RSS |
An offshore bank based in Belize is the ideal way of launching a tax-free financial institution capable of taking deposits from the public, make loans, conduct stock brokerage, mortgage, savings, CDs, foreign exchange, credit card, and E-cash services. The bank can expand globally by opening branch offices in different countries. |
In Belize, bank secrecy is expressly anchored in the banking law. It guarantees the anonymity of the investors as well as the economic success of the financial services sector. Belize now offers tax-free offshore banks by virtue of the Offshore Bank Act of 1996.
Belize has a reputation as one of the most secure offshore corporate domiciles and the offshore banking legislation further cements its position as one of the best offshore financial services centers in the world. It helps in sheltering assets offshore, substantially enhance profits, and reduce taxes, bank charges and interest as well as domestic expenses and liabilities.
Bank secrecy is guaranteed through civil as well as penal laws, and this require the Belize banks to observe the utmost discretion. Overseas investors see a Belize bank account as a secure and discreet place for the deposit of funds, which can earn tax-free interest. There are no exchange control or reporting requirements in the Islands, and funds may be converted into other currencies and moved in and out of the Belize freely.
Incorporation of the holding company can be achieved within 48 hours. It takes about 90 days to prepare all documentation and secure banking license.
Products & services
On obtaining a Belize Bank License you can offer various products and services –
1. Take deposits
2. Issue guarantees
3. Letters of credit
4. Financial instruments
5. Offer payment services
6. Offer safe custody services
7. Offer credit reports
8. Issue certificates of deposit
9. Issue major credit cards
10. Advertise worldwide
11. Write credit ratings
12. Solicit funds from the general public
13. Give loans
14. Issue bonds
15. Take deposits
16. Offer leasing services
17. Issue checks
18. Debt collecting services
19. Conduct trading in foreign currencies
20. Issue bank references
21. Issue letters of recommendation
22. Set up banking instruments
23. Market insurance services
Classes of Belize banks
A Class "A" bank can conduct any type of banking operation without restriction. It can maintain subsidiary offices or branches in any part of the world. The minimum capital required for this license is USD 500,000.
A Class "B" bank is a Belize Non-Resident License and cannot solicit business from the general public. It can act as a treasury or bank for an associated group of individuals or companies. The minimum capital required for this license is USD 200,000.
Set-up requirements & regulations
Shareholders - A minimum of one shareholder is required and registered shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in Belize.
Directors - Directors can be from any country but two directors must be Belizean, two must have prior banking experience and a local office must be maintained.
Annual Report - Annual Reporting and Time Scale standard annual report must be submitted to the Central Bank. Monthly returns are also required. Our local office service takes care of this requirement.
The bank MUST maintain a registered office address within Belize and must also appoint two Belizean directors to its board.
GOWEALTHY.COM © 2010
For comments: editor@gowealthy.com
Image source: Belizeproperty.com
