Offshore Bank License:

The Central Bank of Belize governs financial institutions within Belize and the relevant legislation regarding offshore banks is the Offshore Bank Act 1996.  The administration’s goal is to attract serious businessmen who seek a reputable banking jurisdiction - clients interested in 'brass plate banks' are discouraged.  A Belize offshore bank is required to have reputable Directors, an actual office and real management within the Belize jurisdiction.

The main characteristics of Belize offshore banks and the procedure for obtaining a Belize Offshore Bank License is set out below.  The entire process can take 6 months - 1 year and applicants should note that a successful outcome is not guaranteed.

About Belize Offshore Banks:

Taxation:
Offshore Banks pay no taxes in Belize.

Classes of Banks:
A Class "A" bank can conduct any type of banking operation without restriction.  A Class "B" bank cannot solicit business from the general public.  However, it can act as a treasury or bank for an associated group of individuals or companies.

Capitalization Requirements:
Class "A":  The required minimum balance for a Class "A" offshore bank is US$500,000.  This can be in the form of CD's, T-Bonds or cash on deposit in a recognized bank.

Class "B":  The required minimum capital for a Class "B" offshore bank is US$200,000.

What makes Belize offshore banks attractive and affordable is the fact that the capital does not have to be deposited with the Central Bank of Belize or any other bank within Belize.  The capital may be maintained outside the country.  However, the capital must be fully paid up before the license is granted.  Auditor's proof is required that the capital has indeed been paid-up.

Directors:
One director must be Belizean - these are usually non-executive directors.  Other directors can be from any country.  At least one must have prior banking experience.  References, CVs and Financial Statements are required on all individuals and companies who are founding the bank or are connected with the application.

Shareholders:
A minimum of one shareholder is required and registered shares may be issued.  Bearer shares are not allowed.  No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office of the company in Belize.

Business Plan:
A Business Plan with details as to marketing and business projections is a must.  A Risk Management Strategy and a three-year projected balance sheet are also required before the application for license is processed.

Annual Reporting Requirements:
A standard annual report must be submitted to the Central Bank.  Monthly returns are also required.

Registration Time:
Incorporation of the initial offshore company can be achieved within 72 hours.  According to the Central Bank, applications to secure a banking license are approved within 90 days of submission of all properly completed documents.  Of course the emphasis here is on proper completed documents, and it is rare that the Central Bank is satisfied with the documents it receives.

Local Requirements:
The bank MUST maintain a registered office address within Belize.  This can be a small office staffed by 3-5 individuals but the main operations can be conducted in branches in any part of the world.

Application Fees:
The Central Bank’s initial Application Fee is US$2,500 and is non-refundable.  Upon grant of the License a fee of $25,000 is payable to the Government.

Application Form:
There is no application form publicly available.  Interested applicants (or their representatives) need to appear for a pre-filing interview, at which the Central Bank determines whether an application form will be issued.

Our Services:

• Review of Documents and, Legal Advice;

• Scheduling Appointment with Central Bank;

• Preparation of Business Plan;

• Local Director Service;

• Accounting Support;

• Annual Filing