Customer Service

Belize Financial Formation

Belize Annual Maintenance Fees

  • due by 01 January
  • Government Fee – US$150
  • Provision of Registered Office and Resident Agent – £420
  • Company Secretary recommended – £400
  • Directors Register Maintenance – £175

Belize Key points

  • Time – 2 days to incorporate your Belize company
  • Directors – only 1 director of any nationality is necessary for your company
  • Shareholders – only 1 shareholder is required
  • Share Capital – there are no minimum share capital requirement
  • Confidential – the names of the directors and shareholders do not appear on public record
  • Support – using our 20 years experience we guide you throughout every step of the company formation process

Obtaining a Licence from the International Financial Services Commission of Belize (IFSC)

The procedures outlined below facilitate the process by enabling easy identification of documentation submitted with the application. All documentation must be certified, apostilled and translated.

1. Selection of a licensed international financial services practitioner (IFSP) or Attorney-at-Law

2. Submission of the application package

3. Evaluation of applicant by the IFSC

4. Approval of the application

Certified Biographical Affidavits on the Directors and Shareholders and the Ultimate Beneficial Owners.

Documentation:

  • Passport
  • Proof of Address
  • Curriculum Vitae
  • Professional Reference
  • Bank Reference and Bank Statement
  • World Compliance/World Check documentation

Business Plan: including a three years financial projections, together with a diagram illustrating the company’s corporate structure.

Detailed Anti-Money Laundering Compliance, Complaints and Internal Control Policies and Procedures.

Corporate Documents:

  • Certificate of Incorporation
  • Register of Directors and Shareholders
  • Memorandum and Articles of Association

The proposed website name that will be used once the licence is approved.

The name of the external auditor that will prepare the audited annual financial statements.

Certificate of Qualification of Directors and Management: At least one person must possess the expertise relevant to the type of licence the applicant is seeking.

A letter from the Director of the applicant company showing awareness of the following:

  • That the licensee should not offer services to residents of a country whose laws require such a licence prior to engagement of such services.
  • The standard conditions attached to the type of licence.
  • That the Articles of Association of the company, prohibits bearer shares whilst the licence remains in force.

A non-refundable application fee of US$1,000 must accompany your application.

Evaluation of Application for the Licence

In processing the application, the IFSC will conduct its own due diligence of the directors, shareholders and the ultimate beneficial owner and will assess the following:

  • The fitness and probity of each director and shareholder
  • The viability of the business plan
  • The Money Laundering and Compliance Policy to ensure compliance with the respective laws and regulations
  • The Complaints and Internal Policies and Procedures to ensure that they address all pertinent areas

Approval of Application

Once the application is approved a letter will be sent requesting payment of the licensing fees and requesting that the proposed licensee opens the capital requirement account with a bank in Belize. Upon receipt of evidence, the licence will be prepared and issued

International Asset Protection and Management

  • Money transmission services
  • Payment processing services
  • Money-brokering
  • Money lending and pawning
  • Money exchange

Trading in Foreign Exchange

  • Trading in financial and commodity-based derivative instruments
  • Brokerage, consultancy or advisory services in any of the above services

Second Schedule Capital Requirements

Service or activity for which the licence is being applied:

  • $10,000 : International asset protection and management
  • $15,000 : Money transmission services
  • $25,000 : Payment processing services
  • $75,000 : Trading in foreign exchange
  • $500,000 : Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.
  • $75,000 : Money brokering
  • $50,000 : Money lending and pawning
  • $50,000 : money exchange
  • $50,000 : Brokerage, consultancy or advisory services in any of the above services

Requirements and procedures to acquire a Mutual Fund License:

1. Incorporation of a Belize IBC to be the applicant company, and you will have to provide us with the name of the IBC.

2. Completion Biographical Affidavits (we will provide this) by each individual on the company.

3. Paid up share capital of US$50,000 in a bank account in Belize in the name of the applicant company. So, we will have to open an account for the company.

4. 5-Year Business Plan which also shows how the fund will be managed, and how the fund will benefit Belize and be in the public’s interest.

5. Private placement agreement/memorandum, and investment prospectus (part of business plan).

6. Required due diligence on all individual persons with beneficial interest in the applicant company, or in any entity that has beneficial interest in the applicant company. These include:
Notarised colour copy of passport

  • 2 Bank Reference letters, or 1 Bank Reference and 1 Professional Character Reference letter from an attorney or accountant (not older than 3 months)
  • Proof of current residential address (not older than 3 months)
  • Recent Police clearance certificates or criminal history reports from city/town/state of residence
  • Updated Resumes/CV’s

7. Payment of $25,000 to cover application and license.

Business Plan

Overview of the primary activity of the applicant company for the next 5 years, specifying what types of investments the fund will be made of:

  • Investment prospectus showing minimum investments, expected returns for the next 5 years.
  • Standard investment agreement between the company and investors (private placement memorandum).
  • Projected expenses for the next 5 years.
  • Marketing plan to attract clients.
  • Management team and their various responsibilities.
  • How will the fund benefit Belize and be in the public’s interest.

