendments have redefined IBCs as Business Companies (BCs), introducing new regulations and requirements, particularly regarding business taxes, economic substance compliance, and fee adjustments.

Summary of Key Updates

Transition from IBCs to Business Companies (BCs)
In January 2019, Belize revised its International Business Companies (IBC) Act, removing the preferential tax benefits for offshore entities. This change aligns Belize’s regulatory framework with international standards set by the EU Council and OECD, aimed at eliminating harmful tax practices.
Economic Substance (ES) Regulations

Starting in January 2020, Belize introduced new Economic Substance (ES) rules that impose compliance obligations on Business Companies (BCs). These requirements include:

  • Demonstrating a substantial economic presence in Belize.
  • Carrying out core income-generating activities (CIGA) within Belize.
  • Maintaining adequate personnel, office space, and operational expenses relative to the nature and scale of the business.
ES Reporting Requirements
To comply with the Economic Substance regulations, BCs must file an Annual Economic Substance Report. The Belize Financial Services Commission (FSC) has published official Economic Substance Forms (B, C, and D), which must be submitted within nine months following the end of the company’s fiscal year to confirm compliance with the ES requirements.
Exemptions from ES Filing
Companies that do not engage in any relevant activities, are considered non-resident, or qualify as “pure holding companies” (with no substantial operations in Belize) are generally exempt from ES reporting. However, if a company is involved in relevant activities like banking, insurance, or intellectual property management, it must comply with the ES regulations and submit the necessary reports.
Consequences of Non-Compliance

Failure to comply with the Economic Substance regulations can lead to:

  • Substantial fines or penalties.
  • Deregistration from the company registry.
  • Legal and reputational risks for the company and its stakeholders.
How We Can Support You
Our team specializes in helping your company meet all regulatory requirements, including:

  • Preparation and filing of Economic Substance Reports.
  • Assistance with business tax filings.
  • Guidance on restoring compliance and addressing any outstanding issues.

For further inquiries or assistance related to these changes, please feel free to contact us; we shall be very pleased to provide you full assistance.

Packages and Prices

Belize

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Standard
Package

The cheapest option company formation, payment government fees, company office, local regulated agent, Client Due Diligence (CDD) full and free tax and legal assistance, and much more, to keep your entity fully compliant.

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Business
Package

A special package with all services as included on the Standard Package, plus our Bank Account opening services, providing account opening remotely, and offering you online banking, multi-currency account, debit cards and all other major banking services you may need.

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Premium
Package

A package with all services as included on the Business Package plus full Nominee Services (Nominee Members and Managers) providing you the highest degree in terms of confidentiality and anonymity.

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