Investors who wish to open an offshore company here need to set up a bank account in Belize as per the requirements for operating an offshore from this location.
What is the general procedure for the Belize bank account setup?
Entrepreneurs and individuals can open a bank account in Belize that suits their offshore company formation or tax planning needs. Personal and corporate accounts may be opened with a Belize bank and the holder will need to comply with a few regulations, including a minimum initial deposit and/or monthly deposits for some types of accounts.
The following are the documents needed for most foreign investors and foreign nationals wishing to set up a Belize bank account: notarized passport copy, reference letters from a bank you have an account with, copies of utility bills (for natural persons), company documents (for Belize International companies or for other legal entities), certificate of good standing (for companies with less than 1 year of age), etc.
The minimum initial deposit for a bank account in Belize, as well as the account fees and monthly maintenance fees and transfer taxes, will depend on the chosen type of bank.
Belize is a preferred jurisdiction for offshore companies because of its banking laws that favor the account holder’s protection and privacy. There are no restrictions on currency transferred in and out of the jurisdiction and there are no exchange control policies.
We invite you to watch the following video on how to open a bank account in Belize:
Can your Belize company formation agents provide assistance for opening a bank account?
One of our Belize company formation specialists can assist you once you decide to open a bank account in the country. We can provide additional information on the banks and bank branches in Belize and their offers for foreign clients.
Bank account setup is part of our Belize offshore company formation package. We provide assistance, as needed, throughout all the company formation stages and help entrepreneurs prepare the documents required to open the bank account. When needed, we can act as liaison between the company and the bank – a step that may be useful when foreign investors cannot be present in the jurisdiction. If this is the case, one of our agents can, based on a power of attorney, make necessary submissions, collect bank statements, submit documents and handle all steps related to corporate banking, as indicated in the specific power of attorney.
Why should investors choose Belize for offshore banking?
Safety: the local banking laws provide for a comprehensive legislation that protects the needs of clients, both resident and non-resident ones;
Privacy: the same laws allow for a well-structured framework for investor privacy; although some details are required when opening an account, the holder will enjoy the laws that allow part of the details and transactions to remain confidential; we encourage those interested to explore the local regulations in this sense;
Flexibility: Belize is a recognized location to based asset protection vehicles and offshore banking is a key component of the factors that make the jurisdiction attractive for this purpose;
International banking: offshore banking is simplified in Belize, and international investors will nor encounter issues when managing their accounts from abroad.
Another reason why Belize is a favorable location for offshore banking is the fact that the initial deposit is quite low, in the range of 500 to several thousand dollars, depending on the chosen bank and type of account. This can be lower than the minimum amount required in other locations that are also important financial centers. What’s more, entrepreneurs who open a bank account in Belize enjoy good liquidity rations and an overall beneficial stability throughout the country as an investment destination.
Please note that these advantages may differ for certain investors as their investment purposes or asset protection goals are unique. We advise those interested to reach out to our company formation agents for complete answers to questions regarding offshore banking in Belize.
Investors in Belize are not conditioned by the residency or nationality and the same extends to bank accounts. For the most part, banks will not take into consideration these aspects as anyone, irrespective of nationality, is allowed to open a company in Belize and engage in banking activities, including offshore banking.
English is the official language in Belize, although other languages are also spoken. This means that English-speaking or American investors will have no issues when they decide to open a bank account. Communicating with the bank agents and making the necessary submissions is facilitated. However, we do remind investors that banks will ask for certain documents to be translated, and these can include but are not limited to any corporate documents issued in the country of origin where the company is based (for offshore corporate accounts) or other individual identification documents, as may be the case. Sworn translations may be needed and our agents can provide more details and assistance when preparing the needed documents.
Belize banking statistics
The Central Bank of Belize offers a glimpse into the banking system statistics through its monthly or annual summary of assets and surveys. Our Belize offshore company formation agents present some of these statistics below:
Net foreign assets: their value was 804,969 mn$ in January 2020, and 917,212 mn$ in August 2020;
Domestic bank loans: to the private sector in January 2020 amounted to 2,206,887 mn$;
Deposits: in August 2020 the amount of deposits by depositors who were incorporated businesses was 917,078 mn$.
The statistics include data about the banking activity in general and the evolution of the monetary supply. The information is aggregated for the whole banking system and reported into categories. The data does not refer to other financial institutions. Details on their economic activities, the assets and liabilities of credit unions, as well as details on the distributions of loans according to sectors can be provided separately. Our team can also give investors details on the financial soundness indicators offered by the Central Bank.
Opening an offshore bank account is not a complicated process, however, foreign investors who wish to do to can reach out to our team of experts who will provide you with complete details on the requirements and will also be able to handle some of the steps on your behalf, upon request.
You can contact us for more details on how we can help you open an offshore company in Belize.
Call us now at+248 4321018to 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.