If you’re a foreign investor and want to open a corporate bank account in Belize, then you’re in luck because the process is relatively straight forward. Some major banks in the tiny Central American country offer customers the option to open a corporate bank account online or over the phone.
There are a number of business advantages to opening a bank account in Belize – including tax exemptions – thanks to the country’s banking confidentiality laws. Foreign nationals should know which kind of bank account best fits their needs, as they are broken up into two categories: A Class and B Class.
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If I want to open a corporate bank account in Belize, which class of bank account is right for me?
- A-Class – An unrestricted license that requires the account holder to establish, maintain and operate a business in Belize. This account can be part of a larger franchise or as an independent company. Regarding opening a corporate bank account in Belize, this type of account makes the most sense for those who plan to domicile in the country.
- B-Class – A restricted-license account with similar requirements and applications as the A-Class license, but limited to specific offshore banking activities as stated in the license. B Class bank accounts are tailor-made for companies that wish to take advantage of Belize’s favorable tax laws and a culture of privacy and confidentiality in the banking sector.
SEE ALSO: What is the Process to Incorporate an Offshore Company in Belize?
What documents do I need to open a corporate bank account in Belize?
In order to open a corporate account in Belize, foreign investors will need to present the following documents:
- A notarized copy of your passport
- Filled-out and signed application form
- Proof of address or residency
- Copy of a utility bill
- 2 references
- A notarized certificate of incorporation
- Certificate of share holders
- A notarized memorandum of association
- A letter of undertaking
For those who wish to open a corporate bank account in Belize, it’s important to remember that the above is a general list of what banks may ask of new accountholders. Some banks may require additional documentation, such as social security numbers (or the equivalent in your home country) company licenses, driver’s licenses, etc.
What advantages does opening a corporate bank account in Belize have over other offshore jurisdictions?
- Tax-free or low-tax structure in place
- A streamlined business registration process
- Foreign investors can purchase real estate and own property
- Privacy protection in banking and company membership
- No need to domicile if you want to store offshore assets in the country
1. Tax-free or low-tax structure in place
The tax regime is ideal for foreign investors who want to store assets and make international financial transactions from this offshore destination. Firms that open a corporate bank account in Belize are exempt from paying any taxes on financial transactions. There’s also no capital gains tax on earnings.
2. A streamlined business incorporation process
While business regulators in Belize are thorough, they don’t tend to put up obstacles to registering a business in the country, and unlike the rest of Latin America, they are not in love with bureaucracy. Once you open a corporate bank account in Belize, full incorporation of a business can be completed in two weeks.
3. Foreigners can purchase real estate and own property
Aside from the absence of taxes on capital gains and international business transactions, foreign investors can also enjoy tax-free property purchases. For those who open bank accounts in Belize, there are no estate taxes. What’s more, there are no restrictions against foreigners owning real estate or land in the country.
4. Privacy protection in banking and company membership
Unlike other offshore jurisdictions that are subject to high levels of scrutiny, Belize has stringent laws protecting personal and business privacy. For example, board members and business partners are not required to disclose their identity if they are unwilling to do so. Specifically for those who open corporate bank accounts in Belize, higher scrutiny is given to business funds that authorities suspect are from the proceeds of crime.
5. No need to domicile if you want to store offshore assets in the country
As mentioned above, the country is an attractive destination for international businesses that wish to keep much of their financial assets abroad in order to avoid funds being taxed in their home countries. Firms that open corporate bank accounts in Belize for offshore banking activity are not required to open a physical office inside the country. But it isn’t totally free – the annual banking license fees for offshore companies is $15,000 USD, with at least $1 million USD kept in the account.
Biz Latin Hub can help you with doing business in Belize
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.
Our unrivalled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations.
As well as knowledge about opening a corporate bank account in Belize, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.
Contact us today to find out more about how we can assist you finding top talent or otherwise doing business in Latin America and the Caribbean.
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