Requirements of International Business Companies

(1) For the purposes of this Act and subject to sub-section (2), an international business company is a company that conducts any activity that is not prohibited under a law in Belize and shall not be treated as carrying on business with persons resident in Belize or carrying on business from an office or other fixed place of business within Belize by reason only that– (a) it has a registered agent and registered office in Belize; (b) it makes or maintains deposit with another company incorporated in Belize and carrying on a banking business within Belize; (c) it makes or maintains professional contact with solicitors, barristers, accountants, International Business Companies[CAP. 270 17 bookkeepers, trust companies, administration companies, investment advisers or other similar persons carrying on business within Belize; (d) it prepares or maintains books and records within Belize; (e) it holds a lease of property for use as an office from which to communicate with members; or CAP. 236. (f) it owns a vessel registered in Belize in accordance with the Merchant Ships (Registration) Act. (2) The provisions of the enactments authorising the carrying on of a business in Belize including the fulfillment of economic substance shall override any contrary provisions contained in this Act. (3) Where there is no other enactment authorising or regulating the carrying on of a business specified under sub- section (2) by a company, the International Financial Services Commission shall be responsible for setting of policies, procedures and guidelines for the conduct of business by such (4) An international business company shall not acquire, hold, own or deal with any intellectual property asset, provided that the existing law relating to grandfathering of companies approved by the Commission with respect to intellectual property assets up to 30 June 2021 shall not be affected by this prohibition. (5) For the purposes of sub-section (4) “intellectual property asset” includes any intellectual property right in intangible assets, including but not limited to copyright, patents, trademarks, brand, and technical know-how, from which 18 identifiable income accrues to the business (such income being separately identifiable from any income generated from any tangible asset in which the right subsists). (6) A person who contravenes sub-section (4) commits an offence and is liable on summary conviction to a penalty of– (a) $25,000 in the case of a first offence; or (b) $100,000 in the case of a second or subsequent offence, and in addition, the international business company may be subject to strike off in accordance with section 107.