Belize International Limited Liability Company

I. Introduction

A Limited Liability Company (LLC) is a business entity that offers its members protection against corporate liabilities and tax advantages. Belize adopted the International Limited Liability Act in 2011 to enable the formation of a corporate vehicle designated to provide flexible management and superior protection for its members.

II. Background

Belize was a British Colony before its independence. Belize achieved independence on September 21, 1981, it is located on the northeast coast of Central America and is the only country within the region where English is the official language. The legal system is modelled on English common law. Its land area is approximately 12,240 square miles (31,900 square kilometres) with a population of approximately 370,000. Belize City, a port city, is its capital.

III. LLC Benefits

Below you would find a short list of some advantages of using an LLC:

• ease of formation by anyone, regardless of nationality;
• no economic substance requirements;
• affordable government fees;
• modern asset protection, and best-in-class privacy measures;
• formation can be completed within five (5) working days;
• no accounting records requirements;
• exempted from income tax, capital gains tax, dividend tax, etc.;
• Belize International LLC companies can keep their accounting records in any location, even outside the country;
• no legal requirements to disclose the identity of beneficial owners or founders of a Belize International LLC;
• one (1) sole member is required.
• no minimum share capital is required;
• no application of TIN;
• no reporting requirements.

IV. Uses of an LLC

• asset protection;
• holding company;
• holding of assets;
• international trade
• opening of securities trading accounts.

V. Limitations of an LLC

Some limitations of an LLC are:

• do not allow the receipt of profits from Belize residents;
• prohibited to own real estate in Belize;
• to own shares and other securities in local Businesses;
• issue its own stock, debentures, and securities in the name of a Belizean resident or to any company incorporated under the Companies Act.

VI. Requirements for formation of an LLC

The following are the requirements for its incorporation:

• must retain Registered Agent and Registered Office in Belize;
• must have a minimum of one (1) member
• the name must meet the following criteria:

a. does not contain prohibited a name (Eg. Royal), and

b. does not infringe an existing company name

• due diligence of the member manager

VII. Conclusion

Belize International LLC benefits from several advantages, including robust asset, financial and privacy protection, as well as tax relief for your business. Nevertheless, some requirements and restrictions exist for Belize International LLC. It is therefore, recommended that you use trusted service providers for practical advice on how to successfully establish an LLC in Belize.