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7 Facts You Should Know about Belize

7 Facts You Should Know about Belize

Belize, once known as British Honduras, became an independent member of the Commonwealth in 1981. This small Caribbean paradise has much to offer to tourists and entrepreneurs alike. 

Here are 7 facts you should know about Belize, presented by our agents who specialize in Belize company registration

1.  English is an official language

Belize is the only country in Central America with English as its official language – an important consideration for foreign investors.

2.  The legal system is also of English influence 

The legal system is based on the English Common Law. The Supreme Court has jurisdiction on all criminal and civil cases and the Privy Court has its seat in the United Kingdom. Our Belize company formation agents can help you with detailed information about the courts and laws for doing business in the country.

3.  The population is diverse

The country’s geographical location on the eastern coast of Central America allowed its people to become culturally diverse. Today, the country has a small population but a multi-cultural one.

4.  Belize managed to rethink its financial services industry

The launch of the International Business Company had a tremendous importance for the positive evolution of Belize’s financial services industry. It allowed the country to establish an attractive tax-free regime and position itself among other offshore jurisdictions.

The following types of business entities described in the list below are commonly used by foreign investors:

  • • The IBC: the International Business Company is the most commonly used because it allows a tax-free regime.
  • • The International LLC: a well-received business form, this legal entity is a mix between the partnership and the corporation.
  • • The Trust: a business structure that relies on a fiduciary relationship, it can be successfully used for asset protection.
  • • International Foundation: a business entity with a legal personality that can be used for charitable or business purposes.

5. Investors have various options for entering the financial services industry

Belize’s financial services industry is an important economic pillar. Some of the licensed services include international insurance, Forex trading, international banking, payment processing services, money brokering and exchange and many others.

You can gain Belizean residency if you have spent at least one year in the country, during which time you did not leave for more than 14 days. You will also be asked to provide proof of sufficient income (being financially stable), as well as a clean police record and other supporting documents. If you are interested in knowing more about long-term stays in Belize, our team is here to answer your questions.

6. Belize is a tax haven

Belize is considered a tax haven because it does not impose taxes on corporate income and has very light accounting and reporting requirements. What’s more, the country also has a high degree of investor protection. These are all important reasons why investors choose to open an offshore company in Belize.

7. Belize has the best of both worlds

It’s not just the financial services industry in Belize. It’s also its picturesque Caribbean beauty that makes it an attractive country. You could say that Belize is a destination that manages to mix business with travel. If you want to relocate here permanently, you can consider the application for Belize permanent residency.

What’s more, if you are interested in immigration to Belize, you should know that this is a multi-step process, however, the conditions to remain in the country indefinitely can be favourable for entrepreneurs who are able to make a substantial investment in the country. If you wish to relocate here for business purposes, our team can answer your questions. 

For complete information on how to open a company in Belize, please do not hesitate to contact us. Our agents who specialize in Belize company formation can help you open an International Business Company.  

If you have questions about laws or regulations, as well as tax liability or other matters, our attorneys in Belize can help answer any legal inquiry. We offer solutions in many areas of law, and are highly focused on corporate services, namely offshore company creation. Other areas of practice include real estate, immigration and employment, intellectual property or contract law.