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International Business Companies Act (Chapter 270) - Revised 2000
| Status: |
Corporations are registered at the office of the Registrar of
International Business Companies, as a legal entity.
|
| Available: |
All information contained in the
Memorandum and Articles of Association, which are filed at the
Registrar's Office (as well as any amendments thereto) are
available to the Public. This includes all of the details
indicated below. |
| Name: |
The name must include a word or ending which indicates that it
is a Corporation, such as Ltd., Inc., Corp., S.A. or AG
(Limited, Incorporated, Corporation, Society Anonyme, Sociedad
Anónima, Aktiengesellschaft).
It
may be in any language, but must be in the Latin Alphabet.
However, it is also permitted to include the translation (in any
other script, of the name in another language).
|
| Authorised Capital: |
This is the aggregate of the par value of all shares with par
value that the company is authorised to issue, and the amount
(if applicable) of the shares of no par value. The shares
may be issued in any currency.
Shares may be issued in classes and/or series, with such
designations, powers, preferences and rights, qualifications,
limitations or restrictions as may be established in the M&AA.
|
| Subscribers: |
The Articles of Incorporation should be subscribed to by a
person in Belize, and witnessed by another person. This
subscription right to shares may be transferred after
incorporation. |
| Registered Agent: |
The Corporation must have a
Registered Agent, which must be a licensed company in Belize,
authorised to act as such. |
| Registered Office: |
The company may have its office
anywhere in Belize. |
| Shareholders: |
After the subscribers have transferred their subscription rights
(or not, as the case may be), the shares of the company are
issued by resolution of the Board of Directors. The shares may
be issued to any person (natural or legal). |
| Bearer or Registered Shares |
It
is possible for a Belize IBC to issue registered or bearer
shares. Registered shares are those which are issued to a
specific person (i.e. Tom Jones), whereas bearer shares are
simply issued to "the bearer", similar to how a dollar bill is
issued.
Please note, however, that Bearer Shares issued for a Belize
Company must be held by the Registered Agent or by a
Professional Intermediary who performs his "know
your client" due diligence with the end user client.
See The
Belize Code of Conduct for more information. |
| Board of Directors |
The names and addresses of the members of the Board of Directors
is not available publicly. It may be registered in the
Register of Directors of the Company, but these are held
privately (and are optional). |
| Composition of the Board: |
The Board of Directors may be composed of natural or legal
persons. The number of directors shall be fixed by the
Articles, which may be amended to change the number of
directors. |
| Officers: |
The directors, by resolution,
may appoint officers of the company. There is no specific
requirement to appoint officers. |
| Articles |
The Company Articles are
available as a public document, since these are registered along
with the Memorandum of Association. |
| Minutes: |
All minutes from meetings are
privately held by the Shareholders or Directors, and do not need
to be filed at the Registrar's office, unless the Minutes include
some amendment to the M&AA, in which case
an extract of the relevant part of the amendment must be filed.
|
| Records: |
All financial records and other
corporate books are completely private. |
| Time: |
A corporation takes approximately 1-2 days to
establish through the Companies Registrar. |
| Shelf Companies: |
It is possible to establish and hold
shelf
corporations, but the board of directors will be Koru's
nominee directors, rather than directors appointed by the
client. These can be changed through a simple resolution
of the existing Board members. |
| Tax Registration: |
Tax registration in Belize is
not required.
|
| Seal: |
A Company incorporated in Belize
must have a common seal, and an imprint thereof must be kept at
the registered office of the company. |
| Travel to Belize: |
It is not necessary to travel to
Belize in order to establish a Belize IBC. But clients are
required to provide full due diligence as well as fill in an
application form. |
| Capital Duty: |
There is no Capital Duty payable on the
IBC, although annual renewal fees are charged according to the
capital of the company. See the
Belize
IBC Revised Companies Act for more information. |
| ARF: |
Every year the Corporation must pay the
Annual Renewal Fees,
before July 31st. |
| Tax Returns: |
Belize IBCs are not required to
file annual tax returns, but they are required to meet the
restrictions with respect
to trade and doing business. |
| Beneficial Owners: |
Any person (natural or legal, minor or of legal age) may be a
beneficial owner of a Corporation, even if they are a minor. It
is also possible to issue the shares of the Company to a
Foundation or Trust, or to another corporation. |
| Perpetuity: |
It is possible to establish a Corporation
with no end date, so that it is perpetual. |
| Liability: |
Limited liability - according to the
Authorised and Issued Capital of the corporation. If the
company has only issued $10,000.00 of shares, the liability of
the shareholders is only to have paid in this $10,000.00. The
shareholders are therefore only liable for unpaid capital.
|
| Business Purpose: |
A company incorporated in Belize may have any object or
purpose not prohibited under the IBC Act or under any other law
for the time being in force in Belize. |
For more information regarding Belize IBCs and our services, please
contact us.
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Last modified
17-Oct-2007 19:41 -0400
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