Belize – Fiscal Paradise with High Level of Confidentiality
Kuala Lumpur, Malaysia — (SBWIRE) — 05/08/2014 — ICO Services, the international company specialized in the formation of offshore companies and offshore banking, has recently expanded their services to the American business world by launching their service of setting up a company in Belize, the only fiscal paradise in Central and South America where English is the official language.
This business extension means providing access to the multiple advantages of establishing an International Business Company (IBC) with the highest confidentiality level, exempt for all local taxes, no capital requirements and no foreign exchange control.
Establishing an IBC in Belize – the full guarantee of business privacy
An IBC is the most popular type of offshore corporation as it is designed for any international business activity, does not pay any taxes in the jurisdiction where is established, provides confidentiality to its owners and is not subject to reporting requirements.
“According to different lists of international organizations, there are dozens of countries that can be considered as tax heavens. But these countries are far from providing the same advantages, and each is specialized in hosting one or more types of the simplest to the most complex financial transactions. In this respect, Belize is the no. 1 option for international investors who need the advantages provided only by an IBC established in Belize, where privacy is a state policy”, said an ICO Services executive/official.
Situated between Mexico and Guatemala, this former British colony fully assumes its tax haven status of one of the best in the world, especially for offshore asset protection. An IBC in Belize is usually established as part of International Business Companies Act approved in 1990 and amended in 2000, which is intended to ensure the highest level of confidentiality – a business advantage recognized and appreciated worldwide. Belize’s law is a guarantee for commercial privacy and the freedom of the individual.
An IBC in Belize is thus the perfect corporate vehicle for international financial transactions, especially for big investors worldwide. The incorporation of such company is fast and simple and the IBC registry is able to complete the registration within one single hour (it is probably the fastest IBC incorporations in the world!)
A fiscal paradise where one don’t need to travel
The thought after business advantage of maximum confidentiality comes together with other major advantages for an IBC, which acknowledge Belize as a true fiscal paradise: no local taxes to be paid on income or profits according to provisions of Article 130 of the Belize IBC Act, no paid capital required, inexpensive annual support, no foreign exchange control, no information about managers or shareholders and beneficial owners officially available to public.
An IBC in Belize remains a completely tax-free offshore company, for as long as it follows a few conditions listed in the Article 5 of the Belize IBC Act:
– doesn’t do business with a resident in Belize (only with other IBCs from Belize);
– doesn’t own a property in Belize, but it is allowed to lease one as a business office;
– doesn’t carry on its business in banking, trust, collective investment schemes or insurance fields unless it is licensed in this respect;
– doesn’t hold stocks, shares, obligations of debt or other securities in a domestic company;
– doesn’t issue its shares, stock, debt obligations or other securities to any person or company resident in Belize;
To conclude, the main condition is that a Belize IBC must not carry on any business within the territory of Belize, even though is allowed to do business with other Belize IBCs. Also, specific financial activities like banking, insurance, trust business activities and investments are allowed only with a specific licensing for that purpose.
In fact, any individual or legal entity may become a shareholder or director and ICO Services can provide full nominee services (director and shareholder) for company formation in Belize. All one need to do is decide to benefit from all these advantages wherever they are, as it is not even necessary to go in Belize in order to set up a IBC.
No accounting and audit requirements
People don’t need to hire an accountant, there are no requirements of audit for IBCs established in Belize. As enacted in October 2013 by Accounting Records Act, the Belize tax authority or any other Belize government organization does not require from local companies to conduct an annual meeting or to file tax returns, which completes the main definition of the offshore concept.
The tax heaven called Belize is actually a perfect country to settle their business due to its amazing record of peace and democracy. A member of the United Nations and the British Commonwealth, and also of the Non Aligned-Movement, this stable country has a legal and judiciary system based on the English Common Law, hasn’t been involved in any political or civil conflicts, and doesn’t disclose its banking or fiscal data under any information-exchange agreements, not even on grounds of tax evasion allegations.
Moreover, the offshore services industry contributes significantly to the Belize’s economy, therefore the business legislation, the government and the general public encourage the development of Belize as the first offshore financial option for business people from all over the world.