250 Company

FORMATION OF A 250 COMPANY:

Definition of a company is A legal entity, allowed by legislation, which permits a group of people, as shareholders, to apply to the government for an independent organization to be created, which can then focus on pursuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money. (http://www.duhaime.org/LegalDictionary/C/Company.aspx)

A. DOCUMENTS NEEDED TO REGISTER A COMPANY HAVING A SHARE CAPITAL:

  1. Memorandum of Association
  2. Articles of Association
  3. Letter from Central Bank if they are foreign subscribers/shareholders

These documents can be obtained from an Attorney-At-Law)

B. DOCUMENTS NEEDED TO REGISTER A COMPANY LIMITED BY GUARANTEE (and not having a share capita) AND ASSOCIATIONS NOT FOR PROFIT and CHURCHES

  1. Memorandum of Association
  2. Articles of Association
  3. Letter addressed to the Attorney General requesting permission to dispense the word “Limited”
  4. Letter from Central Bank ifthey are foreign subscribers/shareholders

(These documents can be obtained from an Attorney-At-Law)

C. COST OF REGISTERING BOTH TYPES OF COMPANIES:

The cost to register a company having a share capital of $10,000 is BZ$584.00. While the cost to register a company limited by guarantee and having no share capital is the same BZ$584.00.

BELOW IS THE BREAK DOWN OF THE COST :

Stamp Duty

$ 24.00

Compliance certificate

$500.00

Recording/filing fee

$ 10.00

Registration of Share Capital /Members

$ 50.00*

Total

$584.00

*This registration fee will change when a company’s nominal share capital exceeds $10,000 and when a company not having a share capital, number of members exceeds 20. See schedule of cost or  Contact the office to assist you in calculating the fees.

D.BENEFITS OF REGISTERING A COMPANY ARE :

  1. Limited Liability, meaning that capital suppliers are not subject to losses greater than the amount of their investment;
  2. Transferability of Shares, whereby rights in the enterprise may be transferred readily from one investor to another without reconstituting the organization under law;
  3. Juridical personality , meaning that the corporation itself as a fictive “person” has legal standing and may thus sue and be sued, may make contract, and may hold property in a common name; and
  4. Indefinite duration, whereby the life of the corporation may extend beyond the participation of any of its incorporators.

E. ANNUAL REGISTRATION:

Every type of company is to file with the companies registry an annual return (company with share capital) or an annual list of board of directors (company without share capital)

For more information on Companies please access the Companies Act Chapter 250 of the Laws of Belize Revised Edition 2000 at www.belizelaw.org

June 2017
M T W T F S S
« Apr    
 1234
567891011
12131415161718
19202122232425
2627282930