Perhaps you’ve been thinking about establishing a company that will serve an international audience. Instead of incorporating the business in your country of residence, have you investigated the advantages of establishing an international business company (IBC) in Belize? This solution could be just what you need to make the most of this venture.
Let’s examine some of the benefits you will enjoy by choosing Belize as the headquarters for your operation.
Straightforward Process for Establishing an IBC
Incorporating a business does involve following the laws and procedures established in the country where you will headquarter the operation. As you look around at different offshore options, it will quickly become apparent that the requirements for non-residents to establish corporations vary. In some cases, the process would be more complex than what you would deal with at home.
One of the advantages of choosing Belize is that a non-resident can establish a corporation with relative ease. The laws and procedures are concise, and you’ll find that financial entities in the country are happy to help you with the incorporation.
Managing the costs is easier compared to other nations, and the registration fee is highly competitive. There’s no need to meet a minimum in capital requirements, and you won’t have to meet an annual return amount. All costs for keeping the corporation active are minimal year over year.
Minimum Number of People are Needed to Form the IBC
There’s no lengthy roster of officers needed to establish your IBC in Belize. Currently, the only requirement is that you have one person named as a director and a second person as a shareholder. You are free to include more officers and have additional shareholders if you like.
You may find in some countries that at least one company officer must be a resident. That’s not a requirement in Belize. You and anyone else serving as an officer are free to live in any nation you like. In terms of shareholders, they can also have permanent residences anywhere in the world.
Language is Not a Barrier
As it relates to the incorporation, the original articles can be in any language you prefer. The only requirement is that an English-translated copy is provided along with the original when you seek to establish the IBC in Belize. That copy must contain the exact verbiage as the original, ensuring that the two documents are in full harmony.
If you need help with the translation, services are available to ensure the English is accurately transcribed to what is contained in the incorporation papers. The correct translation is essential to avoid any potential issues that might otherwise arise in the years to come.
Enjoy Zero Capital Gains Taxation as a Non-Resident
At the end of 2019, changes in the Belize tax code affected IBC business owners. One advantage not impacted is that your corporation will not owe any capital gains taxes. This is not true in many other nations around the world.
Think of how that saves the company money. You can funnel the savings back into the operation, use it to make investments, or even allow the funds to remain in an offshore savings or checking account that bears interest. That money can even serve as part of a contingency fund that you draw on if the business has a month or two when revenue generation or collection is low.
Setting Up Business Bank Accounts in Belize is Simple
A financial institution like Caye International Bank offers options for business bank accounts that are competitive with what you would find anywhere else in the world. You can easily establish offshore checking accounts used to fund payrolls, take care of any payables that the business incurs, and handle any other recurring expenses.
You can also set up time deposit and other bank accounts designed to help build more wealth for the IBC. Check with Caye Bank to know what rate of interest you can command by maintaining certain balance levels.
An IBC in Belize Can Now Purchase Real Estate
Another recent change is that it’s now possible to acquire and maintain real estate in Belize under the name of the IBC. This extends to residential as well as commercial properties. As a result, your company could now choose to purchase properties designed as rentals for visitors or even for people who are permanent residents of the country.
In terms of commercial properties, your IBC can now purchase retail space or even buy land to build a manufacturing facility. This change in 2019 means that you can diversify the company holdings and open additional avenues to generating revenue.
Do Business in Belize and Elsewhere
Previously, an IBC established in Belize would focus its activities outside the country. That is no longer necessary. You can now do business in Belize and continue to offer goods and services to customers around the world.
It’s not just about being able to own real estate and offer it for lease to those living in the country. You can establish a business site and sell goods to those who live in the nation. For example, you’ve sold jewelry to customers in other countries before. Now you can open a shop and sell those items to those who live close to your company headquarters.
Business Transactions Are Kept Confidential
When it comes to keeping company data confidential, it’s hard to find a better place for an IBC than Belize. The laws are written to ensure no one has access to proprietary information about you, the directors, or the shareholders. You can also depend on data related to all commercial transactions to remain private in or out of the country.
That doesn’t mean there is no public record of the company that others can find. There is a public filing maintained with the Belize International Business Registry. However, that filing is simply the Memorandum of Articles of Incorporation and will not provide additional data about the business operation. You can rest assured that the company’s business remains on a need-to-know basis.
Establish Your IBC in Belize
There’s more to learn about Belize and what it has to offer when incorporating an offshore business. Take the time to explore how the current laws would impact the operation, your privacy, and even how the location is strategic for conducting business.
Weigh all of the information you find with the fact that you can set up offshore bank accounts that allow for quick and secure transactions across the globe through a reputable institution like Caye International Bank. It won’t take long to see why Belize is an excellent location for your corporation.
Contact the team at Caye International Bank today and learn more about how we can help with the financial operation of your IBC.