Belize Company Formation – LLC
A Belize LLC or Limited Liability Company offers superior protection of its members (owners) than the other legal entities offered in Belize. This is because when Belize LLC member is sued personally, the company and the assets held inside of the company are protected from being taken away from an LLC owner. Belize is a very popular jurisdiction for offshore company formation. Its Belize International Business Companies Act (IBC) has been in place since 1990. A more recent law created in 2011 allows for the formation of a Limited Liability Company (LLC) governed by the International Limited Liability Companies Act.
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Belize Company Requirements
- Company name must be unique.
- Company name must not include certain restricted words.
- LLC company name must include either the words “Limited Liability Company” or an abbreviation like “L.L.C.” or “LLC”.
- Company name can be in English.
Belize does not require any minimum authorized capital for its LLC’s.
- Minimum one Member.
- A company is allowed to act as Member or Manager.
- Member or Manager. can be the same person or same company.
- Member or Manager. can be individuals of any nationality, domicile and residence.
- Original or a copy of the Register of Managers and Members must be kept at the office of the Registered Agent.
- Members and Managers details do not appear on any public record.
- A Company must appoint a Registered Agent (to ensure compliance with ongoing legal returns, accounts, audit and other requirements).
- The Registered Agent must be ordinarily resident in Belize, provided by a licensed service provider.
- A Company must have a Registered Office address in the Belize.
- The Registered Office address serves as the company’s legal address for notices and proceedings and can be different from the business address.
There is no requirement to file an annual return, financial statements nor a tax return for companies that are not doing business within Belize.
However, since 2013, Belize enacted a law called the “Accounting Records (Maintenance) Act” which requires LLCs to keep accounting records for five years which can be stored anywhere in the world in the discretion of the manager.
The only document which LLC’s must file with the Belize Registry is the Articles of Organization which only contains the LLC’s name, its registered agent, and office address. It does not contain the names of members, managers, or beneficial owners.
BVI Facts
General Information
Belize is a nation on the eastern coast of Central America, with Caribbean Sea shorelines to the east and dense jungle to the west. Offshore, the massive Belize Barrier Reef, dotted with hundreds of low-lying islands called cayes, hosts rich marine life. Belize’s jungle areas are home to Mayan ruins like Caracol, renowned for its towering pyramid; lagoon-side Lamanai; and Altun Ha, just outside Belize City.
Population
Belize’s population was 324,528 in 2010. The population of Belize is ethnically diverse and includes descendants of the original Mayan culture and people of Caribbean, Caucasian, Chinese and East Indian descent.
Political Structure
Belize has a long history of peace, stability and democracy. It became a British Crown Colony in 1862 and achieved complete self-rule in 1981. Belize is a member of the British Commonwealth, the United Nations and the Non-Aligned Movement.
Belize is a parliamentary democracy and constitutional monarchy which recognizes HM Queen Elizabeth II as head of state represented by a Governor General who must be a Belizean national. The National Assembly is composed of the Senate and the House of Representatives, the Senate has 12 members and the House of Representatives comprises of 29 members, directly elected at intervals of no longer than five years. The prime minister and cabinet have executive power.
Infrastructure and Economy
Belize’s unspoiled environment with cays and barrier reef make it a popular destination for eco-tourists, whilst its clear unpolluted waters are excellent for swimming, diving, fishing and other aqua sports. The country also offers a unique mix of unspoiled woodlands, caves, rivers, mountains, waterfalls and jungle, in addition to a wealth of Mayan archaeological sites. There are also forest reserves, wildlife sanctuaries, marine resort areas and the world’s only jaguar reserve.
Language
The official and spoken language is English but Spanish is widely spoken.
Currency
The Belize Dollar (BZ$).
Exchange Control
Offshore activities are exempted from exchange control.