The International Financial Services Commission Act

To establish an International Financial Services Commission to promote, protect and enhance Belize as an offshore financial services centre and to regulate and supervise the provision of offshore financial services within Belize. The IFSC shall comprise of four members from the private sector, the Governor of the Central Bank (or his representative), the Financial Secretary (or his representative) and the Director and Deputy-Director of the IFSC (who shall be ex-officio members).

The International Insurance Act

To provide for the regulation of persons establishing and carrying on international insurance business from or within Belize – including captive insurance.

Minimum Paid-Up Capitalisation Requirements:

Long-Term Business – US$100,000
(including life, endowment, annuities, etc)

General Business – US$100,000
(including captive, marine, engineering, aviation,
transportation, motor, property liability, pecuniary
loss, creditor, guarantor, personal, etc)
Reinsurance Business – US$50,000

Captive Insurance – US$25,000

• Must have at least one director resident in Belize.
• Must appoint a registered insurance manager in Belize (who must be a fellow or associate of the Chartered Insurance Institute of London or a member of either the Society of Chartered Property and Casualty Underwriters, or the American Society of Chartered Life Underwriters).
• Must provide annual audited accounts to the Supervisor of International Insurance.
• Must maintain specified solvency margins.
• Full exemption from all taxes, stamp duty and exchange control regulations.
• Policies and documents may be issued in any foreign language (although an authentic English translation must be provided to the Supervisor of International Insurance).

The Mutual Funds Act

To provide for the regulation, authorisation and control of mutual funds and their managers and administrators carrying on business in or from within Belize. The proposed legislation provides for three categories of funds:

Public Funds
Offers any shares for subscription or purchase to any member of the general public or any section thereof and is not a private fund or professional fund.

1. Must be registered and file a prospectus with the Registrar of Mutual Funds.

2. Maintain adequate accounting records and prepare financial statements.

3. Annual financial statements must be audited by an approved auditor (in Belize or other recognised jurisdiction and must be made available to all investors.

4. Accounting records and audited financial statements must be available to the Registrar of Mutual Funds in Belize.

Private Funds
Less than 50 investors and the constitutional documents prohibit the offering of shares to the general public.

1. Must be recognised by the Registrar of Mutual Funds

Professional Funds
Offered only to professional investors and the initial investment in respect of each investor is not less than US$100,000 (or equivalent) and is designated as a professional fund by its regulations.

1. Must be recognised by the Registrar of Mutual Funds

Professional Investor
A person whose ordinary business involves the acquisition or disposal of property of the same kind as the property, or a substantial part of the property of the fund or who signed a declaration that he has net worth in excess of US$1 million (or equivalent) and that he consents to being treated as a professional investor.

Full exemption from all taxes, stamp duty and exchange control regulations.

Fees:

Public Fund (full registration)	Application	Fee
	US$500	US$500
Public Fund (initial consent)	US$100
Private / Professional Fund	US$350	US$350
Fund Manager or Administrator	US$250	US$500
Fund Manager and Administrator	US$250	US$1,000
Certificate of Compliance	US$25

The Protected Cell Companies Act

To provide for the incorporation of a protected cell company, or the conversion of an existing company into a protected cell company, whereby cells may be created for the purpose of segregating and protecting the assets of one cell from the assets of another cell.

• A protected cell company shall be treated as a single legal person.
• The name of such a company must include the words “Protected Cell Company”, the abbreviation “PCC” or any cognate expression approved by the Registrar.
• Each protected cell shall have its own distinct name or designation.
• A protected cell company may only be incorporated as such if it is an authorised mutual fund or registered to conduct international insurance business.
• Full provisions for receivership and administrative orders.