Belize Overview

Belize is a country situated in Central America. Guatemala lies to the south and to the west. Mexico lies to the north and the Caribbean Sea lies to the south.

It is the only country in Central America where English is the official language as it was a former British Colony, however English is not the first language of the majority of the population. Other languages spoken are Belize Kriol, Spanish and various Maya dialects.

When it was still under British rule, Belize was named the British Honduras. It was renamed Belize in 1973. It gained its independence on the 21st September 1981.

The total land area of Belize is 8,867 square miles while the population is 301,270 which means the lowest population density in Central America and also one of the lowest in the world. The growth rate however is the highest in the area and one of the highest in the western hemisphere.

Belize is a parliamentary democracy or a constitutional monarchy. The government’s structure is based on the British parliamentary system. The legal system is based on English Common Law. The head of state is the Queen, represented by the Governor General. The Prime Minister is the head of government and the Cabinet exercise executive authority. The bicameral National Assembly is comprised of the House of Representatives and a Senate.

Belize is a member of the Commonwealth of Nations.

Belize has a significantly high birth rate. It has one of the highest birth rates in the world. Belize therefore has a growing and developing population.

The original Mayan population of Belize has mostly been eradicated by disease and conflict. Colonisation, slavery and immigration also had a great influence on the population. Mestizo settlers from Mexico and Guatemala make up 49% of the population. Kriols make up 25%, the indigenous Maya make up 11% and the Garinagu make up 6%. The diverse population is well integrated therefore racial tension is minimal.

The long standing border dispute with Guatemala however, remains a contentious issue.

The economy was historically dependant on forestry followed by logwood, which is used to make dye. When the demand for dye deteriorated as other countries started to produce it more cheaply, mahogany became the most important source of revenue. When the country’s mahogany resources were depleted, the sugar cane, citrus, bananas, seafood and apparel industries were exploited. Currently tourism attracts the most investment while agriculture is the second largest contributor. The financial services industry is also a notable contributor to the growth of the economy.

There has recently been significant investment in the infrastructure of the country. The capital of Belize is Belmopan however the financial centre is Belize City. The currency is the Belize dollar.

Belize IBC Companies Key Facts

• The name of a Belize IBC must contain any of the words “Limited”, “Corporation”, “Incorporated”, “Society Anonyme” or “Sociedad Anonima” or “Aktiengesellschaft” or the abbreviations “Ltd.”, “Corp.” “Inc.” or “S.A.” or “A.S.” or “A.G.”
• A Belize IBC cannot have the same name as an existing Belize IBC. A new company name could also be rejected if it is very similar to an existing company name unless the existing company gives consent. Any names deemed by the Registrar to be indecent, offensive or misleading will also be rejected.
• The following words are restricted and cannot be used in company names: “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, “Royal”. Any names which suggest the patronage of Her Majesty Queen of England or that of a member of the British Royal Family are not permitted. Similarly, the name of a Belize IBC must not suggest any connection with the Government of Belize or any of its departments.
• Company names containing the words “Assurance”, “Bank”, “Insurance” or “Trust”, are not permitted unless special licenses are obtained in Belize to specifically engage in these activities.
• It takes approximately 1-4 days to incorporate a company with a requested name.
• There is no income tax in Belize. No tax is applicable on foreign profits.
• The minimum authorised share capital is US$1.00 however the optimum authorised share capital is $50,000, which attracts the minimum state duty. This miminum issued share capital is the same as the authorised share capital or less.
• The standard currency is the United States Dollar, but any other convertible currencies are permitted.
• Minimum paid up share capital is not required.
• The minimum number of Shareholders is 1.
• A Register of Shareholders must be kept by the Registered Agent. The Register of Shareholders is not available on public record.
• Meetings of Shareholders can take place anywhere in the world. Meetings of Shareholders can also take place by proxy.
• Bearer shares are permitted however the original share certificates need to be retained by a Custodian in Belize.
• The minimum number of Directors is 1. Corporate Directors are allowed.
• Meetings of Directors can take place anywhere in the world. Meetings of Directors can also take place by proxy.
• A Register of Directors must be kept by the Registered Agent. The Register of Directors is not available on public record.
• The appointment of a Company Secretary is not required.
• There is no requirment to file annual returns for Belize IBCs.
• Keeping accounts, auditing of accounts and filing of accounts are not required.
• Company Seals are compulsory and an imprint of the company seal must be retained by the Registered Agent.
• Beneficial owners are not disclosed to the Registrar.
• Corporate Minutes and Resolutions must be kept by the Registered Agent.
• Continuation/migration of IBCs to or from Belize is permitted.