On January 1, 2019, the government of Belize passed a law making major changes to the International Business Company, essentially making the IBC more of a local company without subjecting it to the payment of local tax provided the source of the income nor the source of the receipts are from Belize.
There is also a requirement for filing annual tax returns and there are changes to the conditions of the IBC if there is a resident director or if the company has physical presence. These are good news for the jurisdiction since it now resembles more long-term established jurisdictions. Although changes to the law are effective, the government of Belize has yet to indicate how these changes will be executed.
Also, we are waiting for guidance on the standing of the great protection and confidentiality the law which governs IBCs. However, most changes to the Belize International Business Companies Act will affect existing structures and will impose reporting requirements to all.
Please contact us for guidance and possible options to your existing structures.
Check out our quick facts guide and other information regarding the recent changes to the Belize Companies Act:
Belize: Stamp Duties 2018
Belize: Intellectual Property 2018
Belize: Income and Business Tax 2018
Belize: IBC Amedment 2018
Belize: General Notes IBC Act Amendments 2018
Please write us directly at email@example.com to enquire about these and other major changes in Belize.