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FAQ on Offshore Bank Accounts in Belize

Updated on Wednesday 04th April 2018

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FAQ-on-Offshore-Bank-Accounts-in-Belize.jpgOpening a bank account is a necessary process when setting up an offshore company. Our Belize company formation agents have answered some of the most frequently asked questions about offshore bank accounts in the country.
 

1. Is a bank account automatically opened when the IBC is incorporated?

No. This is not an automatic process as there are no requirements for a paid-up capital when opening an International Business Company.
 

2. Does a shelf company have a bank account?

No. The fact that the IBC does not require a share capital upon registration makes it possible to open a bank account and deposit the share capital after the registration when it is acquired.
 

3. Must a Belize IBC open a bank account in Belize?

Our Belize company formation agents recommend this process. Another advice is for investors to avoid opening an offshore bank account in their country of residence.
 

4.Can a third party be delegated to open a bank account for a foreign investor?

Partially. The beneficial owner (the investor who incorporates the company) will be required to confirm with the bank.
 

5. When a nominee director service is in place, is the nominee also the bank signatory?

It is recommended to allow the nominee director to also act as the bank signatory, for the purpose of a complete and credible company management.
 

6. Who controls the bank account when the IBC has a nominee director?

The beneficial owner is still allowed to have signature sights for the offshore bank account even when the IBC uses nominee director services.
 

7. What is the account signatory?

An individual who has signatory sights for the account. These are granted through a special mandate.
 

8. What are the types of banking services offered with an offshore bank account in Belize?

Credit and debit cards, online payment options and others may be available.
 

9. Can an offshore company open a merchant account?

Yes, although this option may be restricted for some types of businesses depending on the field in which they operate. We recommend that you consult with one of our Belize company registration agents.
 

10. Is there any type of assistance available for opening a bank account in Belize? 

Yes. Our team of company formation agents provides various types of services related to offshore company formation, including the set up of offshore bank accounts. You can contact us for more information.
 

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