International Financial Services Commission – License Application

  • Name of applicant
  • Registered Office in Belize
  • Telephone
  • Email
  • Principal business address, if different from Registered Office
  • Address of applicant’s head office
  • Attach certificate of incorporation together with corporate documents, and produce evidence of place of incorporation and registered office and address of the principal office
  • Names of directors, shareholders, officers of applicant company
  • Authorised Share capital
  • Paid up capital (show separately)
  • State relevant qualifications, experience, etc. for provision of the service for which the licence is being applied.
  • Have you ever been convicted in Belize or elsewhere of any of the following offences: namely, theft, embezzlement, larceny, dishonesty, false pretences, mail fraud, or of any offence against any corporate security statutes, insurance laws, offshore banking laws or international financial services laws; or have you been the subject of any disciplinary proceedings by any governmental or state regulatory agency or any professional body?
  • Has any company been so charged allegedly as a result of any action or conduct on your part?
  • During the last ten years, have you ever been refused a professional, occupational, or vocational licence by any public or governmental licensing agency or regulatory authority, or has any such licence held by you ever been suspended or revoked?
  • Have you ever been adjudged a bankrupt, or has any bankruptcy proceedings or any regulatory action ever been taken against you either in Belize or elsewhere?
  • Trading name or names which the applicant proposes to use in connection with service/s to be offered.
  • Activity or activities which the applicant proposes to carry on within or from within Belize for which licence is required
  • Proposed date of commencement of service/s to be offered
  • You wikl undertake to inform the Commission without delay of any material change to the information supplied on this application
  • Trust formation and management of offshore trusts and provision of trustee services
  • International asset protection and management
  • Money transmission services
  • Payment processing services
  • Trading in foreign exchange
  • Trading in financial and commodity-based derivative instruments and other securities (e.g., futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences etc.)
  • Money brokering
  • Money lending and pawning
  • Money exchange
  • Safe custody services
  • Brokerage, consultancy or advisory services in any of the above services

BIOGRAPHICAL AFFIDAVIT

  1. This form applies to and should be completed by each director, shareholder and officer of an applicant company.
  2. Complete all sections as fully as possible and attach supplementary sheets where appropriate.
  3. If answer is “no” or “none”, so state.

Full name and address of applicant company:Applicants’s full name

b) Other names used at any timeApplicants’s Passport No, Date of birth, Place of birth

  1. Applicants’s business addressTelephone no
  2. List your residences for the last ten years starting with your current address, giving:-
    1. Education: (Dates, Names, Locations and Degrees)
    2. List memberships in professional societies and associations
    3. Present or proposed position with the applicant company
    4. List complete employment record (up to and including present jobs, positions, directorships or officerships) for the past twenty (20) years
  3. a) Have you ever been in a position which required a fidelity bond?
  4. b) Have you ever been denied an individual or position schedule, fidelity bond, had a bond cancelled or revoked?
  • List any professional, occupational, and vocational licences issued by any public or governmental licensing agency or regulatory authority which you currently hold or have held in the past. (State date licence was issued, issuer of licence, date terminated, reasons for termination)
  • During the last ten (10) years, have you ever been refused a professional, occupational, or vocational licence by any public or governmental licensing agency or regulatory authority, or has any such licence held by you ever been suspended or revoked?
  • List any companies in which you control (directly or indirectly) or own (legally or beneficially) 10% or more of the outstanding stock (in voting power).
  • If any of the stock is pledged or mortgaged in any way, give details.
  • Will you or members of your immediate family subscribe to or own, beneficially or of record, shares or stock of the applicant company or its affiliates?
  • If any of the shares or stock are pledged or mortgaged in any way, give details.
  • Have you ever been adjudged a bankrupt?
  • a) Have you ever been convicted or had a sentence imposed or suspended or had pronouncement of a sentence suspended or pardoned for conviction of or pleaded guilty or nolo contendere to any information or indictment charging any felony, or charging a misdemeanour’s involving embezzlement, theft, larceny, or mail fraud, or charging a violation or any corporate securities statute or any international financial services statutes, or have you been the subject of any disciplinary proceeding of any governmental or state regulatory agency?
  • Has any company been charged allegedly as a result of any action or conduct on your part?
  1. Have you ever been an officer, director, trustee, investment committee member, key employee, or controlling stockholder of any international financial services entity/entities which, while you occupied any such position or capacity with respect to it, become insolvent or was placed under supervision or in receivership, rehabilitation, liquidation or conservatorship?
  2. Has the certificate of authority or licence to do business of any of the international financial services entity/entities of which you were an officer or director or key management person ever been suspended or revoked while you occupied such position?

Type of activity or service:

  • 3. International asset protection and management
    US$500 – Application fee …………………………………… US$2500 – Annual licence fee 4. Money transmission services
    US$500 – Application fee …………………………………… US$2500 – Annual licence fee 5. Payment processing services
    US$500 – Application fee …………………………………… US$2500 – Annual licence fee
  • Trading in foreign exchange
    US$500 – Application fee …………………………………… 500 US$5000 – Annual licence fee
  • Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.)

US$500 – Application fee US$2500 – Annual licence fee

Money Brokering

  • US$500 – Application fee
  • US$2500 – Annual licence fee

Money Lending and Pawning

  • US$500 – Application Fee
  • US$2500 – Annual licence fee

Money exchange

  • US$500 – Application fee
  • US$2500 – Annual licence fee

Safe custody services

  • US$500 – Application fee
  • US$2500 – Annual licence fee

Brokerage, Consultancy or Advisory Services in any of the above services

  • US$500 – Application fee US$2500 – Annual licence fee

The application fee of US$500 is non-refundable. The licence fee is payable when the Commission approves the grant of the licence.