REQUIREMENTS FOR
OFFSHORE BANKING LICENSE IN BELIZE
DOCUMENTS REQUIRED
- Application for Offshore Banking License
 Unrestricted ‘A’ Class; or
Restricted ‘B’ Class
- Biographical Data of Directors and Officers
- Financial Report of Directors and Officers
Two Character Reference for each Director and Officer
Police Report from state or country where lived last 3-5 yrs for each Director and Officer
Letter of Recommendation from Banking Institution for each Director and Officer
Audited Reports of prior three years of the present Company
- Application for Local Corporation for preliminary work and for submission
- Application for International Business Company (if necessary)
- Business Plan
OTHER REQUIREMENTS
- Minimum Capital Requirement for Class A: not less than US$3,000,000 { not to be
- Minimum Capital Requirement for Class B: not less than US$1,000,000 { encumbered
- For both Class A and Class B, a Physical Office is required in Belize
- Financial Statements are to be audited and physically verified by Officers of the Central
Bank and International Auditors
- A minimum of five Directors is required
- Resume of proposed CEO and Directors
- The CEO and minimum one Director must be qualified and experienced in Banking, International and Offshore Banking.
- A Local Representative, Spokesperson will be required
- You will also need a Local Attorney and CPA with Offshore Business experience (we have associates who can provide this service)
PROCEDURE
The procedure for establishing an offshore bank in Belize takes place in four basic steps:
- Introductory Meeting 1 month
Interested parties can be introduced to the Manager of the Supervision Department of the Central Bank at which time they will receive the application package.
- Pre-Filing Meeting
This is to clarify any points not understood and also to name a spokesperson who
will represent you in all further contacts with the Central Bank.
- Application Acceptance and Processing 2 months
The application form along with all support documents is processed upon receipt. You will also be required to provide the following information: type of banking business to be provided, corporate information, detailed business plan with financial projections and historical and pro-forma financial statement
The non-refundable application fee will be due at this time
The Central Bank reviews the application to ensure that all sections are completed. If it is incomplete, the spokesperson will be notified to submit any additions or corrections before the application is accepted. Failure to do this will delay the process. 2-3 months
After acceptance, a thorough analysis is conducted. First: Due Diligence is carried out. Second: if the due diligence is satisfactory, the decision to recommend approval is based on the prospects for success of the proposed bank.
- Organization of the New Bank 2-3 months
If approval is granted by the Minister, you are expected to proceed with
organizing the new bank and abiding by all the relevant laws and regulations
and conditions stated with the Minister’s approval.
Total Estimated Time for Processing and Completing Application: 7-9 months
FEES TO THE GOVERNMENT
- Application fee of US$500. (Non-refundable)
- Annual License Fee for
Unrestricted A Class: US$20,000
Restricted B Class: US$15,000
REPRESENTATION SERVICES
Some of our Services will include the following:
- Introduction and making appointments with officers of the Central Bank and Government Ministers and Officials where necessary
- Preparing and Filing of the Application
- Preparation of Local and International Business Company
- Liaison with Central Bank and Government Officials in obtaining approval of a Belize Offshore Banking License
- Work with Central Bank Officials on Terms and Conditions of License
- Working on a Business Plan together with the proposed CEO and Directors
- Working with Offshore Attorney and CPA on legal issues and audit of accounts
- Local Director Services are also available
RETAINER & FEES
- A US$7,500. Retainer is due at the beginning of the Application process. This retainer will be held until completion of the project.
- Thereafter, you will be billed on a monthly basis at US$125. per hour
Local Payments:
- Out of pocket costs including telephone, fax, e-mail, photocopy, courier, secretarial and accounting services and office supplies will also be billed monthly
- A Separate Retainer will be required for additional services from Attorney, CPA and disbursements for the proposed Offshore Bank Application
- An Account can be set up at a local bank in the name of the proposed Company to take care of local
payments.
Check Publications you would like to order. These are also available at the following website www.belizelaw.org/lawadmin/index2.html
Offshore Banking Act 2003 | |
| Money Laundering Prevention Act 2003 | |
| International Business Company Act, 2000 | |
INTERNATIONAL SERVICES LTD.
PO Box 2284, #16 Albert Hoy Avenue, Belama Phase 1,
BELIZE CITY, BELIZE, CENTRAL AMERICA
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