UPDATE: Belize Company Changes on Fees & Regulations 2023
As we mentioned in our last few blogs regarding Belize Offshore Company Formation, a new update on the fees and regulations of Belize companies is issued recently. Under the new Belize Companies Act 2022, a Belize International Business Company (IBC) will be recognized as a Belize company from 28 November 2022. Therefore, it is no longer possible to set up an IBC or local company as it is governed by a single status of “Belize Company”.
As part of implementing the new provisions of the Belize Companies Act 2022, existing IBCs in Belize will have a transition period that includes re-registration as a business (if applicable). This transition phase has already started in December 2022.
Belize Company Compliance Under the Act 2022
These are the different regulations you should be aware of when operating as a Belize company.
- A Belize company re-registered from a company incorporated under the Belize International Business Companies Act Cap 270 shall be registered with the IFSC (the International Financial Services Commission of Belize) in the format established by Law 15 of 11 October 2019 (Economic Substances Law).
- A Belize company must always maintain a registered office in its jurisdiction, pay the necessary compliance fees and provide supporting documents of economic substance in
- A declaration of a company incorporated or existing under the International Business Companies Act must be completed annually and filed by 31st March after the end of the base
- Annual filling of returns of a company incorporated or existing under the International Business Companies Act must be completed by 31st March after the end of a basis year.
- It is permissible to keep copies of accounting records outside Belize if they are kept at the company’s registered However, the business owner must maintain a document confirming the location of the original document.
In addition, a “corporate tax” is imposed, at the rate set forth in Section 107 of the Income and Corporation Tax Act, on all income defined in that part, whether received in Belize or elsewhere.
However, there are exceptions. For example, companies in Belize are exempt from business tax if their annual revenue is below a threshold. Please note that for some passive income types (total commissions) such as tour operators and travel agencies, there may not be a threshold.
For further details, see Sections 106, 108 and Section 7 of the Income and Business Taxes (Amendment) Act 2019.
Changes have been made to the fees charged by Belize companies, including incorporation and annual dues, pursuant to amendments made in the Belize International Business Companies Act Cap 270 and related legal documents. The new tariff rules came into effect on November 28, 2022. Therefore, any company incorporated or incorporated in Belize must strictly comply with the provisions of these Regulations for a period of 12 months.
Here’s a few of the updated Belize government fees (in USD) for companies in Belize working with a registered agent.