Important Updates On Fees And Regulations Of Belize Companies

Following the new Belize Companies Act 2022, Belize International Business Companies (IBCs) are being recognized as Belize companies, starting November 28th, 2022.

The incorporation of IBCs or local companies is no longer available as they are governed under one single status – “Belize companies”.

As part of implementing the new provisions of the Act, a transitional period will apply to existing Belize IBCs, including re-registering as companies (if applicable). This transitional phase already began in December 2022.

Legal Compliance of Belize Companies Under The New Act

These are the several regulations to keep in mind when operating as a Belize company:

• Belize companies re-registered from companies established under Belize International Business Companies Act Cap 270 must file information to IFSC (the International Financial Services Commission of Belize) in the format prescribed by Law no. 15 of October 11, 2019 (Economic Substance Act, 2019).
• Belize companies must maintain a registered office in this jurisdiction at all times, pay related compliance fees as required, and provide proving documents of economic substance in Belize.
• The returns of a company incorporated or existing under the International Business Companies Act shall be made annually and filed no later than the 31st day of March, following the end of a basis year
• Keeping copies of accounting records outside Belize is allowed if they are kept at the company’s registered office(s). However, business owners have to maintain a document confirming the location of the original documents.

Additionally, a “business tax” shall be levied upon and paid at the rates specified in section 107 of the Income and Business Tax Act, on all receipts as defined in this Part, whether received in Belize or elsewhere.

There are exemptions, however. For instance, Belize companies will be exempt from business tax if their annual revenue is below the threshold. Note that there might be no threshold for some passive income types such as tour operators, or travel agents (on total commissions).

You can read more details in Section 106, Section 108 of the mentioned Act, and Section 7 of the Income and Business Tax (Amendment) Act 2019.

Changes in Fee

Per the adjustments made in the Belize International Business Companies Act Cap 270 and related legal documents, revisions were made to the fees levied on Belize companies, including incorporation and annual fees.

The new fee regulations have come into force starting November 28th, 2022. As a result, a Belize company registered or incorporated must strictly comply with these regulations’ provisions by twelve months after this date.

Below is a table summarizing the latest updates in the Belize government’s fees (in USD) for Belize companies using a registered agent.

Look into other revised fees for certain corporate services for more reference.

Quick Note

The fees charged to Belize companies have recently been adjusted. These changes might affect your enterprise in numerous ways. Through this notice, BBCIncorp wishes to inform our clients about the updated prices for incorporation packages and related add-ons.

BBCIncorp’s support team is reaching out to clients about the updated pricing in no time. You can also get in touch with us via service@bbcincorp.com for any concerns and questions regarding the updates.

More details on our Belize Company Formation Packages.