Following the introduction of the Offshore Banking Act in Belize in 1996, the Government of Belize is keen to attract qualified investors with banking experience who wish to establish an offshore banking presence in Belize in order to help further develop the international financial services industry. Although a relative newcomer to this industry, Belize already ranks among the Top 10 jurisdictions in the world as regards company formation and ship registration.

Essentially, two types of offshore banking licence are available in Belize:

• Class A - Unrestricted Offshore Banking Licence.

Minimum Capitalisation US$3,000,000.

Must establish, maintain and operate a business office in Belize.

May transact offshore banking business through its business office in Belize without restriction on that business except that it may not transact business with any person or entity resident in Belize.

• Class B - Restricted Offshore Banking Licence.

Minimum Capitalisation US$1,000,000.

Must establish, maintain and operate a business office in Belize.

May transact only such offshore banking business specified in the licence and may not transact business with any person or entity resident in Belize.

Prohibited from soliciting or accepting any deposits of money or any other valuable property from the general public.

Prohibited from issuing to any depositor a cheque book or providing any current deposit or chequing facilities for the transaction of his offshore banking business.

Application Procedure:

An application for either a Class A or Class B licence must include:

a) a copy of the Memorandum and Articles of Association of the company.

b) evidence of the appropriate amount of paid-up capital.

c) the names and addresses of the directors and principal shareholders - including certified copies of passports and criminal records.

d) full details of the ultimate beneficial ownership of the company.

e) the shareholding structure and management of the company.

f) details of the financial standing of the company.

g) a detailed business and financial plan of the company.

h) particulars of referees, guarantors and other third parties.

i) details of any subsidiary or associated company.

j) details of any overseas office that the company has or proposes to open.

k) the names and addresses of the external auditors of the company or proposed company - including the experience of the auditors in auditing banks.

l) such other information of a financial or other nature as the Central Bank of Belize may require in any general or particular case.

m) A non-refundable application fee of US$500.

Taxes:

An offshore bank licensed in Belize will be exempt from the exchange control regulations and all forms of tax - including income tax and stamp duty.

Annual Licence Fees:

Class A - US$15,000

Class B - US$15,000

Management Services:

The BOSL Group is well placed to either provide or secure appropriate management and administrative personnel to staff the local office and to provide the necessary back-office support services for either a Class A or Class B bank. In addition, we can assist with the full-establishment of the required business office presence in Belize - from site selection through to full turn-key operations.
Following an initial telephone consultation, we shall be pleased to meet with prospective investors to discuss their particular requirements.

Our fees for the initial application process are US$25,000 - which comprises an advance payment of US$15,000 and the balance of US$10,000 is payable upon the granting of the licence. All incidental and travel expenses will be charged separately. All administrative and ongoing management fees will be quoted separately depending upon the scale and nature of the services required.