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Belize
Belize is located on the eastern coast of Central America. It is bound
by the Caribbean Sea to the east, Mexico to the north and northwest and
Guatemala to the west and southwest. The coastline is fringed by cays
as well as the world's second longest barrier reef while the coastal plain
is flat and swampy, although the inland terrain rises gradually below
the peaks of the Maya Mountains. The country is more fertile inland and
also has Savannah, pine and tropical forests. The administrative capital
of Belize is Belmopan, but the major commercial centre is Belize City,
which is located on the eastern coast close to the major international
airport.
The official language is English which is spoken by nearly the entire
population. Spanish is the native tongue of nearly 40% of the population
and is spoken by 20% of the population as a second language while the
AmerIndian tribes still speak their original native languages.
The small, essentially private enterprise economy is based primarily on
agriculture, agro-based industry, and merchandising, with tourism and
construction assuming greater importance. Sugar, the chief crop, accounts
for nearly half of exports, while the banana industry is the country's
largest employer. The government's expansionary monetary and fiscal policies,
initiated in September 1998, led to GDP growth of 6.4% in 1999 and 10.5%
in 2000. Growth decelerated in 2001 to 3% due to the global slowdown and
severe hurricane damage to agriculture, fishing, and tourism. Major concerns
continue to be the rapidly expanding trade deficit and foreign debt. A
key short-term objective remains the reduction of poverty with the help
of international donors.
The Belize International Business Company (IBC) is the most popular form
of offshore corporate structure. An IBC is formed under the International
Business Company Act 1990 and generally must conduct its trading and business
outside Belize. However, Belize's legislation also allows an IBC to carry
on a number of activities within Belize. Belize offshore companies are
used for a variety of tax planning and international investment purposes.
Company Statute: International Business Company (IBC)
Taxation: A Belize International Business Company does not pay
any tax on its worldwide profits to Belize authorities.
Shareholders/Members: The minimum number of shareholders is one.
Directors/Managers: The minimum number of directors is one. Directors
may be natural persons or bodies corporate. They can be of any nationality
and need not be Belize resident.
Company Secretary: A company secretary is not a requirement under
the Act, but a secretary is normally appointed to facilitate signing obligations.
Registered Office Required: Yes, must be maintained in Belize at
the address of a licensed management company.
Name Restrictions: Any name that has already been incorporated
in Belize , or is so similar as to cause confusion. Any name which in
the opinion of the Registrar is considered undesirable, obscene or offensive.
Names such as royal or imperial and any name that suggests the patronage
of Belize Government. A Belize IBC can be incorporated using any language.
Chinese language incorporations with Chinese documentation are very popular.
Financial Statement Requirements: Whilst there is no requirement
to file audited accounts with the authorities; a company is required to
keep financial records that reflect the financial position of a company.
Annual Report/Licence Fees: USD 100
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