The Belize Companies Act 2022 was passed into law on August 5, 2022.
Here are some of the key provisions of the Act that impose new requirements you will want to pay particular attention to.
RE-REGISTRATION IS REQUIRED FOR CERTAIN COMPANIES
Companies formed under the International Business Companies Act Cap 270 and the Companies Act Cap 250 must register under the new Act. Furthermore, all companies that are registered as Overseas Companies doing business in Belize will be converted to Foreign Companies and must be re-registered under the new Act.
SUBMISSION OF ANNUAL RETURNS FOR FOREIGN COMPANIES UNDER THE NEW ACT
The new Belize Companies Act 2022 requires that Foreign Companies Doing Business in Belize must file Annual Returns made up to 31 December of the previous year, with a filing deadline of 30 June or earlier. The Annual Returns must be filled out on an approved form. They must also be verified by a director or the Registered Agent of the Foreign Company.
NEW REQUIREMENTS WHERE FINANCIAL RECORDS ARE KEPT OUTSIDE OF BELIZE
If the financial records of a company are kept outside of Belize, the new Act requires that certain documents be maintained at the Registered Office in Belize. The required documents include the following:
- Relevant accounts and returns that are sufficient to show the company’s transactions and allow for its financial position to be determined with reasonable accuracy.
- A written record of the physical address of the location outside Belize where the accounting records are kept.