【Offshore Companies】
New Legislation was passed on the 14th December, 2018 relating to the IBCs of Belize that comes into effect 1st January, 2019.
New Legislation was passed on the 14th December, 2018 relating to the IBCs of Belize that comes into effect 1st January, 2019. The main points of the laws are:
Companies formed 16th October, 2017 and thereafter will be subject to this legislation as of 1st January, 2019 and will be required to comply with the tax requirements. Companies formed before 16th October, 2017 will be given 3 years to comply that is up to June, 2021 to comply with the tax requirement.
- All IBCs will now treated as domestic company and therefore can do business in Belize with locals.
- All IBCs are now subject to income tax in Belize on the Belize source income, where there is no Belize source income then proof must be provided of payment of taxes in another jurisdiction.
- Foreign currency accounts held in banks in Belize by a Belize IBC will be subject to approval by the Central Bank of Belize.
