Interpretation

(1) In this Act, unless the context otherwise requires“Chairperson” means the Chairperson of the Commission appointed under section 12; “Commission” means the International Financial Services Commission established under section 3; “Deputy Director General” means the person appointed by the Commission under section 9; “Director General” means the person appointed by the Commission under section 8; “international financial services” means the business of providing or holding oneself out as providing all or any of the services, listed in the Schedule, where such businesses are conducted within or from within Belize, International Financial Services Commission[CAP. 272 7 exclusively with persons non-resident in Belize, and in a currency other than the currency of Belize, but does not include businesses or services licensed under the Banks and Financial Institutions Act or the International Banking Act; CAP. 263. CAP. 267. “IFS Practitioner” means any person or entity carrying on the business of international financial services (as defined by this Act) including all registered agents qualified or designated under section 43 of the International Business Companies Act (as amended) but excluding the International Business Companies Registry and the International Merchant Marine Registry of Belize; CAP. 270. “managing agent” means the person licensed by the Commission under section 7 to perform the duties set out in section 7A; “managing services” means the business of providing or holding oneself out as providing services required of a managing agent pursuant to section 7A, where such businesses are conducted in Belize; “Minister” means the Minister for the time being responsible for international financial services industry; and “Service Agreement” means the agreement between a managing agent and an IFS practitioner made in accordance with section 7A. 2 of 2019. (2) The Minister may from time to time by Order published in the Gazette amend the Schedule to the Act. (3) Without limiting the authority of the Commission to implement the requirement for an international business company to comply with substantial economic presence requirements, any reference in this Act to substantial economic presence shall be construed in accordance with the Economic Substance Act. CAP. 273:01. 8 Establishment, Functions and Duties of the Commission