Belize Offshore Jurisdiction: Company Formation

Is Belize an offshore jurisdiction?

The jurisdiction was long known for IBC structures. The 2022 law (Belize Companies Act No. 11 of 2022) merged international and local companies into a single regime. Copies of the registers of members and directors are now filed with the Registrar, beneficial ownership information is kept by the company itself and by its agent, and accounting records are kept as the law requires. Descriptions of an “IBC with no reporting” in old directories do not apply to new companies.

Belize is not on the EU list of non-cooperative jurisdictions of October 9, 2026. The tax treatment depends on the type of income and activity, and we check it separately for each case.

Key facts about a Belize offshore company

Section numbers follow the text of the Belize Companies Act 2022 published by the BCCAR registry. Before incorporation we check them against the current amendments and fee schedule.

Who a Belize offshore company suits

• An international holding company or an asset-holding vehicle.
• Projects with partners who already use Belizean companies.
• A business whose bank and counterparties have confirmed in advance that they are willing to work with this jurisdiction.

If you need a quick account with a European bank, marketplace sales or investment from a fund, a Belize registration often becomes the weak link. For a holding company we compare it with the BVI and Nevis, and for trading with Hong Kong. The BVI pairing is covered in BVI vs Belize.

The agent, the BCCAR registry and corporate records

Under the Belize Companies Act 2022, the Registrar is the Director General of the local Financial Services Commission (FSC). Under section 80 of the Act, a company must have a registered agent in the country at all times; the exception is a local company with no foreign shareholders or directors. Only a person licensed by the FSC can act as an agent. According to BCCAR guidance, foreigners and Belizeans without a social security number can use OBRS only through a licensed agent, and the list of agents is published on the registry’s website.

Under section 87, minutes of meetings of members and directors and beneficial ownership information are kept at the registered office, with copies held by the local agent. Under section 93, copies of the register of members and the register of directors are filed with the Registrar.

The law prohibits bearer shares. Under section 38 of the Act, a company may not issue such shares, convert registered shares into them or exchange registered shares for bearer shares. A breach is a criminal offense punishable by a fine of $100,000. Offers of an “IBC with bearer shares” belong to the repealed regime.

Striking off and restoration

Under section 218, the Registrar may strike a company off the register if it has not appointed an agent, has not filed a required return or document, has ceased to carry on business, operates without a required licence, or has not paid its annual fee and late penalty. On most grounds, before striking off the company receives a notice giving it at least 30 days, and the Registrar’s intention is published in the Gazette. A company left without a registered agent for more than six months is struck off under section 81.

If a company stays struck off for five years in a row, it is treated as dissolved from the last day of that period (section 221). Until then the Registrar may restore it on application once the restoration fee and all outstanding fees and penalties have been paid (section 222), and those debts remain with the company even after it has been struck off (section 302). So when buying a Belize company incorporated long ago, the first thing we check is whether it has ever been struck off and how much in fees and penalties has built up. We run the same checks under our aged offshore companies service.

Moving a company into or out of Belize

The law allows a foreign company to continue under Belize law without liquidation (continuation, sections 176–179), and a Belize company to continue under the law of another country (section 180). This is an option for a company whose current registration is a problem for its bank or counterparties: the company’s history, contracts and assets are preserved. Before the move we check whether the law of the other country allows the procedure and what the bank will say.

Documents and KYC

The agent checks the owners up to the individuals. For an offshore company in Belize, the package usually includes:

• passports and proof of address of shareholders, directors and beneficial owners;
• an ownership chart, if the structure includes other legal entities;
• a description of the business and the counterparties’ countries;
• proof of the source of funds.

The list and the certification format are set by the agent. We put the package together so that it also works for the bank.

Annual obligations and accounting

Under section 88, a company keeps records that explain its transactions and make it possible to determine its financial position with reasonable accuracy at any time. If the accounting records are kept abroad, the registered office holds reports from which the directors can see the financial position quarter by quarter, along with the address where the records are kept. Records and supporting documents are retained for five years.

