Doing Business in Belize
CNETLY Provides Economic Substance Services and Solutions
There are recent and significant legislative changes to offshore tax regimes and economic substance requirements on a global scale.
In December 2018, Belize passed the International Business Companies (Amendment) Act 2018 in response to the European Union’s Economic Substance requirements, which addresses entities that were perceived as generating too much profit and too little substance in low or zero-rate tax jurisdictions.
It is now mandatory for all Belize business entities to comply with the Economic Substance requirements and to demonstrate good corporate governance. Additionally, some business entities (depending on the classification they fall under) will require a physical presence in the country.
When operating across country borders, having a trusted local partner is essential to your business success. CNETLY’s tailored business services will guide you through the complexities of complying with the new legislation for your existing Belize business or in your international expansion.
How Will CNETLY Support & Guide You Through These Legislative Changes?
- The first step is to determine whether your business entity needs to comply. We simplify the requirements for our clients by first analyzing your business. Our Belize Economic Substance Questionnaire is designed to help determine the classification for existing and new companies doing or setting up business in Belize, and assesses how your business needs to comply with the economic substance and physical presence legislation. We partner with industry professionals globally.
- Once your questionnaire is completed, CNETLY’s subject matter experts will conduct a detailed analysis and produce a comprehensive report that outlines the reporting requirements, recommendations and road map to ensure economic substance compliance.
Our process is fast and efficient, and provides clarity on your status, with a detailed analysis and tailored solutions road map for your business.