News: Belize Has Introduced Economic Substance Forms

Belize introduces a new requirement for legal entities, which are registered as the International Business Company (IBC). Now, such organizations will be required to confirm the economic substance in the jurisdiction. If the company does not do it, it will face heavy fines. The International Financial Services Commission of Belize (IFSC) has published the forms under which the companies must report to the regulator.

In total, the Commission has published three forms, including:

• ● Form B - for legal entities that conduct relevant activities;
• ● Form C - for holdings;
• ● Form D - for legal entities that do not conduct relevant activities.

The Commission has also published a list of areas relating to the relevant activities and rules for filling out the documents. All forms must be submitted to the registered agent. The agent processes the information and transfers it to the IFSC.

Law & Trust offers its services to clients who work in Belize. Our lawyers will help you to fill out and submit all the required forms and tell you what form your company needs.