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Requirements of International Business Companies
For purposes of this act, an International Business Company is a company that "Does Not":
(a) Carry on business with persons resident in Belize; |
b) Own an interest in real property situate in Belize, other than a lease referred to in paragraph (e) of subsection (2);
(c) Carry on banking business unless it is licensed under an enactment authorizing it to carry on such business;
(d) Carry on business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under an enactment authorizing it to carry on such business;
(e) Carry on the business of providing the registered office for companies;
(f) Carry on trust business, unless it is licensed under an enactment authorizing it to carry on such business;
(g) Carry on collective investment schemes, unless it is licensed under an enactment authorizing it to carry on such business;
(h) Hold shares, stock, debt obligations or other securities in a company incorporated under the Companies Act or under any enactment amending or substituting the said Act;
(i) subject to subsection (4) below, issue its shares, stock, debt obligations or other securities to any person resident in Belize or to any company incorporated under the Companies Act or under any enactment amending or substituting the said Act; (2) For purposes of paragraph (a) of subsection (1), an International Business Company shall not be treated as carrying on business with persons resident in Belize by reason only that:
(a) It makes or maintains deposits with a company incorporated in Belize and carrying on a banking business within Belize;
(b) it makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, administration companies, investment advisers or other similar persons carrying on business within Belize;
(c) It prepares or maintains books and records within Belize;
(d) It holds, within Belize, meetings of its directors or members;
(e) It holds a lease of property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained;
(f) It owns a vessel or vessels registered in Belize in accordance with the Registration of the Merchant Ships Act, 1989.
(3) The provisions of the enactments authorizing the carrying on of the businesses specified in paragraphs (c), (d), (f) and
(g) Of subsection (1) above shall override any contrary provisions contained in this Act.
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