A financial license in Belize is required for those companies that will offer financial services and solutions to local or foreign clients from Belize.
The Financial Services Commission is the one who issues a business license in Belize for financial services and the process for first-time applicants is described in this article by our team.
Companies need to apply for and obtain different types of business permits and licenses when they do business in Belize. These are also issued for financial services and The International Financial Services Commission (IFSC) is the responsible authority in the country.
If you want to apply for a financial license in Belize, our team can assist you. We can also help with the general steps for company formation in Belize, which precede the license application phase.
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The steps needed to apply for a financial license in Belize
Companies that offer financial services need to obtain a financial license in Belize issued by the Financial Services Commission (FSC). This Commission has the authority to grant licenses and supervise licensed companies.
Some examples of licensed financial services in Belize include the following:
- accounting and bill-paying services;
- financial advisory/consultancy;
- financial intermediation;
- international asset protection and management
- money broking and exchange, and others.
The main stages required to obtain a financial license in Belize are described below by our team:
- Start preparing your license application with the help of a licensed service provider, such as our team in Belize;
- Prepare the documents and submit your complete application to the Financial Services Commission; The authorities will determine if the dossier is complete;
- The Commission makes a final decision on your application;
- Due diligence is performed on the applicant company in order to ensure compliance with the fit and proper standards.
We also invite you to read a short list including the expected processing times and the fees:
- 30 working days: the expected processing time for a first-time financial license in Belize;
- 5 to 10 working days for issuing the license after verifying the payment of the fees;
- The application fee is US$1,000.
- The annual fee for a company offering money transmission services, money exchange, safe custody services, or money lending and pawning is US$5,000.
Please keep in mind that the issuance timeframe listed above should only be used for informative purposes. Our team can help you with company registration in Belize and with the timely submission of the required documentation for a financial license.
Documents required for a Belize financial license
Some of the most important documents submitted with your application will be the following:
- The filled-in application form;
- The company’s certificate of incorporation and Certificate of Good Standing;
- Information on the company’s directors, shareholders and beneficial owners;
- The company’s authorized and paid up capital;
- Details about the company’s policies for anti-money laundering and other relevant systems and procedures that will ensure it meets the fit and proper requirements to obtain a financial license in Belize;
- Other information, as may be requested by the Financial Services Commission.
Company owners who have obtained a business license in Belize will need to renew it periodically or if there are relevant changes to their business structure, as may be applicable from time to time.
For license holders, the renewal period starts on October 1st each year and they can submit their renewal documents no later than the 31st of December. The processing time for license renewals is also around 30 working days from receiving the complete set of documents.
If you want to know more about other types of business licenses for financial companies we invite you to reach out to our local company formation experts.
Professional services in Belize
Our team specializes in assisting investors throughout the stages of company formation in Belize. This also includes relevant business permit or license applications, and it can also refer to other matters indirectly related to company creation for investors.
What’s more, our lawyers in Belize can help you if you want to open a financial services company and wish to remain in the country by applying for residency in Belize or citizenship in Belize.
Contact us if you want to open a company in Belize and need to apply for a financial license.