Q:
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Do the accounts of Belize IBC need to be prepared?
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A:
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In order to reflect the financial position of the Company, the Belize IBC shall keep its accounts and records in the way the directors consider necessary or desirable.
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Q:
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Do the accounts of Belize IBC needs to be audited?
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A:
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The International Business Companies Act (“IBC Act”) does not require the accounts of the IBC be audited or filed to Companies Registry.
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Q:
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Does an IBC need to pay tax in Belize?
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A:
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The offshore income of IBC is not subject to any income, withholding or capital gains tax in Belize. According to the amendment made in the IBC Act in 2019, the IBCs are now allowed to conduct the business activities within Belize. If the company carries out any activity within Belize or has any income derived from or within Belize, the IBC needs to comply with the new physical presence requirements and also will be subject to tax in Belize.
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Q:
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When should I renew the Belize IBC?
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A:
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Regardless when the date of IBC is incorporated, it must renew its license with the Registry and the services for local registered agent and office before 31 July every year.
Kaizen will inform clients about the renewal around January every year.
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Q:
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What documents shall I receive after the annual renewal of Belize IBC?
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A:
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The Authorities do not release any documents to the clients after the annual renewal.
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Q:
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What do I need to provide for the annual renewal of the Belize IBC other than payment?
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A:
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In general, there will be a due diligence check list provided to client for preparation in order to comply with the annual compliance checking. The list will generally request certain documents and information related to the company business, beneficial owners and directors. It will be updated from time to time subject to the local authorities or the registered agent.
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Q:
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How can I check whether my Belize IBC is renewed or not?
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A:
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Belize IBC Registry enable public to search the status of the company. However, the result could only show the company number and the status (i.e. active / inactive). The status will be shown as inactive if it is struck off or liquidated.
The company may also apply for a Certificate of Good Standing issued from the Companies Registry which is a proof that company is legally exist in Belize.
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Q:
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Do I need to report to the Government of Belize if there is any change of company structure?
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A:
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No, there is no requirement to report to the Government of Belize. Yet, it is essential to report to the Registered Agent if there are changes on structure. Even though there is no filing requirement on the Register of Director and Register of Ultimate Beneficial Owner for IBC, relevant document related to the change must be submitted to the Registered Agent.
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Q:
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Do Belize IBC need to hold annual general meeting each year?
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A:
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No, there is no statutory requirement for holding annual general meeting for Belize IBC. However, if the Company’s articles of association has such article which requires the holding of annual general meeting, then the Company shall act according to the articles of association.
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Q:
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Is Belize IBC required to hold the board or shareholders meeting within Belize?
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A:
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No, there is no requirement on the location of board or shareholders meeting. The meeting could be conducted anywhere as long as all the board members or shareholders agreed.
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