Restriction on business in Belize

(1) A limited liability company formed under this Act shall not, (a) carry on business in or with persons resident in Belize; or (b) own an interest in real property situate in Belize, other than a lease referred to in subsection (2)(e) of this section; (c) hold shares, stock, debt obligations or other securities in a company incorporated under the Companies Act, Cap. 250 or under any enactment amending or substituting the said Act; or (d) issue its shares, stock, debt obligations or other securities to any person resident in Belize or to any company incorporated under the Companies Act, Cap. 250 or under any enactment amending or substituting the said Act. (2) For purpose of subsection (1) (a) of this section, a limited liability company shall not be treated as carrying on business in or with persons resident in Belize by reason only that, (a) it makes or maintains deposits with a company incorporated in Belize and carrying on a banking business within Belize; (b) it makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, administration companies, investment advisers or other similar persons carrying on business within (c) it prepares or maintains books and records within Belize; (d) it holds, within Belize, meetings of its officers or members; 22 (e) it holds a lease of property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained; or (f) it owns a vessel or vessels registered in Belize in accordance with the Merchant Ships (Registration) Act, Cap. 236, or any Act in substitution of the said Act.