These companies are ideal for local investment, landholding or normal business activity within Belize. They are referred to as "Local Companies", or "Chapter 250". When properly structured, they can provide Asset Protection, Tax Minimization and Confidentiality. While these, compared to an International Business Company (IBC-discussed below) vary with regard to which aspect one is dealing with, they can generally protect the investment and assets from frivolous lawsuits against the owner or owner's associated companies. Separate legal status/entity is a vital and recognized aspect of Belize law.
Annual Filings are due and reflect the directors (can be a corporate director) and addresses and shareholdings. This filing requirement is not mandatory for the IBC.
There are no restrictions on foreign ownership (can extend to 100%), repatriation of profits or transfer of ownership. Naturally, there are some very important permissions to be obtained but the firm assists with all such required permits and consents as a matter of routine.
Incorporation time is 24 hours subject to name availability and client is provided with Articles and Memorandum of Association, Certificate of Incorporation, Share & Director Registers, Resolutions and Powers of Attorney if required. Arguelles & Company also assists in procuring Trade Licenses, and all required tax registrations such as General Sales Tax, Income and Business Tax or Social Security Registrations.
These companies are available for most business in Belize but are generally set up to hold land and operate resorts. Foreign Companies can also be registered in Belize without local re-incorporation as an "Oversea Company doing business in Belize" or can "Continue" under the IBC legislation. Please contact us for further details.