Belize, the Cayman Islands, the Bahamas, Panama or Seychelles are just some examples of popular offshore company jurisdictions worldwide. While they all share similarities in terms of ease of company formation and low or no taxes at all, there are important differences that need to be taken into consideration by investors. Our Belize company formation agents talk about the similarities and the most important advantage of opening an offshore company in Belize, compared to the Bahamas.
Similarities between Belize and the Bahamas as an offshore destination
The International Business Company
is a type of legal entity available for incorporation both in Belize and in the Bahamas. This legal structure has important advantages in terms of offshore use and it is chosen by many foreign investors in both jurisdictions.
A simple comparison highlights the advantages and the similarities of the IBC in both countries:
- a minimum number of shareholders (only one);
- a minimum number of directors (only one) and no need to appoint a local company director;
- no audit or filing requirements;
- the absence of corporate taxes.
Both jurisdictions allow for a fast company formation process, lasting between one and three days and entrepreneurs also have the option to purchase a ready-made company.
Differences between Belize and the Bahamas for offshore companies
Investors who choose to open an offshore company in Belize
have an important advantage, compared to the Bahamas: in Belize, the record of directors is not publicly accessible
, compared to that in the Bahamas. This is an important feature for all company directors
who do not wish to be made public and it represents one of the top advantages for offshore investors in Belize: a high degree of financial and business privacy