The term “offshore” is still mistakenly associated with hiding money, tax evasion, or illegal operations. However, present-day offshore banking simply refers to an account you open in another country – that is, you can call it foreign banking if you want to. Money is the lifeblood of business, and the success of your undertaking depends on how you pump it. Belize is an excellent jurisdiction for corporate banking where you can open an account for your company to diversify risks and take advantage of top-notch financial services.
If you read this post and discover that you are interested in this financial destination, please do not hesitate to visit our portal called International Wealth where you will find a full text of the article on Belize banking for business. Our experts write on different issues of international business, banking, tax planning, accounting, taxation, and more. We handpick all the best offers on the market – and you will be the first to know about them!
You can book a free initial session with an expert to ask any questions. We will analyze your business needs and confirm that Belize is a suitable banking jurisdiction for you – or recommend another one that will match your requirements better. If you need our help with opening a bank account, we will take all the administrative steps for you online if you send the documents to us. We charge a moderate fee, and you get a hassle-free experience. Get a fully operational bank account for your company in no time! Simply click on the above link.
A Few Words About Belize
Belize used to be on the blacklist – like many other offshore jurisdictions. However, it is not there any longer as it managed to comply with all the requirements set by OECD and FATF. The economy of Belize is actively developing, and the country has not lost its appeal for foreign investors even after it ceased to be a tax haven. It is still a popular place to set up a company or a trust and take advantage of high-quality bank services for businesses and individuals.
Belize is good in almost all respects: it is a paradise on Earth where the weather is warm throughout the year. It is a low-tax jurisdiction, so it is often used to establish companies, trusts, and funds. If you need asset protection, Belize is a real stronghold. Finally, the banking services are highly recommendable – contact our experts and see for yourself!
Belize Bank Account: Who Needs it and Why?
Why open an account half the world from you if you can do it back home? Here are the main reasons that could be of importance to you:
1. Capital diversification:
Unpleasant things do happen in the financial sphere: the bank may go bankrupt, or your account with another bank may be frozen due to some extra check (and this will mean that your business may be frozen for some time, too). However, even though a foreign bank account will not help you recover the funds you have lost, it will still mean that some of your money is safe. You will also have a way to pay your counterparties if your account is blocked, which will allow you to continue business operations successfully.
2. Tax planning:
Belize is a low-tax jurisdiction, which means that you can realize any projects here that would have required significant tax deductions in other countries. For example, you can invest in Belize real estate and receive profit from it without paying a large amount of taxes. You can also set up a trust as an ultimate method of asset protection and invest the funds contained therein and pay low rates on profit derived. A holding company established in Belize is another good instrument that will allow you to reduce tax rates in the whole business empire you control.
3. Multicurrency bank account:
This is a very useful instrument that will be convenient for those who often deal with multiple currencies (you work with counterparties around the world or travel quite often). You can make settlements in different currencies and order a bank card to make your payments in different countries even more convenient.
4. Reliable protection from creditors:
Belize will give you the most reliable protection against creditors thanks to the peculiarities of its legal system. The matter is that it does not recognize the decisions of foreign courts (which practically means that if your creditor wins a lawsuit against you somewhere in the UK and sends the court decision to seize your funds to Belize, it will not be executed). The decision will have to be made by a local court only, which means that your creditor will have to start the proceedings all over again. Most of them decide to abandon the whole affair, and your funds remain intact. And this is a really tangible advantage that few countries can give.
Sounds impressive? Get in touch with an International Wealth expert to open a business account in Belize with minimum involvement!
Belize vs. Other Countries
There are some additional reasons why business owners decide to entrust their financial operations to Belize banks:
1. There are a lot of large international corporations that prefer using offshore (not onshore!) multicurrency accounts. And if they make this choice, it should be wise – or they would hardly succeed. Why not just copy something that works?
2. Switzerland is the country with the best possible bank security in the world. However, it has a serious drawback: you will have to make a large deposit to use the services of Swiss banks. Belize does not require a large deposit, and the security offered by its banks may be just a little bit inferior to the one provided in Switzerland.
3. You can open a business account in Europe. Keep in mind, however, that the cost of setup and maintenance of a European account is much higher than in Belize (and in general in the Caribbean), while the quality is comparable.
Having one bank account is risky. It’s up to you to decide whether the cost of maintaining at least two accounts in different countries is worth mitigating the risk of losing all money overnight.
If you have any questions about Belize, follow the above link and use our online chat to contact an expert. We will be happy to help you open an account in a reliable Belize bank that we will select for your business!
