Belize is an excellent destination for a great vacation. However, people are attracted to this place not just because of its warm climate, natural beauty, and the second-largest barrier reef in the world. Belize is a country where offshore companies operating worldwide are set up. It has created a business climate that is just as good as its weather.
In this post, we will compare LLC and IBC as clients often ask us which form to choose. You will find a brief analysis here, and if you are interested in more – welcome to our portal, International Wealth, which is devoted to offshores, onshores, midshores, immigration, banking, and economic citizenship. We help people from all over the world to solve their business registration issues, open accounts for personal and corporate purposes, and get citizenship by investment quickly and in a hassle-free manner.
LLC vs IBC
Our experts recommend Belize LLC formation, and we will try to show why. An LLC has the following advantages that an IBC does not:
- You don’t need to get a TIN
- You will not have to meet any economic substance requirements
- You can keep your accounting in any country rather than stick to Belize
- You can choose any place on the globe to hold a meeting of shareholders
- An LLC is recognized as a non-risky form of business under the new OECD and EU regulations
- One non-resident is sufficient to form a Belize LLC
- You can establish an LLC with any amount of paid-up capital whatsoever
- You can hire professional directors and shareholders in Belize for your LLC
By contrast, look at the features of an IBC that make it a less attractive option:
- Since 2019, all IBCs that engage in trade, business, or services in Belize are subject to income tax, and this applies to both local and non-resident companies
- Annual tax returns are submitted on a mandatory basis
- The IBC’s accounting must be kept in Belize
- Audited financial statements are mandatory and should be kept in Belize, too
More benefits of an LLC
- LLC’s income generated from other sources than Belize is not taxable.
- No financial statements or tax returns need to be submitted to authorities.
- You don’t have to report on holding a general meeting of members.
- The LLC can be 100% owned by foreign residents.
- There is no threshold for paid-up capital, so you can start it with any amount.
LLC formation online
You won’t have to travel to Belize to set up a company – unless you want to, of course. You can order the procedure to be completed online, and here are the steps you will have to make:
- Schedule a meeting with our experts – use the link above
- Discuss the list of services you need
- Collect the required documents and send them to our e-mail
- Confirm service fee payment
You will hear from us very shortly and get a package of documents for your new company! Meanwhile, make all the preparations you need to launch your business project right upon receipt of all documents.
Requirements for LLC set-up
- Think of a name for your LLC that would reflect the nature of its activities
- You will need a local office and address, as well as a registered agent
- One member and one manager (both can be non-residents) are enough
- You don’t need a secretary
- You will have to pay state fees for company registration and annual renewal
There is no need to worry if you don’t know how to get a local address or where to find a reliable registered agent: the experts at our portal will take care of all these things. Just follow the link above and ask us any questions you want.
We wish you luck with all your business undertakings!
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