The 1, 2, 3 of Registering a Belize IBC

Jan. 11, 2010 - PRLog -- With minimal restrictions on how a registered IBC can operate in Belize, the country does not tax any offshore company that registers there. The company setup is fast paced and once the process is done, the director of the business registered does not have to permanently reside there. Though a secretary is also not necessary, it is recommended that a business should hire one for the day-to-day operations. So, how do you enjoy the benefits of an IBC? The registration process can be done in the following steps:

http://www.cclogic.com/register-offshore-company-online/belize-company-formation.html

1.   The first step is to identify a suitable name for the company. A search is necessary to authenticate the name and ensure no other business operates under the same name. The Registry of Companies is responsible for undertaking the name search. It can be done via phone or fax. Maximum charges are BZ $50 and the process is computerized so it will take but a few minutes.
2.   After the name has been settled, the Articles of Association and Memorandum of Understanding are to be presented at the Registry of Companies. The charges are BZ $ 500 for the certificate of incorporation and an additional BZ $ 10 filing fee. To register the statutes and memorandum of association is about BZ $ 100. Lastly, BZ $ 13 is needed to register the directors who will act on behalf of the company. Note that all directors will have to produce identification documentation.
3.   A trade license is then obtained from the Belize City Council and there is no charge incurred. Documentation for the license includes a Certificate of Compliance issued by the Companies Registry and proof of residency. A city inspector will inspect the property. A fee of 25% of the annual rental value of the business premises will be charged.
4.   After that, the company will need to be registered at the income tax department. On paying BZ $ 150, the company waits 2 weeks for the registration to be completed.
5.   A company seal that costs about BZ $ 50-200 can be made at a local statements store. The procedure takes about 2 days to complete.
6.   A business must register the company for general sales tax (GST), a procedure that will take a few weeks to complete. Once the company has been registered, it can begin to operate but taxes payable should be withheld to avoid penalties and interest.
7.   In the case of local employees, they would need to be registered at the Social Security Board.

Renewable fees are paid every year and include those for the registered agent, the company office, and the government. The fee for the registered company office must be renewed every year.

http://www.cclogic.com/register-offshore-company-online/b...

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