The British Virgin Islands (BVI) and Belize are offshore jurisdictions where a foreign owner’s structure is administered by a licensed agent. The BVI is more often used for holding companies, joint ventures and deals with investors. Since 2022, Belize has had a single Belize Companies Act, so older descriptions of Belize IBCs “with no reporting” no longer apply to new registrations.
Comparison at a glance
| Parameter | BVI | Belize |
|---|---|---|
| Law | BVI Business Companies Act | Belize Companies Act 2022 (No. 11 of 2022), which replaced the IBC Act |
| Registry | Registry of Corporate Affairs | Belize Companies and Corporate Affairs Registry (BCCAR), OBRS system |
| Agent | mandatory, licensed by the BVI FSC; only the agent files documents | mandatory for a company with foreign shareholders or directors, licensed by the Belize FSC (section 80) |
| Beneficial owners | information filed with the registry through VIRRGIN since January 2, 2025 | kept at the registered office, with copies held by the agent (section 87) |
| Registers of directors and members | filed through VIRRGIN | copies filed with the Registrar (section 93) |
| Financial information | annual financial return to the agent within 9 months after the year end (section 98A) | records showing the financial position, kept for 5 years (section 88) |
| Every year | return to the agent, registry fees, agent services | annual return in OBRS, registry fees, agent services |
| EU list of October 9, 2026 | not on the list; in Annex II with a commitment due by February 15, 2027 | not on the list |
Agent and registry
In the BVI, only a registered agent licensed by the Financial Services Commission (BVI FSC) can file an application for registration, and the agent also receives the registry’s correspondence. In Belize, the Director General of the Financial Services Commission is appointed as the Registrar. According to BCCAR guidance, foreigners work with the OBRS system only through a licensed agent, and the list of agents is published on the registry’s website.
Beneficial owners and transparency
Since January 2, 2025, all BVI companies have filed beneficial ownership information with the Registry of Corporate Affairs through the VIRRGIN system, on the basis of the Beneficial Ownership Regulations 2024. Under section 87, a Belize company keeps beneficial ownership information and minutes of meetings at its registered office, with copies held by the agent in Belize. In both cases, the agent checks the ownership chain up to the individuals, so promises of “complete anonymity” do not apply to these jurisdictions.
Reporting and accounting
A BVI company files an annual financial return with its agent within 9 months after the end of its financial year. Exempt from this obligation are listed companies, as well as entities supervised by a financial regulator, those filing a return with the BVI Inland Revenue and those in liquidation. According to the BVI FSC announcement of October 15, 2026, returns for 2026 are filed on a new, more detailed form, and agents accept them from September 2027.
Under section 88, a Belize company keeps records that explain its transactions and show its financial position with reasonable accuracy at any time, and retains them for five years. If the accounting records are kept outside Belize, quarterly statements and the address where the records are kept are held at the registered office. Annual returns are filed in OBRS, and once a return is approved, the company keeps its Active status for another year. A checklist of annual tasks is in the article on annual company maintenance.
When to choose which
Example: an owner is setting up an investment holding company and plans to sell a stake to a strategic investor in a few years. The buyer’s lawyers will review the corporate law, registers and reporting, and the BVI is usually more familiar for such a deal. If the structure is simpler, such as a company holding a single asset, and the bank and partners already work with Belize structures, Belize is also a workable option.
- A holding company, a joint venture, an SPV for a deal: see BVI offshore company.
- Holding an asset, projects with partners from the region, a confirmed bank: see Belize offshore company.
- A holding company for operating companies in different countries: see the comparison in the article on the international holding company.
In both cases, the owner’s taxes are determined by their country of residence: CFC rules, tax on dividends and the place of effective management.
Bank
The bank assesses the company separately from its registration: a holding company is asked about the origin of capital and the group structure, and a trading company about clients, contracts and the payment route. It is better to confirm that the bank is willing to work with the chosen jurisdiction before paying for registration; we prepare the package under the bank account for an offshore company service.
If the BVI stays on your shortlist, compare it with its other neighbours too: BVI or Seychelles for a small asset-holding structure and Cayman Islands or BVI for a fund or an SPV. When the incorporation date matters or the company is needed for a specific deal, see ready-made offshore companies.
Send us the purpose of the structure, the owners’ country of residence, the bank and the planned payments. Offshora will compare the BVI and Belize on requirements and a two-year budget. Send a request.
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