The Belize International Insurance Act 2000 provides for incorporation and management in Belize of International Insurance Companies.

Key Features

In order to establish in Belize, an insurer must comply with a number of requirements. The minimum paid up share capital must be deposited with an offshore bank or other licensed financial institution in Belize and shall not be removed without the prior written permission of the Belize Supervisor of International Insurance.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Belize Company

  • Application fee

USD 500 (All types)

  • Annual license fee

USD 2,000 (Long-term business)

USD 2,000 (General business)

USD 250 (Reinsurance business)

USD 1,500 (Captive insurance)

  • Local physical office required

Yes

Share capital or equivalent

  • Minimum paid up capital

USD 100,000 (Long-term business)

USD 100,000 (General business)

USD 50,000 (Reinsurance business)

USD 25,000 (Captive insurance)

Directors

  • Minimum number

2

  • Corporate directorship allowed

Yes

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholders allowed

Yes

  • Local  shareholders required

Yes

Service Providers Required

  • Company Secretary

No

 Tax Treatment

  • No income tax, or any other direct or indirect tax or impost, shall be levied in Belize upon the transactions, contracts, securities or other dealings or upon profits or gains of a registered insurer
  • No income tax, or any other direct or indirect tax or impost, shall be levied in Belize in respect of any dividends or earnings attributable to the shares or securities of a registered insurer

Duration to Set Up

Around 3 months

Distinctive Benefits of Licence

  • No-tax status on income and profits, capital gains and dividends.
  • The commissions, fees and profits are also exempted from tax.
  • There are no exchange controls or restrictions on financial transfers that apply.

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers