Belize Local Company

Belize local companies can be formed by local and international residents alike. To set up a local company in Belize, a foreign investor may choose to travel to the country in order to receive a firsthand impression of the country. Or, this may be done through a locally based licensed offshore agent who offers the service of forming local Belize Companies to international clients. Avail yourself of the chance Get the possibility of acquiring a second citizenship via St. Kitts citizenship by investment or Dominica economic citizenship program. Dual nationality is relevant for safety and protection your family’s well being now or in the future. You’ve come to the ideal place for help and information on aged and shelf companies and IBC incorporation. A minimum of two directors and shareholders are required for forming a Belize local company. The company must be a limited liability and end with Ltd. or Limited which indicates limited liability. In addition, essential information such as the names, addresses, profession and share distribution for each shareholder must be given. The standard share capital of a Belize local company is BZ $10,000 (Belizean dollars) at BZ $1.00 per share and does not have to be paid up immediately when setting up the company. For identification and company registration purposes, each director and shareholder of the company is expected to produce a photocopy of his or her passport; the pages containing the person’s photo, date of birth, as well as the expiry and issue dates of the passport. The members of the company are expected to establish the company’s structure and provide the names of the persons appointed as President, Secretary, Chairman, Treasurer, General Manager, etc. The company’s name cannot be identical with that with another company that has already been registered in Belize and should not closely resemble that of another company. The Registrar will reject any name which is too similar to another registered company name. The Belize Companies Act (Revised Edition 2003) allows local companies to achieve their main purpose by new or improved means, enlarge or change their locale of operations, carry on some business which under existing circumstances may easily or beneficially be combined with the business of the company or limit or abandon any of the objects stipulated in the memorandum. These may be done through a special resolution by modifying the provisions of the memorandum with respect to the objects of the company, so far as may be needed to assist the company carrying on its business more economically or efficiently. Belize local companies are allowed name changes, which are done at the local Registry. Changing a local company’s name does not affect the rights or obligations of the company or make any legal proceedings by or against the company defunct, for the company’s obligations under old name will be transferred to company under new name. The Belize Companies Act permits the formation of nonprofit organizations, which are defined by the law as companies formed for the purpose of promoting art, science, religion, charity and not involving the profit making by the company or by its individual members. Such companies must be licensed by the Minister to be registered as a limited liability company, without having to add the word “Limited” to its name. In allocating a company’s share capital, registers of the names, addresses, occupations, share capital and statement of the shares held by each member should be kept. Each register should indicate the date at which each of the members’ names were entered or declined as a member. The shares of each member should be distinguished by a number and the amount paid or agreed to be considered as paid on the shares of each member should also be noted. Belize local companies should have a registered office in Belize to which all communications and notices may be addressed and a clear legible nameplate or sign of the company’s name should appear on the outside of every office or place in which business is conducted. A seal on which the Company’s name is clearly engraved must be used on official and legal paperwork. The company’s name must appear on documents such as promissory notes, bills of exchange, endorsements and cheques and mentioned whenever notices, advertisements and other official publications about the company are being made. The directors and shareholders must keep annual general meetings, and maintain financial and administrative records. Setting up a local Belize company is a smart way of investing one’s wealth because of Belize’s steadily growing economy, stable government and developing financial sector.

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