Belize
|
Capital:
Belmopan
|
|
|
Population:
270,000 (est. 2003)
|
|
Languages:
English (official), Spanish, Mayan,
Garifuna (Carib), Creole
|
|
Area: 22,806
sq. km (land area)
|
|
Currency:
Belizean dollar (BZD)
|
|
Fiscal year:
1 April - 31 March
|
|
Independence
status: 21/09/1981 (from U.K.)
|
| |
BACKGROUND
BELIZE is located on the eastern Caribbean coast
south of Mexico and east of Guatemala, Belizean
countryside is replete with beautifully undulating
rivers a terrain of mountains and a lush tropical
rainforest. Agriculture constitutes the major
economic activity based on sugar, citrus and
banana exports. However, there is an increasing
contribution from tourism and the offshore finance
industry. Other significant exports are garment
and marine products. Belize also benefits from
a number of preferential market access arrangements,
especially with the USA, Canada and, through
its British links, the Eurpoean Community. The
combination of excellent service, modern, corporate
and fiscal legislation affords an extremely
attractive environment for the global investor.
Legal System
The law of Belize is derived from English Common
Law, supplemented by local legislation. The
court system is also similar to that of England,
and contract and commercial law are based on
the English law model.
Currency
Local currency is the Belize dollar ("BZD"),
which is tied to the US dollar with fixed exchange
rate of BZD1 to USD1. Main bankers in Belize
includes The Belize Bank Limited and Barclays
Bank PLC. Commercial banks are regulated by
the Central Bank of Belize.
Confidentiality
International Business Company ("IBC")
is NOT required to file details of shareholders,
directors, or accountants or carry out an audit.
The only information made available to the public
is the company's Memorandum and Artcles of Association
and its Certificate of Incorporation. There
is no disclosure of beneficial ownership to
the authorities. Bearer share is allowed, but
most clients use nominee shareholder approach
instead. Belize is not a party to any double
taxation treaties, which could obligate the
disclosure of information to tax authorities
of other countries.
Taxation
An IBC enjoys exemption from all local taxation
including stamp duty.
Legislations
An IBC, as governed by the International Business
Companies Act 1990 and revised 2000, registered
in Belize cannot (1) do business inside Belize
with persons resident in Belize; (2) own an
interest in real property situated in Belize,
other than a lease of property for use as an
office from which to communicate with members
or where books and records of the company are
prepared or maintained; (3) carry on a banking
business; (4) carry on a business of insurance
or reinsurance company; (5) carry on a business
of providing a registered office for companies.
