economic Policy of Belize

The expansionary monetary and fiscal policies of the government, begun in 1998 led to high growth rates until 2007, with an average annual growth of around 4%. Floods in 2008 and the world economic crisis in 2009 ledto Nullwachtstum. 2010, GDP grew by 2.9%, where did the rest of the world economy in Belize especially in trade and the hospitality industry a positive impact, sectors that grew in 2010 by 6.2% and 5.5%. Nights spent by tourists decreased by 2.2%, and daily visits by cruise tourists by 8.4%, respectively. Imports of consumptiongoods increased by 1.2% in 2010, reflecting in particular reflect a 10% increase in prices of imported petroleumproducts. Despite the rise in prices for gasoline in 2010, inflation was moderate at 0.9%, after the country hadexperienced a deflation of 1.1% in 2009.

The budget deficit in 2010 amounted to around 2.5% of GDP. The debt amounted to about 80% of GDP.

Belize-Dollar - The national currency of Belize

 

The Belize dollar is the currency of Belize.
The dollar was introduced in 1864, when the country was a British colony under the name British Honduras.1973, with the name change of the country of Belize and the Belize currency in dollars has been renamed.
The value of the Belize dollar since its introduction is coupled directly to the U.S. dollar. 1 U.S. equals $ 1.97 BZD. The country is virtually always at a price of 1 2 converted.

 More info you can find here: https://www.centralbank.org.bz/ PO Box 852
Belize City
Belize

Types and Requirements of Offshore in Belize

Banking Licence

The following kinds of  licenses may be granted under this Act, namely:-

(a) Unrestricted “A” Class Offshore Banking Licence; and

(b) Restricted “B” Class Offshore Banking Licence.

16.-(1) No company shall apply for, or obtain, or be eligible to hold, an “A”

Class offshore banking licence under this Act unless it has at all times capital

equivalent to not less than five hundred thousand dollars or, in the case of a foreign bank, not less than twenty five million dollars.  The capital shall be

expressed in dollars or in any other foreign currency as the Central Bank may

approve in writing.

OFFSHORE BANKING ACT of Belize

 Definition of offshore banking

“Offshore banking” or “offshore banking business” means:-

(a) receiving, borrowing or taking up foreign money exclusively

from non-residents at interest or otherwise on current account,

savings account, term deposit or other similar account and

which according and subject to arrangement is repayable on

the cheque, draft, order, authority or similar instrument of the

customer, and investing the foreign money so received by

lending, giving credit or otherwise exclusively to non-residents;

or

(b) carrying on exclusively with non-residents such other activities

as are customarily related or ancillary to off-shore banking.

(2) Paragraphs (a) and (b) of subsection (1) above do not include banking

business which is carried on with non-residents by banks licensed under the

Banks and Financial Institutions Act.

These documents are needed to open a bank account in Belize

All of the above banks require the following documents or documents for opening a company bank account:

First  Photo identification of all parties to the account.
Second References on beneficial owners and signatories of the account.
Third A true, complete and up-to-date copy of the incorporation documents of the company (translated into English where
necessary).
4th Certified copy of Resolutions of the Board of Directors regulating the conduct of this account / InstructionSchedule for
Authorization Signatories.
5th Statements of Non-Resident Status for beneficial owner (s) or majority shareholder.
6th Indemnity for Facsimile, Email and Internet instructions.
7th Signed copy of the bank's depository agreement.
8th ProAxis Internet Banking Agreement.
9th Anticipated Activity for New Accounts.
10th Declaration of Source of Funds.
11th Due Diligence Consent form.
12th Copy of Utility bill .

Economy overview of Belize

According to government statistics, the trade deficit widened to 173.8 million USD (2004) from. In total over 2004 imports were valued at 480.8 million USD in exports amounting to USD 306.9 million.

The U.S. has throughout Belize's trade volume in 2004, a dominant position (exports and imports 51.6%39.8%), they follow the UK (Belizean exports: 37.3%), Jamaica (exports: 6.3%), Thailand (exports: 4.7%) and Mexico (imports: 11.8), Cuba (imports: 5.5%) and Guatemala (imports: 3.2%) .. However, the extensive "small border trade" with Mexico (ie, primarily Mexican imports) being acknowledged. In terms of exports playsalongside agricultural and fishery products in various stages of the textile sector (commission processing for USA in May 2000 under the preferential terms extended by the Congress of the "Caribbean Basin Initiative") play a role.
Trade with Germany in 2005 with German exports and imports of 7.591 million EUR 953,000 EURquantitatively of little importance.

