We support and guide you from start to finish and beyond.
We offer our clients a full, on-the-ground support package which includes your initial company assessment, getting you classified and continuous support after classification.
Put Your Company In Experienced Hands.
We are a team of experienced business, compliance, financial, and legal professionals who delivers solutions customized to your business.
We make Economic Substance Classification a quick and simple process for you.
Our experts will provide a detailed report on your requirements, our recommendations, and a road map to ensure economic substance compliance.
We work with you to meet compliance requirements and your entity gets its classification.
FAQs You Need To Know
Economic Substance refers to new legislation introduced in Belize which derives from an EU based unfair tax practices initiative that requires certain entities that are incorporated or registered in Belize, and which conduct one or more of a setlist of relevant activities, to comply with local requirements and demonstrate adequate ‘economic substance’. The Belize legislation follows closely the approach taken by all of the other offshore jurisdictions.
Now that Belize has aligned its government policies with international institutions, any judicial changes will be internationally consistent.
The reason for the amendments is the desire of the Government of Belize to comply with the internationally accepted transparency requirements. These requirements have been set up by institutions like the Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development (OECD). Complying with these requirements means Belize will be internationally recognized as a compliant jurisdiction.
Advantages come with being internationally recognized. Adjusting to international standards positions Belize for more economic growth and legislation in the future.
CNETLY’s business services and solutions will allow compliant companies to be able to do business globally as well as in and from Belize hassle-free, since they will meet domestic and international legal requirements.
Every Belize entity. They need to show that they have taken reasonable steps to demonstrate that they have considered their position under the economic substance legislation and produce evidence of classification by filing the required form(s) with the authorities. If you are unsure whether your entity or company requires a classification check, we recommend that you consult with your Belize registered agent or contact us Contact Us for a free consultation with a experienced professional.
We strongly advise that entities move to classify themselves as soon as possible. The first reporting period is coming soon.
- Quick classification results.
- Advice from industry professionals.
- Further advising and services to help prepare a company for compliance and reporting obligations (where required).
- Low Flat fee services.
- English is the official language of Belize.
- Belize has close ties with the U.S., U.K., and Caribbean.
- The Belize Dollar is tied to the U.S. dollar.
- All the banks are owned or affiliated with banks in Europe and North America. The country has four commercial banks regulated by the Central Bank of Belize.
- You can maintain a bank account in U.S. dollars.
- Citizens from the U.S., Canada, U.K., European Union and Caribbean Community countries do not require a visa to enter Belize.
- An easy commute to/from the US: Belize is 2-3 hours by plane from major U.S. hubs, including Miami, Atlanta, Dallas, and Houston. Flights are available via international carriers such as American, Continental, and Delta.
- The combination of excellent service and modern corporate and fiscal legislation offers an attractive environment for the global investor.
In 2001 the Caribbean Community heads of government voted on a measure declaring that the region should work towards replacing the U.K.’s Judicial Committee of the Privy Council with the Caribbean Court of Justice. This is still in the process of acceding to CARICOM and SICA treaties, including trade and single market treaties.
Belize has a small, mostly private enterprise economy that is based primarily on agriculture, agro-based industries, merchandising, tourism and construction.
The country is also a producer of industrial minerals, crude oil, and petroleum. Sugar accounts for nearly half of exports and the banana industry is the largest employer.
Trade is important and the major trading partners are the U.S., Mexico, European Union, and Central America.