The Government of Belize has announced the enactment of the new and eagerly awaited Belize Companies Act, 2022. In what is being described by practitioners as a major boost to the Belize Financial Services Industry, the Act streamlines, clarifies, and improves the administration of the affairs of Belize companies. In announcing the new legislation, the Belize Financial Services Commission commented that with the coming into force of the Act, Belize will firmly place itself among the peer jurisdictions.
The Commission further noted that the new law will boost investor confidence and cultivate a culture of certainty, modernity, and innovation.
Key features of the Act include simplified provisions for digital processes such as virtual meetings and digital registration of members. The Act also provides various value-added and best practices features such as the removal of statutory limits on the number of shareholders, the strengthening of minority shareholders’ rights, and the streamlining of liquidation proceedings.