Corporation law in Belize

Belize, formerly known as British Honduras, is an independent democratic Commonwealth country on the Caribbean coast. Since its independence from Britain in 1981, it has a stable and democratic government.
The capital is Belmopan, but the most important commercial center of Belize City, which is located on the east coast near the international airport. The total population of Belize is around 300,000 inhabitants, of whom about 60,000 live in Belize City.
Belize is an internationally recognized offshore center. Its main advantages are the rapid registration ofcompanies (24 hr) and the high degree of confidentiality, the bietet.Belize the country offers the complete tax exemption, provided the revenues are not generated directly in Belize. anonymous company incorporation and administration of a Belize offshore company is possible.

How easy is it to open a bank account in Belize?

Opening an offshore bank account is simply investing in Belize. You do not even need to go to the bank. They can be introduced to high quality, competent and trusted bank in Belize. You can set up your account online and by fax.

Local Belize, Belize banks and international banks, the business operating in Belize. An offshore Professional KN help you easily with the right choice for your banking needs. The banking rules in Belize will provide you with unparalleled privacy and security, in the treatment of your audits and transactions.

To open an account in order to give you just need your full name and a copy of your driver's license or passport, proof of your address, a utility bill for your address and a reference from your current bank. Ideally you must have had a two-year relationship with the bank that your reference.

Although supplies, which requires that this information bank to open an account, your personal information to third parties not exist without your knowledge and consent.

You can do the whole curb your Belize offshore bank account online from anywhere in the world have.

Flexibility in the corporation structure in Belize

Flexibility in the corporation structure in Belize:

• There is no resident secretary is required.

• Only one director or shareholder required for company formation.

• Shareholder and Director (s) may be the same person.

• Shareholder and Director (s) may be natural or legal persons.

• It does not require a resident shareholder or director to be appointed.

Moreover : The IBC (International Businesscorporation) Act was introduced in 1990 by a competitive offshore legislation for companies to enforce. It was later supplemented by the necessary changes for efficient service in Belize offshore permit.

Belize is a real banking oasis

Belize is considered a true oasis Bank, one of the last places on earth. There are five domestic banks and several international banks in Belize.

The liquidity of banks is high, at 25% it is much more than Western banks. But then there is no deposit insurance in Belize, so if a bank were to Belize from the business, the bank would be driven to bankruptcy, and it's assets sold, before any remaining funds can be returned to the account holder.

Interest rates in Belize are also very high, around 15% expect to pay for a mortgage loan.

The Central Bank of Belize and its governors

The Central Bank of Belize is the Central Bank of Belize in Central America.
The bank was established on 1 January 1982 using the new Central Bank Act, modeled on the Bank ofEngland founded. She is the editor of the Belize dollar Belize currency and regulates the commercial banksand other financial institutions in the country.
Like other central banks, the Central Bank of Belize is for the protection of national financial market stability(especially securing exchange rate stability) and the compilation of national statistics and analysisresponsibility. A special feature of the currency is the coupling of the Belize dollar to the U.S. dollar (1 U.S. $ 1.97 equivalent BZD).

The Central Bank Governors were in Belize:
January 1982 to October 1983 - Sir Edney Cain
November 1983-January 1986 - Robert Swift
February 1986 to November 1990 - Alan Slusher
January 1991 to December 1991 - Sir Edney Cain
January 1992 to March 2002 - Keith Arnold
April 2002 to September 2003 - Jorge Meliton Auil
Since October 2003 - Sydney Campbell

Setting up a bank in Belize is not difficult

A-Class "A" Bank must have a start-up can (liability), equity (or similar cash or other assets such as shares) of at least 3 million U.S. dollars in securities appropriate show.
A-Class "B" bank must have a start-up (liability), equity (or similar cash or other assets such as shares) of at least one million U.S. dollars in securities appropriate to demonstrate

Recommended Banks in Belize

Recommended Banks in Belize

Atlantic International Bank Limited
Cleghorn Street & Corner Freetown Road
PO Box 481
Belize City, Belize, CA
Phone: 501-223-3152/5366
Facsimile Number: 501-223-3528
Website: www.atlanticibl.com
Email: banking@atlabank.com

Belize Bank International Limited
Contact details are currently unknown.
Caye International Bank Limited
PO Box 11
Coconut Drive, San Pedro
Ambergris Caye, Belize
Phone Number: (501) 226-2388 / 2383
Facsimile Number: (501) 226-2892
E-mail: cibl@btl.net or services@cayebank.bz

Bank Limited choice
1 Coney Drive
3rd Floor
PO Box # 2494
Belize City, Belize
Central America
Phone + 501.223.6850
Fax + 501.223.6853
www.choicebankltd.com
info@choicebankltd.com

Commercial Bank and Trust Limited
Blake Building Suite 101
No. 16 Corner Eyre / Hutson Streets
PO Box 742
Belize City
Belize Central America
Tel:. (501) 223-7615 or (501) 2263-0308
Fax:. (501) 223-7581
E-mail: customers@hbtc.com.bz

Market Street Bank Limited
Very limited information about the Bank's website is available.
Marina Towers
Newton Barracks
Belize

Provident Bank & Trust of Belize Ltd.

