Belize Foundation

FACTS & INFO

• Foundation Information

  Foundations are generally seen as a ‘corporate’ alternative to trust. The law on foundations adopts principles from corporate law, however it is largely based on the Italian and French civil code provisions. Belize introduced its own International Foundation Act in 2010. Foundation may be established for a charitable or non-charitable purpose or for both, or for no purpose, other than the benefit of a founder or a beneficiary or both. Belize Foundations are frequently used for any types of asset protection, inheritance planning, pension funds, minimizing capital gains and estate taxes, employee benefit plans and many more.
  ADVANTAGES>
  

  • Exempted from any taxation as long as beneficiaries and founders are non-residents of Belize.
  • Foundation may hold any types of assets.
  • High level of anonymity.
  • Allows arbitration, where disputes can be settled out of court.
  • Referred to as corporate entity.
  • Inexpensive formation and maintenance.

  
  LEGAL FORM
  The governing law of the Foundation registered under the International Foundation Act 2010 shall be the law of Belize. A Foundation may be established for any period or for an indefinite period. The Foundation Charter is the official document of the Belize Foundation. Re-domiciliation of a foreign foundation into Belize is accepted.
  NAME OF THE FOUNDATION
  The name of the Foundation shall end with the word “Foundation” or its abbreviation, “Found.” or “Fnd”, or its equivalent in any language using Roman script, and must not be the same as the name of a previously existed foundation in Belize. No foundation shall be formed under a name that contains the words: “Building Society”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, ‘Royal”, “Assurance”, “Bank”, “Insurance” or “Trust”. Names denoting any connection to local, state or national Governments are generally prohibited.
  FOUNDER/BENEFICIARY
  Neither the founder, nor beneficiaries of an international foundation shall be resident of Belize or registered agent. A Foundation may have more than one Founder. A Founder may be a beneficiary of the Foundation that he establishes.
  FOUNDATION COUNCIL
  A Foundation shall be administered by a Foundation Council, which shall be vested with the powers and obligations set forth in the Foundation Charter. Foundation council do not have a personal ownership or title to the endowment. At least one member of Foundation Council shall at all times be a resident of Belize or a registered agent.
  PROTECTOR
  A member of Foundation may not serve as Protector of the Foundation. Protector is required to ensure management compliance in a similar way to how a Foundation operates. The duties, responsibilities, powers and rights of the protector are specified in the foundation charter and by-laws.
  REGISTERED OFFICE & LOCAL AGENT/SECRETARY
  The registered office of a Foundation shall be at the address of the registered agent. Every Foundation shall, unless its Foundation Council includes at least one person who is permanently resident in Belize and is a regulated person, have a Secretary who:
  a) must be a person residing in Belize;
  b) must be a regulated person; and
  c) may be the registered agent of the Foundation.
  No Foundation shall have as its Secretary a person who is the sole member. The Secretary of a Foundation shall be responsible to the Foundation Council for the implementation of the decisions and policies of the Foundation Council in compliance with the laws of Belize.
  
  The Foundation Council shall conduct meetings at places within or outside Belize. Foundation Council meetings may be held in person, telephonically, via video conference, or by any other means acceptable to a majority of the members.
  FORMATION TIME
  Formation of the Belize Foundation can be accomplished within one week.
  RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR

  • Provision of local agent/registered office
  • Payment of annual government fees
  • Annual Council Member Fee

• Taxation

  TAXATION
  An International Foundation is not subject to any income tax, business tax, withholding tax, asset tax, gift tax, profits tax, capital gains tax, distributions tax, inheritance tax, estate duty or any other like tax based upon or measured by assets or income originating outside of Belize or in connection with matters of administration that may occur in Belize. International Foundation is exempt to pay of stamp duty.
  FINANCIAL RETURNS
  A Foundation is required to keep financial records, which should reflect the financial position of a company.

• Our Services

  OUR SERVICES FOR THE BELIZE FOUNDATION INCLUDE:

  • Name check and approval.
  • Drafting and settling of Standard Foundation Charter and Standard Foundation By-Laws.
  • Provision of local Foundation Council Member (annual fee).
  • Provision of Foundation Secretary (annual fee), if applicable.
  • Filling incorporation documents with the Registrar of Companies.
  • A standard set of original statutory documents (Certificate of Registration, Foundation Charter, Articles of Association, Resolution confirming Founder, Foundation Council Members and Beneficiaries).
  • Provision of registered office and registered agent for one year.
  • Payment of the Government fees.
  • Rubber stamp.

  
  DOCUMENTS REQUIRED
  Please provide the following documents for all Founders, Councel, Protector, Beneficial Owners and Authorized Signatories:
  

  • Notarized copy of valid passport.
  • Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
  • Original or certified copy of Banker’s reference letter (dated within 3 months).
  • In cases where shareholders and/or founders are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).

  
  SHIPPING COST
  Shipping of statutory documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.