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2016.05.24 - Belize – increase of state fees for the annual renewal of companies and other corporate services

 

In April 2016, Belize has adopted the Statutory Instrument No. 39 of 2016 - International Business Companies (Fees) Regulations 2016, under which, beginning from July 1, 2016 some state fees, including annual franchise fee, are increased for companies in Belize.

The aforesaid regulatory enactment adjusts the rate of the state fees, set in accordance with Section 113 of the Belize International Business Companies Act 2000.

In the context of maintenance of companies in Belize, the most substantial changes are as follows:

  1. The state fee for the annual renewal of a company is now determined in the amount of 150 USD (formerly - 100 USD),
    Penalty for late payment of the annual fee (i.e. - if paid after 31 July) is now determined in amount of 75 USD.
  2. The state fee for the ‘relocation’ to Belize of a company formerly registered in other jurisdiction, is now determined in the amount of:
    1. 100 USD, if the share capital of the company does not exceed 50.000 USD,
    2. 1000 USD, if the share capital of the company exceeds 50.000 USD.
      (formerly, the aforesaid fees for continuation were 25 USD in both cases).
  3. The state fee for issuing of the certificate of company dissolution by the Registry is now determined in the amount of 100 USD (formerly - 50 USD),
  4. There is now a substantial increase of the fee for the restoration of the company, if it was struck off the Register due to non payment of annual fees. Specifically:
    1. The state fee for the restoration of the company which is struck off the Register less than 6 months ago, is now 500 USD (formerly - 300 USD).
    2. The state fee for the restoration of the company which is struck off the Register more than 6 months ago, is now 1000 USD (formerly - 600 USD).

Comments by INTERNATIONAL OVERSEAS SERVICES:

Previously existing state fees of Belize have not been changed for a long time; some of them were set nearly 20 years ago (by the International Business Companies Variation of fees order 1998).

Currently, state fees for the existence of the company in the particular jurisdiction are changing in many countries – and Belize is not an exception in this aspect.

The actual increase of servicing rates for Belize companies are determined by a certain registered agent / provider of corporate services. Taking into account the interests of its clients, International Overseas Services partly compensates the increase of rates made by the country of registration - therefore, the final price of services for companies in Belize for IOS clients is not increased in the same level as actual growth of prices in Belize.

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