Opening a bank account in Belize has several advantages for businesses, including tax exemption, thanks to the country’s banking confidentiality laws. This process is also necessary when looking to form a company in Belize. Foreigners should know which type of bank account best suits their needs, as they are divided into two categories: Class A and Class B.
Key takeaways to open a corporate bank account in Belize
| Necessary documents | A notarized copy of your passport. Filled-out and signed application form. Proof of address or residency. Copy of a utility bill. 2 references. A notarized certificate of incorporation. Certificate of shareholders. A notarized memorandum of association. A letter of undertaking. |
| Online opportunity | Usually possible |
| Minimum deposit | Varies widely, but around BZD$5,000 |
| Access to the account | Can be designated to trusted individuals |
| Banking secrecy | Present in all accounts and well protected |
5 Steps to follow to open a bank account in Belize
Once you have chosen a provider to bank with, you are ready to begin the process of opening a corporate account. To open a bank account in Belize you must follow these steps:
- Choose which class of account you want
- Gather your documents
- Go to a bank branch in person or online
- Wait for the bank to verify your documents
- Make a minimum deposit, usually around BZD$5,000.
Below is more information on each of the steps outlined above.
Choose your Class of account
Foreign nationals have to know which kind of bank account best fits their needs, as they are broken up into two categories: A Class and B Class.
- A-Class – An unrestricted license that requires the account holder to establish, maintain and operate a business in Belize. This account can be part of a larger franchise or as an independent company. Regarding opening a corporate bank account in Belize, this type of account makes the most sense for those who plan to domicile in the country.
- B-Class – A restricted-license account with similar requirements and applications as the A-Class license, but limited to specific offshore banking activities as stated in the license. B Class bank accounts are tailor-made for companies that wish to take advantage of Belize’s favorable tax laws and a culture of privacy and confidentiality in the banking sector.
Gather your documents
See below for full details, but be advised that there is a reasonably long list of documents you will have to have in order. They are largely fairly straightforward, so should not be a problem. Be aware that any that are not in English will likely have to be translated by an official translator.
Go to the branch in person or online
Belizean banks tend to be flexible, meaning you will have the choice to make the application online or in person. If you cannot do it personally it can be delegated but will require Power Of Attorney to be signed.
Wait for the bank to verify your documents
The bank will go through your documentation to make sure everything is in order. This may take some time, so be prepared to wait and stay attentive in case they have any queries.
Make a minimum deposit
This varies from bank to bank, but is usually around BZD$5,000 (USD$2,500) for corporate clients.
What documents do I need to open a corporate bank account in Belize?
In order to open a corporate account in Belize, foreign investors will need to present the following documents:
- A notarized copy of your passport.
- Filled-out and signed application form.
- Proof of address or residency.
- Copy of a utility bill.
- 2 references.
- A notarized certificate of incorporation.
- Certificate of shareholders.
- A notarized memorandum of association.
- A letter of undertaking.
For those who wish to open a corporate bank account in Belize, it’s important to remember that the above is a general list of what banks may ask of new account holders. Some banks may require additional documentation, such as social security numbers (or the equivalent in your home country) company licenses, driver’s licenses, etc.
Advantages of Doing Business in Belize for Investors
The ongoing expansion of multiple investment opportunities is key to Central America, particularly Belize. There is no doubt English being readily spoken in many nations, particularly in Belize, makes it much easier for investors in the United States, Canada, the United Kingdom, and Australia to conduct business. The lack of a language barrier is sometimes the main factor that attracts people to our area rather than looking elsewhere.
It’s far from just the convenience of being able to make business deals without the need for an interpreter. The physical proximity of Belize and the rest of Central America to the United States means investors can visit with greater ease. The ability to see the construction you’ve invested in up close and personal means a great deal. The same is true for being able to tour farms or check out the resort hotel that’s the result of investing efforts can also be rewarding.
5 advantages of opening a corporate bank account in Belize have over other offshore jurisdictions
Here are 5 advantages that you have for opening a corporate bank account in Beliz:
- Tax-free or low-tax structure in place.
- A streamlined business registration process.
- Foreign investors can purchase real estate and own property.
- Privacy protection in banking and company membership.
- No need to domicile if you want to store offshore assets in the country.
1. Tax-free or low-tax structure in place
The tax regime is ideal for foreign investors who want to store assets and make international financial transactions from this offshore destination. Firms that open a corporate bank account in Belize are exempt from paying any taxes on financial transactions. There’s also no capital gains tax on earnings.
2. A streamlined business incorporation process
While business regulators in Belize are thorough, they don’t tend to put up obstacles to registering a business in the country, and unlike the rest of Latin America, they are not in love with bureaucracy. Once you open a corporate bank account in Belize, full incorporation of a business can be completed in two weeks.
3. Foreigners can purchase real estate and own property
Aside from the absence of taxes on capital gains and international business transactions, foreign investors can also enjoy tax-free property purchases. For those who open bank accounts in Belize, there are no estate taxes. What’s more, there are no restrictions against foreigners owning real estate or land in the country.
4. Privacy protection in banking and company membership
Unlike other offshore jurisdictions that are subject to high levels of scrutiny, Belize has stringent laws protecting personal and business privacy. For example, board members and business partners are not required to disclose their identity if they are unwilling to do so. Specifically, for those who open corporate bank accounts in Belize, higher scrutiny is given to business funds that authorities suspect is from the proceeds of crime.
5. No need to domicile if you want to store offshore assets in the country
As mentioned above, the country is an attractive destination for international businesses that wish to keep much of their financial assets abroad in order to avoid funds being taxed in their home countries. Firms that open corporate bank accounts in Belize for offshore banking activity are not required to open a physical office inside the country. But it isn’t totally free – the annual banking license fees for offshore companies is $15,000 USD, with at least $1 million USD kept in the account.
FAQs on a corporate bank account in Belize
Based on our extensive experience, these are the common questions and doubts of our clients about opening a company bank account in Belize:
Can I open a corporate bank account online in Belize?
You can with most banks, however you will need to check with your preferred provider.
What documents do I need to open a company bank account in Belize?
- A notarized copy of your passport.
- Filled-out and signed application form.
- Proof of address or residency.
- Copy of a utility bill.
- 2 references.
- A notarized certificate of incorporation.
- Certificate of shareholders.
- A notarized memorandum of association.
- A letter of undertaking.
Who can have access to a company bank account in Belize?
Bank account access can usually be granted by the account owner through the virtual platform of the bank with a physical security token device.
What is the best bank in Belize for foreign companies?
In most cases, we recommend using one of the larger banks which have significant experience with international commerce, provide a broad service offering, and have a large number of branches and ATMs. National Bank of Belize is a good example of this. For smaller and more personal operations, Caye Bank is good.
Why do companies open bank accounts in Belize?
A bank account is a must for all companies in Belize. The bank account will allow you to complete operations, including paying taxes, payroll, local suppliers, and all domestic transactions. IBCs, meanwhile, will take advantage of the many benefits of offshore banking.
Does Belize have banking secrecy?
Yes, it does and extremely well protected.
Biz Latin Hub can help you open a corporate bank account in Belize
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.
Our unrivalled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations.
As well as knowledge about opening a corporate bank account in Belize, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.
Contact us today to find out more about how we can assist you finding top talent or otherwise doing business in Latin America and the Caribbean.
If this article about opening a corporate bank account in Belize was of interest to you, check out the rest of our coverage of the region. Or read about our team and expert authors.
