ABOUT BELIZE

WELCOME TO BELIZE
By: Christine O'Brien

Belize located between Mexico and Guatemala in Central America, is a country teeming with wildlife from the mountainous southwestern region to the northeastern wetlands and mangrove. Its east coast is bordered by the Caribbean Sea and the Barrier Reef. Belize is famous for its Barriers Reef because it is the longest in the Northern Hemisphere and the second longest in the World. The central and southwest portion of our country is proud of it high concentration of Mayan Ruins that attract many visitors from the world over. For those interested in ecology, Belize offers vast varieties of wildlife including birds, reptiles and baboons that can be found in the low wetlands and Mangrove swamps.

Belize is the only English speaking country in Central America and its legal system is based on the English common law. Originally Belize was a British colony until 1981 when Belize became an Independent nation. With an approximate area of 9,000 square miles and an approximate population of 273,000, Belize is the home of many diverse ethnic cultures. The single largest group is Hispanic followed by the Creole (African-European), Maya Indians, Garifunas as well as immigrants from North America, Europe, and the Middle and Far East. Recently, the ethnic diversity has included immigrants from the Asian countries as well. Some airlines providing direct access from the United States to Belize includes American Airlines, Continental Airlines, TACA and Delta Airlines.

The Political System
The Executive Authority lies with the Prime Minister who is leader of the political party that controls the majority of elected members in the House of Representatives. The House of Representatives has legislative Authority. The Judicial Branch of Government is independent of the Executive and Legislative branches and the Governor General appoints the Judiciary. The Queen of England is the Head of State and appoints a Governor General as her representative and who must be Belizean. The British Privy Council is the Court of Final Jurisdiction.

Currency
The local currency is the Belize dollar (BZD) and has a fixed exchange rate (BZD $2.00 to US $1.00) to the United States dollar.

The Economy
The traditional agricultural based economy is in the process of diversification with new emphasis and resources placed on tourism, manufacturing and offshore financial services. Belize through its multilateral relationships, is a signatory to the Caribbean Basin initiative, CaribCan and the Caribbean Free Trade Area, and is developing a manufacturing sector that is labor intensive and export oriented. On the border with Mexico, an excellent opportunity exists for utilizing the facility under the North American Free Trade Agreement to gain access to the United States, which is facilitated by modern highways.

International Corporate & Financial Services in Belize
While Belize has achieved GDP growth in recent years through the expansion of tourism and increased export of seafood particularly lobster and shrimp, the government has placed equal emphasis on the Offshore Financial Sector. Since its independence, Belize in the process of its development, has introduced some progressive legislation to attract international business and investments, creating a world-class environment for the incorporation of companies that wish to conduct legitimate business internationally while ensuring security and privacy. In 1990 an IBC Act was implemented that guarantees confidentiality, security and privacy for companies incorporated under this Act. This was followed by the creation of the International Financial Services Commission (IFSC), which was established in 1999 to assist The Central Bank of Belize as the two regulatory bodies for the Offshore industry.

As its mandates stipulates the IFSC is responsible for promoting Belize as a center for international financial services, protecting and enhancing the reputation of Belize, formulating policies and providing advice and assistance to the government on the regulation of such services. Coming out of this advice, an appropriate supervision unit known as the Financial Intelligence Unit was established in 2002. The IFSC is also responsible for collecting, sorting and disseminating reliable and timely information to those interested on the changes and trend in these services.

Belize is one of a few jurisdictions that has enacted Code of Conduct legislation, whereby reports of money-launderings or illegal activities must be reported. The Code of Conduct legislation has benefited Belize by assuring potential customers that high standards of professional integrity will be practiced through compliance with these rules. Clients' verification procedures such as the Know-Your-Customer approach have been introduced as one measure to assure compliance. A list of service providers can be found on the IFSC's website. There are approximately 66 providers and to conduct business without a license is an offence.

Services of these providers include the formation or management of International Business Companies (IBC's), Offshore trusts, providing Trustee services, International asset protection and management, international insurance services and international collective investments.

IBC's
Taxation
A Belize IBC is exempted from all taxes. An Annual Government Fee must be paid to keep the IBC in good standing. These fees are payable by the 31st May starting from the second year of incorporation.

Directors and Shareholders
A minimum of one (1) director and shareholder are required. These can be the same person. They can also be physical persons or a corporate entity. The names of the Directors or Shareholders are not a part of the public records.

Books & Records
A register of shares has to be kept and updated by the company. No accounts or information pertaining to the identity of shareholders or directors is required to be filed in the Registry. Nor is the IBC's share register and other records open to inspection other than by its shareholders or by order of the Court upon the application of a shareholder. Nominee shareholders and directors are allowed. Nominee shareholder and director services are offered by Registered Agents.

Memorandum and Articles of Association are the only public filings.

Accounts & Reports
No requirement for keeping or filing annual accounts and/or reports is necessary.

Time Period for Company Formation
An IBC can be incorporated in twenty-four hours. Service providers also keep Offshore Shelf Companies for immediate delivery.

Restriction on the company name
One of the following words or abbreviation of the words must be contained in the name of the company: Limited, Corporation, Society, Anonyme, Sociedad Anonima or Aktiengesellschaft of Ltd., Corp., Inc., S.A., A.S. or A.G.

The following names cannot be included in the name of the company: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal or Trust, or any word which suggests the patronage of Her Majesty or any member of the Royal family of a connection to the Government of Belize.

Registered Office/Agents
A Belize IBC must maintain a local registered office and local registered agent in Belize. Statutory books and the company seal of the IBC should be kept at the registered office in Belize.

International Banking in Belize
The International Banking legislation was introduced in July 1996 and since that time several local banks have obtained licenses to offer international banking services to non-residents of Belize. These services include opening of Personal and Demand Deposit Accounts, Fixed Term Deposits, Letters of Credit, Collections, Bank Drafts, International Transfers, International Credit Card Services, Commercial Loan Facilities, Investment Services, Incorporation of IBC's and Online Internet Banking.

What is most attractive about these services is the fact that there are no taxes levied on any bank transaction nor are there any foreign exchange requirements. The setting up of an account is quick and at no cost to the potential customer. As a high quality jurisdiction banks in Belize strictly adhere to the Know Your Customer principle so that proper due diligence is done on every potential customer. Belizean citizenship or residency is also not a requirement to do international banking in Belize.

With all the advantages of establishing corporate entities and bank accounts in Belize, we invite you to experience our high quality services. At the same time, we would also extend an invitation to come and experience all the beauty that Belize has to offer. Our warm, pleasant and hospitable people will be more than happy to share this beautifully kept secret of pristine mountains, wildlife and aqua marine adventures with you. Belize is truly a complete mix of both business and pleasure with attractions and historical traditions that awaits your exploration.