Choosing A Jurisdiction

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Belize

Belize is situated in Central America, bordered to the north by Mexico, to the south and west by Guatemala, and to the east by the Caribbean Sea. It has a coastline of 386km. The capital city is Belmopan.

Belize is the only country in Central America where English is the official language. Belize has a multiethnic, multilingual society, which is 49% Mestizo, 25% Creole, 11% Maya, 6% Garifuna, 3% East Indian, and 6% other (Asian, White and other.) While English is the official language, Creole and Spanish are also spoken.

The constitution is the supreme law of Belize and sets forth the country's basic framework and legal underpinnings for governmental activity. The constitution came into effect when Belize became an independent country on September 21, 1981, and includes provisions that safeguard fundamental individual freedoms. The Government created the Belize Trade and Investment Development Service (BELTRAIDE), as a "one-stop-centre" for both the local and foreign investors as part of its effort to facilitate genuine investments.

SALIENT FEATURES

The IBC Act was introduced in 1990 to implement competitive offshore legislation for Belize IBC's which was subsequently amended to reflect the changes required to provide efficient Belize offshore services. A Belize IBC has the following characteristics:

CORPORATE REQUIREMENTS

Name : Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal and Royal.

Capital : The register of the shares of Belize corporations must be kept up to date anywhere in the world as per directors' decision and make it available for inspection by the shareholders; Shares can be issued with or without par value and may be issued in any recognizable currency Shares may be paid up in cash or through the transfer of other assets or for other consideration Bearer shares may be issued The standard share capital is USD 50,000 or an equivalent in another recognizable currency. The minimum paid in and issued capital may be one share which is fully paid.

Shareholders: An exempted company needs to have at least one shareholder and shares can be issued in bearer or registered form. There is no requirement to file the details of shareholders on any public record. It should be noted that with effect from 1 st July 2001, bearer share certificates must be retained in safe-keeping by a licensed professional intermediary who holds due diligence paperwork on the ultimate owner.

Registered Office / Agent: As a matter of local company law the company must maintain a registered office address within Bahamas a and a registered agent as well.

Directors / Officers: A minimum of one director is required and corporate directors are permitted. There is no requirement to file the details of directors on any public record.

Register of Members: A copy of the share register must be kept at the Registered Office commencing from the date of registration of the Company.

Books, Records, and Seal: There is no requirement to file accounts or an annual return. The only requirement is that the company must pay the relevant fee to the local government on the anniversary date of incorporation. The Books and records required to be kept at the registered office of the international business company or at such other place as the directors may, by resolution, determine. The IBC Company shall have a common seal and an imprint thereof shall be kept at the registered office of the company.

CONFIDENTIALITY

The documents for Belize offshore Incorporation do not carry the name or identity of any shareholder or director. The names or identities of these persons do not appear in any public record.

TAXATION

According to the IBC Act of 1990, offshore companies are exempted from all taxes and stamp duties.

Disclaimer:

Every effort has been made to ensure the material contained in this document is correct at time of publishing. However, this information should be interpreted as information only and does not constitute any legal or tax advice from Sequestra Corporation or any of its subsidiaries.