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BELIZE COMPANY FORMATION
As announced by the IFSC of Belize on May 25, 2023, the following virtual asset services will be restricted until December 31, 2025. The IFSC will not issue any virtual asset-related licenses until December 31, 2025.
Virtual asset services are defined as performing the following activities in or on behalf of another person in Belize.
1. Negotiating, mediating, or exchanging virtual assets for legal tender of Belize or another country.
2. Negotiating, mediating, or exchanging between one or more virtual assets.
3. Transferring virtual assets.
4. Lending, depositing, keeping, safekeeping, managing, or administering any virtual asset or means by which virtual asset control is enabled.
5. Issuing virtual assets, offering them, selling them, or participating in or providing financial services related to them.
Virtual assets are defined as follows.
This includes cryptocurrencies, stablecoins, non-fungible tokens (NFTs) and in-game currencies (that can be cashed out or used outside of the game), but excludes digital representations of fiat currencies. Virtual assets are a digital representation of value that can be traded, transferred, settled or used for investment purposes.
Guide to establishing a Belize company (LLC)
1. Company establishment and first-year service management fee: USD 2,750
Included in the fee
- Company establishment government registration fee
- Company establishment clause preparation and registration
- Member operating agreement preparation
- Acting as a company establishment promoter
- Appointment of executives and preparation of related documents
- Preparation of a list of members/executives/ultimate owners
- Address of registered office 1-year service fee
- Registered agent 1-year service fee
2. Minimum capital: There is no minimum capital requirement, but it is usually set at USD 10,000.
3. Time required to establish a company: 7-14 business days.
4. Annual renewal maintenance fee: USD 1,750 (paid annually from the second year after establishment).
Included in the price
- Annual renewal of government registration costs
- Storage of minutes and list of executives
- One-year service fee for the address of the registered business site
- One-year service fee for the registered agent
5. Required documents:
1) Copy of the shareholder/director's passport
2) Original certification of the shareholder/director's passport (within three months of the issuance date)
- Korean passport: A copy of an English passport (issued by the district office) (View sample)
- Passport of another country: Certified True Copy or Notarial Certificate (View sample)
3) Two recent (within three months) English-language documents proving the shareholder/director's address (addresses must be the same)
- Living in Korea: English translation of resident registration (residential center) + scan of the front and back of the driver's license (View sample)
- Living in another country: Utility bill + bank statement (or equivalent official document) (View sample)
4) Expert recommendation letter
- Expert recommendation letter: Confirmation of customer relationship for more than two years from an expert (accountant/lawyer, etc.) (View sample)
5) Bank statements for the last three months (in English or with English translations) + bank seal
6) English resume (CV/RESUME)
7) Application for incorporation