Annual returns are filed in OBRS. Once they are approved, Active status holds for another year. Registry fees and the agent’s services are also paid every year.

Company taxes in Belize

The tax regime for former IBCs has changed too. In a notice of September 2021, the Belize Tax Service stated that the Income and Business Tax (Amendment) Act 2019 abolished corporate income tax, except for the petroleum sector. Former IBCs that are tax resident in Belize file an annual tax return through the IRIS Belize portal. The return is required even when the tax payable is zero, for example for pure holding companies with no active trading and a business tax rate of 0%. Late filing and late payment incur 10% of the tax for each month, up to 24 months, plus interest of 1.5% a month.

According to the same notice, a company that does not carry on an activity listed in the Economic Substance Act, has no permanent establishment in Belize and is tax resident in a country outside the EU list of non-cooperative jurisdictions files an information return covering its tax residency, beneficial owners, and direct and indirect owners. Before incorporation we check which group your company belongs to and which rate applies to its income.

A bank account for a Belize company

Before incorporation, we check whether the chosen bank or payment institution works with Belizean clients of your profile. The bank will ask for a description of the transactions, contracts, details of clients and suppliers and the origin of the capital. We prepare the package under our bank account for an offshore company service.

A corporate bank account, a payment account with an EMI and card acquiring serve different purposes, and each institution checks the applicant under its own rules. If you sell by card, we agree acquiring before incorporation.

The owner’s taxes and CFC rules

The regime of the company itself and the owner’s taxes are assessed separately. The owner’s country of residence may tax the company’s profit under CFC rules or when dividends are paid. General approaches to CFC rules are set out in the OECD BEPS Action 3 report, and a tax advisor does the calculation for your country.

Belize is on the list of states (territories) approved by Ukraine’s Cabinet of Ministers for transfer pricing: Resolution No. 1045 of December 27, 2017, with the annex as amended by Resolution No. 1505 of December 27, 2024. For a Ukrainian company, transactions with a Belize company are controlled transactions under Article 39 of the Tax Code of Ukraine when the Ukrainian company’s annual income exceeds UAH 150 million and the volume of transactions with that counterparty exceeds UAH 10 million a year. If a Ukrainian resident owns the company and it qualifies as their CFC (Article 39-2 of the same code), its transactions with non-residents from this list are disclosed in the CFC report, and the related income and expenses are measured at arm’s length when the adjusted profit is calculated.

Belize, the BVI, Seychelles or Nevis

All four jurisdictions incorporate companies through a licensed agent and require the agent to know the beneficial owners. The differences lie in the details the bank and counterparties see. Since the 2022 reform, a Belize company files its registers of members and directors with the Registrar and an annual return by June 30. The BVI is chosen because investors and lawyers know it well. Seychelles is usually compared with the BVI, and that pairing is covered in BVI vs Seychelles. Nevis is considered for holding assets through an LLC.

We decide based on four questions:

• where the owners are tax resident and how their country taxes the profits of controlled foreign companies;
• which bank or payment institution will open an account for your transaction profile;
• whether the business falls under the economic substance law;
• what ownership costs over 24 months, including annual returns and closure.

Two-year budget for a Belize offshore company

We build the cost estimate for 24 months: BCCAR registry fees, the services of a licensed agent and registered office, accounting records and quarterly reports, annual returns in OBRS, the tax or information return, bank preparation and the cost of closure if the project does not go ahead. For a comparison with the BVI or Nevis, we price the same lines. Start with a request: the owners’ country of residence, clients, a description of the transactions and the expected turnover.

Buying an offshore company in Belize

For a quick start, we look for shelf offshore companies, including shelf companies in Belize. Before buying one, we check its status in OBRS, the agent’s licence and authority, the registers of members and directors and the annual returns filed. The timeline for Belize company formation depends on the agent’s KYC review, and we give a schedule after reviewing your case.

Frequently asked questions