How can I set up a company in Belize?

A Class "A" Bank must hold a start-up (liability) capital of at least 3 million U.S. $ in appropriate collateral (cash or other persistent values).
A Class "B" bank must hold a start-up (liability) capital of at least 1,000,000 U.S. $ in appropriate collateral (cash or other persistent values).
In both cases, the Central Bank of Belize, in addition to other demands on capital resources of an offshore bank.
The respective start-up (liability) capital must not be deposited with the Central Bank of Belize, but can be applied both at a local bank in Belize and abroad.

It is necessary to establish that is paid when the application for the grant of a banking license, the latest before granting them the appropriate amount to the appropriate account.

Owner of such an account is a banking company, which has been specially erected for the purpose of establishing a bank. Such a banking company, which may be created in the form of a "Limited" as the IBC must have at least one shareholder who is registered as shareholders ("shareholder") and can not as the owner of the shares ("bearer") identify.
From the original company, then goes after the granting of a banking license, the legal person of the offshore bank out.

At least one director must be a citizen of the Union Bank of Belize, all other directors can come from any other country. Furthermore, at least have a director of the Bank of his professional experience in the banking business in an appropriate manner to the Central Bank of Belize to document.

The banking company in Belize has a functional and functioning office for the purposes of a permanent establishment there to entertain and occupy a minimum of three persons as staff. Other requirements for premises and personnel are not placed so far, this will open a further guarantee of design. The place of management may be due to any other place outside of Belize.

The application for the grant of a license granted by the Central Bank of Belize, which in each individual case, detailed information about the nature and scope are required to provide the banking activity.

Start-up procedures:

Application process

An informal request for issuance of a license is based offshore bank, the banking company or their respective legal representative (lawyer or corporate or business advisor) to the Central Bank of Belize. It is recommended that application is already in the field of activity of the bank to be established as comprehensive, but explain largely general.

Such an application must include:

(1) association of the banking company in a notarised form,
(2) proof of payment for the start-up (liability) capital,
(3) Name and address of the shareholder and the director, with legal entities, the structure of society, including our shareholders,
(4) proof of creditworthiness of the banking company,
(5) detailed business and financial plan for the banking company,
(6) details of any subsidiary of the banking company or corporate investments,
(7) Give details of any overseas offices, which the Company has or intends to open,
Exercise (8) submission of names and addresses of external auditors of the Company or third party in such activities to the community,
(9) the presentation of references or statements of other companies or third party guarantee

Notwithstanding the submitted application documents to the issuing bank license, the Central Bank of Belize at any time do an investigation or review, whether the statutory criteria are met prior to obtaining a banking license, even during the current approval process and beyond.

Offshore Banking in Belize

Legal basis for establishing an offshore bank in Belize is the "International Banking Act, Chapter 267 (Revised Edition 2003)", which by anyone such a bank, which is referred to in the Act as "international bank", based on appropriate licensing by the Central Bank of Belize can be established. For a few years ago are already some offshore banks operating in Belize, offering their services any international buyers from the English speaking countries.
The offshore banking legislation in Belize is very modern, as evaluated in this case by the Belizean government, the international offshore law and from this a contemporary national law was created.

On the basis of the "International Banking Act" may be established as offshore banks so-called Class "A" banks and so-called Class "B" banks.
, A Class "A" bank is essentially an ordinary bank, acting banker's business on an international level.

A Class "B" to Belize Bank is a banking law, which may indeed normal banking transactions, but no lead deposits to the general public as well as cash or bank drafts must exhibit. In that regard, the legislature an activity to a Class "B" bank from exclusively at international level. Moreover, the scope of activity of a Class "B" bank in the banking license by the Central Bank of Belize concrete, but also be limited.
Offshore banks in Belize pay no taxes, no restrictions on dividends or profits or revenues. Offshore banks in Belize are subject to no control or regulation with respect to monetary and foreign exchange transactions.
To be granted a banking license is valid indefinitely and may be revoked by the Central Bank of Belize on the sole ground that the bank violated the relevant restrictions or conditions imposed in the license issued to the Bank Act or as such.