Procedure of Company Formation
Incorporation of a Belize IBC is very efficient and can be completed within a matter of days. The International Business Companies Act (1990) provides the legal framework for the incorporation of a Belize IBC.
The summary below provides an overview of the process and the documents required.
- To form a Belize IBC an application form must be completed, signed and scanned containing information about a preferred name, details of directors and details of shareholders
- A beneficial owner declaration to be filled in, signed, scanned and sent to Eltoma
- A scanned copy of the passport for the directors and shareholders is required
- A scanned copy of proof of residence (utility bill, bank statement or bank reference not older than 3 month)
- At this point Eltoma will confirm the company name availability and issue an invoice
- Upon receipt of money Eltoma will start the Belize Company Incorporation Process. It takes approximately 5 working days to fully incorporate an offshore company in Belize and up to 5 working days for a courier delivery
- At the beginning of every year Eltoma will issue an annual invoice for US$400 to cover renewal fees
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
FATCA: Foreign Financial Institutions & NFFE’s
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, was implemented to able foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their US-based account holders or be subject to withholding tax on the relevant payments.
ICOs: A Smart Business Decision or Just a Risky Investment?
There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.
Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries
Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.
Notional Interest Deduction: A Useful Tool for Cyprus Companies
The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.
How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes
The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.
5 Important Considerations When Starting a New Business
According to commercial regulations in many common law jurisdictions, Directors have a duty of care requiring them to act in good faith for the company’s best interest, and using reasonable consideration of all available options before acting.