q What is a Registered Agent in Belize?

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What is a Registered Agent in Belize?

What is a Registered Agent in Belize?

What is a registered agent in Belize? A licensed individual who is responsible for updating certain corporate documents and, in general, with the lawful and proper functioning of the company.

The International Business Company in Belize is the preferred legal structure for offshore company formation purposes. While it has a simple and straightforward registration procedure, and minimal accounting and reporting requirements, there are a few key aspects to be considered, including the role of the registered agent in Belize.

Our Belize company formation agents can give you complete information about the role and appointment of the registered agent and can help you with adequate registered agent services in Belize.

What are the duties of a registered agent in Belize?

The functioning of a Belize offshore company is not possible without the work of a registered agent. Firstly, this is because the company incorporation and management rules demand that companies have a local appointed agents and lastly because this agent handles a number of key tasks that help the company run lawfully and professionally. 

The main duties of a Belize registered agent are the following:

  • – Update the company documents: the agent is responsible for making any new updates to the company’s Memorandum and Articles of Association as well as other resolutions and notices
  • – Role in meetings: the registered agent is also the one who handles the Minutes of the Meetings, unless the company directors decide otherwise (the meetings can take place outside Belize).
  • – An intermediary: the agent acts as the chief intermediary between the Belize government and the company.
  • – Pays fees: he is also the one who pays the annual fees for the company, as requested per type of company.

As seen from the aforementioned duties and responsibilities, the registered agent plays a very important role in the daily activities of the company as well as its proper and lawful functioning, as directed by the Belize government. 

Appointing an agent takes during the early stages of Belize offshore company formation, as he can also handle some of the procedures himself. Our specialists who offer complete services for the formation of a company can help entrepreneurs handle this step.

How is a registered agent appointed or changed?

The registered agents is appointed upon the incorporation of the company and his identity is included in the company’s documents. As stated above, the agent needs to be licensed by the Licensing and Authorizations Division operating within the International Financial Services Commission in Belize. All agents are also required to observe the requirements for license renewal.

Changing the registered agent in Belize is not uncommon and it is a fairly simple procedure. The reasons of the change can be diverse, however, most commonly these refer to the agent acting in bad faith towards the best interest of the company and not observing his duties and responsibilities, such as the ones that have to do with paying the annual fees for the company. This inaction renders the legal entity in an improbability to lawfully conduct business in Belize. The current registered agent is required to formally resign and this request is made in writing. 

Company owners in Belize who wish to change their registered agent need to draw up a director’s resolution that will also amend the Articles of Association to include the new agent. The resolution typically becomes effective within three days’ time. One of our agents who specialize in Belize company registration can help entrepreneurs file the resolution with the Belize Company Registry. 

Investors should know that Belize companies can be refused when they try to change the registered agent if they have a history of not paying the registered agent fees or if the company is otherwise uncompliant.

The legal requirement for having a registered agent in Belize

Foreign investors who open a company in Belize are required to do so by observing the provisions of the International Business Companies Act. According to law, an IBC shall have a registered office in Belize and a registered agent in Belize at all times.

when planning their budget for opening an offshore company in Belize. The packages offered in this jurisdiction are often ones for a yearly period and they can vary according to the needs of the company. Business owners who are thinking of transferring the registered agent services to another provider are advised to take some time to prepare this step, as in most cases the previous agent will need to be contacted by the new one in order to set forth the details for a streamlined transfer.

Licensed registered agents in Belize

The IBC Act in Belize requires of all appointed registered agents to be licensed by the International Financial Services Commission. A list of the registered agents in Belize is kept and updated by the Companies Registry in Belize and all changes are duly notified and recorded.

Belize registered agents may choose to cease their activities with a particular IBC. In this case, hey must give a written notice to the company director or officer.

One of our Belize offshore company formation agents can give you additional details on the appointment and removal of the registered agent.

The registered agent is a key figure in the management of the company in Belize. His activities may sometimes intersect with the ones handles by a company secretary, however, this is not the same position and entrepreneurs who wish to hire a secretary or employ secretarial services can do so separately. The secretary can handle additional matters such as preparing agreements, telephone and mail forwarding services and others. Alternatively, investors can have access to part of these services when using a virtual office in Belize. One of our agents who specialize in company formation in Belize can give you more details.

Individuals who are interested in more information on how to immigrate to Belize for the purpose of offering registered agent services can reach out to us.

Opening an offshore company in Belize is attractive for many foreign investors and two of the main reasons are the fact that the company incorporation process is a fast and simple one and that there are no taxes on company profits. An important condition for an IBC in Belize is that it conducts business with legal entities outside of the country. However, this is not a problem since many foreign investors will particularly use the Belize offshore company for the purpose of engaging in international trade or providing various international services.

Contact us for more information and assistance on opening a company in Belize.