Belizean International Limited Liability Companies (Belizean LLCs)
Belizean International Limited Liability Companies (LLCs) are one of the newest enhancements to Belize’s burgeoning offshore sector.
The Belizean International LLC Act was passed into law in 2011. The passage of the Act enabled the formation of a corporate vehicle that offers the advantages of a corporation and the advantages of a partnership without the disadvantages of either, coupled with a jurisdiction in Belize that is known for financial privacy, high flexibility, and no foreign exchange limitations, among other things.
Key Asset Protection Features of a Belizean International LLC
Part IV of the 2011 the Belizean International LLC Act outlines the asset protection strengths of Belizean International LLC entities:
- Section 36(1) provides that an LLC, its manager(s), and members are protected against court judgments delivered by a court outside Belize. This means the assets in your Belizean International LLC holding will be safe regardless of what happens in your home country.
- Section 36(2) provides that creditors of LLC members can legally apply for charging orders against a particular member’s interest. However, the judgment creditor shall only be limited to the rights of the assignee of the specific member.
- Section 57 makes it impossible for assignees to partake in managing the affairs of the LLC.
- Section 37(7) outlines the procedures involved in bringing a lawsuit against an LLC. Creditors would first have to deposit $50k or half of the amount claimed (whichever one is higher) with the Supreme Court Registry of Belize. This, along with the costs of a Belize legal counsel, will be needed before they can institute legal action against the property of a Belizean International LLC.
These sections intend to minimize lawsuits by imposing a significant financial burden on individuals or entities attempting to institute legal actions against the assets of a Belizean International LLC. It’s meant to deter anyone from bringing a lawsuit against a Belizean International LLC or its assets, members, or managers.
Key Benefits For Forming an International LLC in Belize
Core benefits of a Belizean International LLC include:
- Ease of formation by anyone, regardless of nationality.
- Modern asset protection, and best-in-class privacy measures.
- Low government fees.
- Formations can be completed within days.
- Exemption from income tax, capital gains tax, dividend tax, etc.
- No annual requirements. No requirements to provide audits or visit Belize for meetings.
- Belizean International LLC companies can keep their accounting records in any location, even outside the country.
- No legal requirements to disclose the identity of beneficial owners or founders of a Belizean International LLC.
- High level of financial privacy. Your details can be kept out of all government registers as per your wishes.
How to set up a Belizean International LLC
Our professionals at Wrobel & Co., Attorneys-at-law can help you form a Belizean International LLC. The process involves three key steps:
- Confirmation of company name
The process starts with choosing and then confirming your LLC company name. This will have to be submitted to the Companies Registry. Foreign investors can choose any name they please in any language.
This will be confirmed so long as the name:
- meets local requirements
- does not contain prohibited names, and
- does not infringe an existing company name
- Preparation of company documents
This process involves the preparation of important constitutive company documents such as Memorandum of Articles of Association.
This process will usually be handled by your Belizean attorney. It’s essential that this be handled by competent and experienced hands.
- Submission of documents
After the documents have been properly drawn up, they’ll have to be submitted to the Companies Registry for registration. Your new LLC will be formed after this.
If you want to open a corporate bank account after your LLC has been incorporated, we can assist with that as well. Click here to learn more.
Belizean International LLCs should be high on your list of priorities if you’re looking for an international corporate option.
Along with its asset protection and wealth management advantages, the flexibility of the Belize International LLC Act means you can form a Belizean International LLC for a variety of purposes. Management and maintenance of the company are also devoid of complex requirements. You will not even need to visit Belize to incorporate an LLC.
Our professionals boast a robust knowledge and experience of the Belize legal and financial systems. We’re available to answer any questions you may have about Belizean International LLCs. Contact us today to get started.
Legal System: Common Law
Shelf Companies Available: Yes
Non-English Company Name allowed: Yes
Time to Incorporate: 2-5 Days
Change in Domicile Permitted: Yes
Taxation on Profits: No
Exchange Controls: No
Minimum Members: 1
Minimum Managers: 1
Limited Liability: Yes
Location of Meetings: Anywhere
Corporate Managers Permitted: Yes
Registered Office/Agent: Yes
Company Secretary: No
Beneficial Owners: No
Minimum Government Fee: US$150
Annual Return: No
Audited Accounts: No