The process of opening a LLC in Belize is also detailed in the video below, presented by our company formation agents:
The characteristics of a LLC in Belize
The limited liability company is a type of business entity established by one or more individuals. There are no restrictions on the nationality of the company owners and there are no requirements for LLC managers in Belize to have a certain nationality.
Foreign investors may choose the name of their company in any language, if it does not infringe an existing company name and if they observe the local requirements for company names and for prohibited names.
An advantage of the LLC in Belize is that there are no requirements to disclose the identity of the company founders/beneficial owners. This type of information is not recorded in the Companies Registry and it is not made available to the public.
Belize laws allow for a great degree of financial privacy for limited liability company owners and there is no foreign exchange control in 2021.
The following list contains the main steps for opening a Belize LLC. Our agents can help you during each of these phases and can streamline the process and the necessary submissions with the Belize authorities. The steps are as follows:
Choose and confirm the company name: the new LLC needs to have an original name this is why we recommend to propose three alternatives and verify them with the Companies Registry; the final name will also contain an abbreviation.
Prepare the company documents: during this step, we will help you draw up the company’s constitutive documents, the Articles of Association and the Memorandum.
Submit the document for registration: once duly drawn up, the constitutive documents are submitted with the Companies Registry for the formation of the new LLC.
Investors should remember that the personal information of all shareholders will be required for the LLC incorporation process in 2021. Certified passport copies for the shareholders and beneficial owners will be needed. When preferred, investors can choose the nominee director and nominee shareholder services.
Taxation, accounting, and reporting for a Belize LLC in 2021
Exemption from taxes is one of the main reasons why foreign investors choose to open an offshore company in Belize and choose the limited liability company. The LLC is exempt from income tax, capital gains tax and dividend tax. An annual renewal fee for companies applies in Belize.
LLCs in Belize are required to keep accounting records, however, they may be stored in any location, not necessarily in the country.
If you are a foreign investor and wish to know more about how to open an offshore company in Belize you can reach out to one of our local experts. We can help you if you plan to open an LLC in Belize in 2021. Some foreign investors may not be able to travel to Belize during the first half of the year and our team can help you with detailed information in how we can assist you in opening a company even if you cannot be present in the country. While some of the documents for incorporation need to be duly signed, the process can be handled through a power of attorney which essentially delegates part or all responsibility for incorporation to one of our agents.
Call us now at +230 5252 6703to set up an appointment with our business consultants in Belize. Alternatively you can incorporate your company without traveling to Belize.
As a BridgeWest client, you will take advantage from the joint expertize of local company formation agents and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Belize.