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Everything you need to know about financial licenses in Belize
Businesses from around the globe are facing harsher
restrictions from regulatory bodies, while licensing costs have grown
enormously, and authorities are putting enhanced pressure over those seeking a
license.
Meanwhile, most of the countries that offer
excellent conditions for investors at a fair price have been blacklisted, which
means their licenses are not of much use.
Many countries are tirelessly promoting anti-financial
services, anti-market policies while applying high taxes and increasing
operational costs, processing fees, and requirements to operate a financial
business and receive a license.
But Belize is an excellent exception. This
small Central American country is one of the most underrated jurisdictions in
the Americas.
It has a reliable, well-established offshore
banking business, excellent trust and foundations for asset protection, tax
optimization for foreigners, and a stable political and economic environment.
Belize comes with all these benefits while
keeping a robust regulatory framework.
Financial Licenses
The Belizean financial services regulator, the
International Financial Services Commission, is qualified and demanding, but at
the same time reasonable. Belize has regulations directed towards protecting
investors and promoting their businesses, instead of hindering them.
Belize is an aptly-regulated jurisdiction with reliable
tax planning possibilities (for example, no worldwide income tax), and
excellent offshore products.
Belize grants a number of different licenses, such as:
- Formation
or management of IBCs or other offshore structures.
- Trust
formation, management, and trustee service-provision.
- International
asset protection and management.
- Money
transmission services.
- Payment
processing services.
- Trading
in foreign exchange (FOREX)
- Trading
in financial instruments, commodities, and other securities.
- Money
brokering.
- Money lending
and pawning.
- Money
exchange.
- Safe
custody services.
- Accounting
services.
- Brokerage,
consultancy or advisory services in any of these services.
Therefore, Belize is a serious regulatory
jurisdiction. It has a wide array of licensing options combined with a common
law system and transparent rules. This jurisdiction should be on the list of
anyone looking for a straightforward and effective solution. Belize is an
excellent choice for family offices looking to set up their captive licensed
entities without breaking the bank.
As Belize is a reputable jurisdiction, being able to
navigate the regulatory terms of the financial services industry in Belize
requires intimate, first-hand knowledge of the processes, requirements, and
authorities. Our expert team in Belize has worked with the Central Bank and the
IFSC and can solve most licensing needs in this jurisdiction.
Regulator
The government entity in charge of providing financial
licenses is The International Financial Services Commission (IFSC). The IFSC processes
licenses and regulates and supervises all agents and firms that work on
licensed activities.
The Commission was established on May 3, 1999. It is
led by the Financial Secretary of Belize as Chairman, and has a Director-General
of the Commission who acts as the CEO of the Commission.
Types of licenses
This entity provides the multiples types of licenses
for you to engage in a specific sector in Belize:
- Brokerage/Consultancy/Advisory
Services for Trading in Securities
- International
Money Exchange Services
- International
Money Transmission Services
- International
Payment Processing Services
- Trading
in Securities Licence
- Trading
in Foreign Exchange
IFSC Fees
The licenses have the following fees depending on their type:
Formation
or management of international business companies or other offshore companies |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual
licence fee |
2,500.00 |
|
Trust
formation and management of offshore trusts and provision of trustee services |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual licence
fee |
2,500.00 |
|
International
asset protection and management |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual
licence fee |
5,000.00 |
|
Money
transmission services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Payment
processing services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Trading in foreign exchange |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
25,000.00 |
|
Trading in financial and commodity-based
derivative instruments and other securities |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
25,000.00 |
|
Money brokering |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Money lending and pawning |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Money exchange |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Safe custody services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
Moreover, the IFSC requires a non-refundable application
fee of US$1,000.00. The license fee must be paid after the Commission approves
the license.
