Belize Jurisdiction
The International Business Company Legislation was enacted in Belize in the early 1990's, together with a range of other offshore enabling laws. That led to growth of interest in Belize as a low-tax jurisdiction. More than 3 000 IBC's were registered in Belize from 1990 to 1997, under the Companies Act of 1990 which is based on modern corporate legislation giving extended privileges and absolute confidentiality. The Belize IBC Act is worked out based on the best features of legislation adopted in other jurisdictions offering offshore incorporation. Belize offshore legislation includes also such Acts as the Registration of Merchant Ships Act in 1989, the International Business Companies Act in 1990, Trusts Act in 1992 and Offshore Banking Act in 1996.
The development of offshore industry sector has continued, and by March 2000 the total number of offshore companies reached 14 000.
Now offshore jurisdiction ratings issued by Swiss company Guaranty Trust Ltd and compiled by many criteria including banking secrecy, legal system, communications and tax regime, put Belize at the top of its list.
Belize offshore companies are registered by probably the fastest offshore company registry in the world. Belize offshore company formation normally takes only few hours.
In Belize, internal taxation is moderate. The domestic companies are subject to a tax rate of 35%. A turnover-based tax is small, corporation tax is 25%. The income tax and social contributions make up to 45%. IBC companies are not liable to any taxes, except for annual franchise tax. There are many offshore schemes available in Belize, that include IBC legislation, trusts law, and an array of free zones and investment incentive schemes. The international pressure to make Belize moderate its offshore legislation in exchange for debt relief has weakened in 2003.
Belize Gambling Licensing
The online Gaming Industry is a relatively new industry in Belize and legislation has been introduced to attract genuine investors to participate in the expansion of the financial services sector. Regulations of the Gaming Control Act, Revised Edition 2000, have been adapted from similar regulations in successful gaming countries and adjusted to suit the Belizean situation. New regulations have been approved for the Gaming Control Act of 2000 and can be found in the Gaming Control (Online Gaming) Regulations which came into force in October 2004.
The Gaming Control (Online Gaming) Regulations provide for the regulation and administration of online casinos. Online gaming covers the spectrum of any games played by one person by means of a computer or other device, even though no other person participates in the game. It also includes games of combined skill and chance conducted by means of telecommunication for winnings in money or money’s worth, the negotiation or receiving of any bet by means of telecommunication; or, any lottery in which any participant acquires a chance by means of telecommunication.
Licenses are valid for 12 months, and require a USD $10,000 initial payment and USD $10,000 annual renewal fee. Online gaming sites licensed in Belize may not accept wagers from residents of Belize.
Procedure to Apply for an on-line Gaming License in Belize
The requirements for the fulfillment of an online gaming license application are:
- The applicant must be an International Business Company that is incorporated in Belize.
- The applicant must be able to demonstrate the adequate financial means of the company’s beneficial owners and the integrity and competence of its board of directors and management by submitting the particulars of each person who has any financial interest in the entity that is applying for the license.
- Copies of audited accounts of the applicant must be submitted comprising balance sheets and profit and loss accounts for the last three years, including the most recent.
- Full set of fingerprints must be submitted for each person who has any financial interest in the online gaming entity.
- Copy of the personal identification card and two recent black & white photos must be submitted for each person who has any financial interest in the online gaming entity.
- Copy of Naturalization Documents must be submitted for each person who has any financial interest in the entity if such persons are naturalized citizens or permanent resident of another country.
The conditions of the license require the holder of the license holder to:
- Provide and maintain security deposits and reserves with the Central Bank of Belize for the payment of debts arising out of online gaming being conducted;
- Notify the Online Gaming Licensing Committee if it has to withdraw or call upon its security, deposits and reserves
- Comply with the recommendations and directions of the Committee for the provision of substituted security, deposits or reserves.
- Become liable to any person to whom any winnings, wagers, prize money or money’s worth of any kind becomes due and payable.
Legal Law Practices Contacts
1. Anderson & Associates – Attorneys in Belize City, Belize
Offshore Services in Belize and Panama
No. 1 Youth for the Future Drive
2nd Floor
Belize City
Belize
Tel: (501) 610 4188
Fax: (501) 225-2725
2. Barrow & Williams – Attorneys in Belize City, Belize
Leading Provider of Legal Services in Belize
P.O. Box 617, 99 Albert Street
Belize City
Belize
Tel: +501 2275280
Fax: +501 2275278
3. Shoman & Chebat – Attorneys in Belize City, Belize
Full Service Legal Firm in Belize
# 53 Barrack Road
Belize City
Belize
Tel: (501) 223-4160
4. Stuart Law Group – Attorneys in Belize City, Belize
Full-Service Law Firm in Belize
7 Richard Street
Belize City
Belize
Tel: +501 2 273954
Fax: +501 2 270294
GLI has certified our RNG