Belize - General Information Table
By Brett_Bumeter | February 23, 2008
| Location | Central America, Eastern Coast |
| Population |
Estimated 262,999[1] (256,062 July 2001 est.)[2] [1] Infoplease.com, World-Countries-Belize, available at http://www.infoplease.com/ipa/A0107333.html (last visited on Oct. 1, 2002). [2] Central Intelligence Agency-The World Factbook 2001, supra note 1. |
| Native Language |
English (Official)[1] [1] Spanish, Mayan, Creole and Garifuna are widely spoken in addition to English. |
| Currency | Belize Dollar/BZD 2.000 BZD per US dollar fixed |
| Political status | Independent from UK as of September 21, 1981 Member of Commonwealth recognizing crown. |
| Stability | Stable elections every 5 years the Next in 2003 |
| Constitution | Parliamentary Democracy |
| Legal System | Based on UK common law system |
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Corporate Law Factors
By Brett_Bumeter | February 23, 2008
| Type of corporate vehicle | limited and unlimited liability; private and public companies; llcs, international business companies (ibc) |
| Incorporation time scale | 1-2 weeks |
| Incorporation fees | $10 - $500 BZD |
| Resident directors required | No |
| Min number of directors | 2 Private 7 Public |
| Directors meetings required | Yes |
| Other requirements | Directors must be individuals |
| Beneficial ownership disclosure | No |
| Shareholder disclosure | Yes |
| Minimum no of shareholders | 1 |
| Bearer shares allowed | Yes |
| No par value shares allowed | No |
| Public share register | Yes; Owners of Bearer shares not recorded. |
| Shareholders meetings required | Yes |
| Frequency | Annually |
| Place | Anywhere, unless restricted by articles |
| Annual return required | Yes |
| Audit required | Yes |
| Foreign currency accounting allowed | Yes |
| Registered office | Yes |
| Registered agent | No |
| Stamp/ capital duty | Yes |
| Naming your company | Formal approval procedure |
| Company mobility provisions | No |
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Belize - Tax Regulations
By Brett_Bumeter | February 23, 2008
| Income tax |
Resident 25.00% Non-Resident 0.00% on income received out of Belize 25.00% income received in Belize |
| Trusts | Trustees taxed as owners of property |
| Withholding taxes |
Primarily on lottery / gambling winnings and time deposits also withholdings on payments made to contractors; several forms of interest and dividend payments or rent management fee payments to non-residents incur withholding |
| Income Tax | 25.00% |
| Trusts |
Interest on savings paid to other entities by Belizean financial institutions 5.00% |
| Corporate Tax |
Resident 25.00% on profits If Business Tax applies, it counts towards Corporate Tax. 25.00% on chargeable Income. If Business Tax applies as well it can be carried forward as expense in following tax year. Non-Resident 25.00% on profits If Business Tax applies, it counts towards Corporate Tax. |
| Business Tax Rates |
Radio 0.75% TV 0.75% Newspapers 0.75% Domestic Airlines 0.75% Other Trades/Businesses 0.75% (This includes: Rents, royalties, premiums or receipts from real property, insurance companies.) Professions & Trades 3.00% Financial Institutions 4.00% per (IBC Act) Financial Institutions 12.00% Interest on time deposits 5.00% Interest on savings paid to companies/other entities by Belizean financial institutions 5.00% |
| Value Added Tax |
8.00% Prior to being Abolished in 1999 for Sales Tax |
| Sales Tax |
Standard 8.00% Hotel rooms, meals, drinks 7.00% |
| Gross Interest (Time Deposits) |
5.00% at source |
| Gambling / Lottery |
15.00% Withheld from any payable wager amount at source. |
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