Belize is one of the best destinations for foreign investors in terms of tax advantages and favorable investment policy. And one of the most chosen forms of company types to incorporate in this jurisdiction is a limited liability company.
Below are the key characteristics of this business type (these are also the reasons why you should open a limited liability company (LLC) in Belize):
Ultimate Tax Advantages
A limited liability company is exempted from many kinds of taxes in Belize, namely income tax, business tax, withholding tax, asset tax, gift tax, capital gains tax, distributions tax, inheritance tax, estate duty, etc.
The process of registering an LLC in Belize is surprisingly fast, only in a couple of days. And you do not have to physically present in this jurisdiction to open your own company since you can have a service provider like BBCIncorp to register it for you.
A limited liability company in Belize requires only a manager and a member. Essentially, both the manager and member need not to be residents in Belize. In fact, any nationality is acceptable and an entity is also allowed to become a member of an LLC.
Limited Liability of Member
As the name of the company type suggests, each member only has liability limited only to his/her contribution to an LLC. Other than that, the individual holds no further personal liability for any debts incurred during the company’s operation in Belize.
It is very important to note down that no personal information of members, managers, or beneficial owners of a limited liability company need to be filed to the Registrar. Thus, no personal information is disclosed to the public.
Nominee services for members are also available if necessary.
Under the related Belize laws, a limited liability company is shielded from its member’s liability and debt. For instance, a creditor can only apply for an order to put a lien on a member’s interest from an LLC but cannot claim anything from the LLC’s assets.
But that’s not it! An LLC’s in Belize is also protected from any orders or judgment made by foreign courts. The only courts who can order to seizure of an LLC and its assets are the ones in Belize.
Other characteristics of an LLC in Belize
- No minimum authorized capital is required.
- No foreign exchange controls are applied. In fact, you can operate an LLC in Belize with any type of currencies.
- The official language is English. Thus, there would not be so hard for you to communicate while incorporating in this jurisdiction.
- Compliance requirements are very few. Particularly, no holding annual general meeting needs to be organized. Also, annual returns, financial statements, and tax returns also need not be filed. Tons of your time and resources are saved!
How to Register for an LLC in Belize?
The document you need to file and submit to Belize Registrar is the Articles of Organization. The document basically contains the following information:
- Company’s name: there are some criteria that need to be met when naming your company, one of which is the name must be unique and not identical to the existing ones.
- Details on a registered agent: it is the person who is licensed by the International Financial Services Commission (IFSC) to form the company and conduct management services under the provisions of IFSC Act.
- Office address: the company can be located in the registered agent’s office.
If you are not familiar with hassle paperwork or you are a very busy businessman who wants to save your valuable time, you can use the company formation service from BBCIncorp to handle the registration process for you. All you need to do is supplying the required documents, BBCIncorp will take care of the rest.
Find out more here: https://bbcincorp.com/