The accounting requirements in Belize
concern the preparation and the maintenance of relevant accounting records for IBC structures, one of the most commonly used legal structures.
The Belize offshore company formation
process is a simple one and has a minimal number of requirements. Until recently, there were no accounting requirements
in Belize, however, these were implemented but are not considered burdensome for investors.
Accounting records for offshore companies in Belize
The Belize Accounting Records (Maintenance) Act
is the legal resource for accounting and reporting matters in the country. The Act was issued in order to improve the regulatory framework but it is not impeding on foreign investors who wish to open an anonymous company in Belize
The Act requires that all companies in Belize keep their accounting records at their registered office in Belize or at their Registered Agent’s office in Belize. Alternatively, these may be kept at another location in or outside or Belize, should the company directors see fit.
The accounting records refer to the following documents:
- the assets and liabilities record;
- the sales and purchases record;
- all financial transactions.
These accounting records are to be kept for a period of at least five years following the date of the transaction, the closure of an account or the termination of a business collaboration.
There are no mandatory requirements for a Belize IBC
to prepare and submit the annual financial statements and there are no mandatory requirements for audits.
Other requirements for companies in Belize
Investors in Belize benefit from a light accounting reporting regime and the financial accounts are not accessible to the general public. The Belize IBC does not have to report to the Tax Authorities or to the Registrar of Companies.
Companies in Belize
may prepare the financial statements and the accounting records as per the International Financial Reporting Standards
These light accounting and reporting requirements, along with a number of other advantages for investors, including high confidentiality and anonymity, are important advantages for those who want to open an offshore company in Belize.