To meet international compliance regulations, the Belizean government has introduced several new pieces of legislation in the Financial Services Commission. These include the Economic Substance Act, Income and Business Tax Act, and the newly passed Business Companies Act.
Under this new legal framework, all International Business Companies must now re-register and operate in accordance with the Business Companies Act, 2022. This is a crucial step in strengthening compliance with international regulations, and it will enhance Belize’s corporate law regime, increase investor confidence, and promote competitiveness, modernity, and innovation. With the implementation of this act, Belize will become one of the leading jurisdictions for providing top-quality corporate services.
Companies must complete their re-registration on the OBRS System before November 4, 2023, to avoid paying re-registration fees. Additionally, all companies must file an Annual Summary by June of each year, which is different from the Annual Tax Return. The Annual Summary is a confirmation of the company’s directors and shareholders, and it ensures that any changes made are properly recorded with the registry. On the other hand, the Annual Tax Return is a mandatory filing of the company’s finances with the Belize Tax Services.
To support companies in this process, we will provide assistance to all companies under our management as Registered Agent without any cost for re-registration until October 20, 2023. However, companies must pay all outstanding invoices and renewals up to 2023 for re-registration in the new system.
It is important to note that the renewal invoice will now include a Compliance/Annual Summary fee, and if a company has re-registered and paid 2023 renewal fees, they can request the e-registration certificate once re-registration is approved by the registry.
You can access the Belize Companies Act, 2022 (No. 11 of 2022) on the Belize FSC Website: https://www.belizefsc.org.bz/belize-companies-act-2022/
Please note that the information provided is subject to change as we continue to gather further information on process requirements. If you need further information or clarification, we are available to assist you.
This article is only for informative purposes. Should you require further expert guidance, please do not hesitate to contact BNC Buy Now Companies below:
Email: bnc@buynowcompanies.com
Telephone: +357 25 0000 44
+357 25 0000 44
bnc@buynowcompanies.com
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