Capital Requirements
The IFSC also has minimum capital requirements:
Formation
or management of international business companies or other offshore companies |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual
licence fee |
2,500.00 |
|
Trust
formation and management of offshore trusts and provision of trustee services |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual licence
fee |
2,500.00 |
|
International
asset protection and management |
||
(a)
Application fee |
1,000.00 |
|
(b) Annual
licence fee |
5,000.00 |
|
Money
transmission services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Payment
processing services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Trading in foreign exchange |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
25,000.00 |
|
Trading in financial and commodity-based
derivative instruments and other securities |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
25,000.00 |
|
Money brokering |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Money lending and pawning |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Money exchange |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
|
Safe custody services |
||
(a) Application fee |
1,000.00 |
|
(b) Annual licence fee |
5,000.00 |
Service or activity |
Minimum capital required US$ |
Formation and management of IBCs and other offshore
companies |
10,000.00 |
Trust formation, management, and provision of
trustee services |
15,000.00 |
International asset protection and management |
25,000.00 |
Money transmission services |
75,000.00 |
Payment processing services |
75,000.00 |
Trading in foreign exchange |
500,000.00 |
Trading in financial and commodity-based instruments
among other securities |
500,000.00 |
Money brokering |
75,000.00 |
Money lending and pawning |
75,000.00 |
Money exchange |
75,000.00 |
Safe custody services |
50,000.00 |
Accounting services |
25,000.00 |
Brokerage, consultancy or advisor services in any of
the above services |
50,000.00 |
Requirements for Application
To apply for any of the above-mentioned licenses, you
will need to submit the following:
- Cover
letter from the Director, with some indications about the application.
- Fee
payment
- Application
form
- KYC
for each key individual of the applicant:
- Biographical
affidavit (notarised and apostilled for a non-resident)
- ID (notarized
and apostilled)
- Proof
of address within the past three (3) months of receipt of the application
- Financial
Reference
- Professional
Reference
- Curriculum
Vitae
- Certificate
of Qualification
- Evidence
of due diligence checks
- A
letter from the Director attesting some law and services requirements
- Business
Documents:
- Business
Plan
- Complaints
Handling Procedures
- Manual
of Operating Procedures
- Money
Laundering Prevention Controls Manual
If the
applicant is a legal entity and its shareholder is a corporate shareholder:
- Certificate
of Registration
- Memorandum
of Association
- Register
of Director(s) and Shareholder(s)
- Share
Certificate(s)
- Declaration
of Beneficial Ownership
- Certificate
of Good Standing
These requirements are rigorous, but our experts have
plenty of experience dealing with these licenses and are pleased to assist with
applications so they can be prepared as thoroughly as possible.
Procedure
Stage 1: Acknowledgment of the Application
Our experts will first work with you to gather all the
information necessary to prepare the application package. Afterwards, the
application will be submitted to the IFSC, and a day later, it will acknowledge
the receipt of the application.
Stage 2: Verification of Completeness of Application
Subsequently, the Commission will take no more than
two (2) days to confirm and determine if the application is complete/incomplete.
If the Commission ensures that the application is complete, it will start the
assessment of the application.
Stage 3: Assessment Phase of Application
Lastly, the Commission will reveal its final decision after
ten working days.
After the “Approval to Grant a License,” the
Commission will emit a notice of approval with a formal letter by the
Director-General. This letter establishes the matters (if any) that must be
solved by the applicant. An invoice for the license fee(s) will be sent in a separate
cover, which must be paid within the term specified by the invoice.
In some instances, the application can be placed in
abeyance. This means the application needs further review, but the applicant
can address the issues that may arise during the review process within fifteen
working days of the reception of the notice.
If the application is refused, a notice of refusal
will be issued, stating the reasons for the rejection.
Managing Agents Regulations
The IFSC created the Managing Agents regulations in
June 2020.
The rules are not entirely clear yet but are intended
to provide a vehicle to meet economic substance requirements by licensed
companies and IBCs. This means there will likely be an outsourcing process of
some IFSC activities to licensed providers, which is promising as it means that
the Commission is looking to accelerate procedures.
The Commission is still preparing guidance notes to
reveal the steps and requirements to apply for a managing agent license.
Who are we, and what can we do for you?
In Mundo, along with NTL, we have two decades of
experience providing unmatched financial, investment, migration, corporate, and
asset protection services for HNWI all over the world.
Belize is an excellent jurisdiction for financial
licensing.
In all these years, we have built an unrivaled
network of experts, including a first-level team in Belize.
We can help you apply for and receive a financial
license in Belize and with all attached necessities for that process (corporate
structures, bank accounts, accounting, etc.)
Our team of experts can help you to:
- Create and incorporate your IBC or LLC
- Prepare and submit the application for a financial
license
- Review all documents and company policies and adapt
them to Belizean regulations
- Director services, as well as any liaison services representing the company
- Annual
director meeting with the IFSC
- Establishment
of a physical office location, as required by the Economic Substance Act.
Our experts have the finest experience submitting
fit and proper applications to the IFSC and successfully acquiring licenses to
many clients.
We can
help you established a licensed business in Belize.
All you
need to do is contact us right now!
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