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Belize Offshore Banking License

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Belize Offshore Banking License

Belize Offshore Banking License The “International Banking Act, Chapter 267 (revised edition 2003)” is the legal basis on which the formation of an offshore bank in Belize is based.  According to this Act formation of an international bank is based on a corresponding charter/license granted by the Central Bank of Belize. Key Features A Belize Offshore Bank can carry on the following activities within Belize:
  1. Establish, maintain, and operate a business office in Belize; transact offshore banking business through its business office in Belize without restrictions;
  2. Transact offshore banking business with a local entity in Belize licenced under the Banks and Financial Institutions Act, 1995.
Two categories of Belize Offshore Banks are currently available,
  1. “A” Class Offshore Banking Licence – is permitted to transact offshore banking business through its business office in Belize without restrictions on that business. Authorised and paid-up capital of not less than US$3,000,000 must be maintained if the licence is for a local company or US$25,000,000 in the case of a foreign bank.
  2. “B” Class Offshore Banking License – is limited to transacting only such offshore banking business as is specified in its licence. Authorised and paid-up capital of not less than US $1,000,000 must be maintained if the licence is for a local company, or US $15,000,000 in the case of a foreign bank.
Legal Requirements

Requirements

Description

General
  • Corporate  vehicle permitted

Belize Company
  • Application fee

USD 500 (All types)
  • Annual license fee

USD 20,000 (Class A)

USD 15,000 (Class B)
  • Local physical office required

Yes

Share capital or equivalent
  • Minimum paid-up capital

USD 3,000,000 (Class A – local bank)

USD 25,000,000 (Class A – foreign bank)

USD 1,000,000 (Class B – local bank)

USD 15,000,000 (Class B – foreign bank)

Directors
  • Minimum number

2
  • Corporate directorship allowed

Yes
  • Local director required

No

Shareholders
  • Minimum number

2
  • Corporate shareholders allowed

Yes
  • Local  shareholders required

No

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
  • 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
Duration to Set Up Around 6 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