CFZ regulatory regime

(1) Subject to any regulations made by the NFZA, no person shall be allowed to ordinarily reside within a CFZ except in certain cases in temporary hotel accommodation and with the written permission of the CEO of that CFZ. (2) Each CFZ business shall open and actively operate an account in the currency or currencies prescribed by the Central Bank of Belize with a duly registered bank or approved financial institution located in the respective CFZ. (2A) Every CFZ business shall deposit the proceeds of all sales, and confine all banking/monetary transactions involving the CFZ business to the account opened in accordance with sub- section (2). (2B) Every CFZ business shall submit a copy of its bank statement and any other information to the Central Bank of Belize or the CEO of the NFZA, if so required by either of them. (3) Every CFZ business shall furnish to the CEO of the CFZ and the NFZA and the Central Bank of Belize a monthly report of transactions in its foreign currency accounts. (4) Banks and financial institutions which are licensed under the laws of Belize shall be allowed to operate within a CFZ, but their transactions shall be limited to only CFZ businesses. (5) The Rent Restrictions Act shall not apply to a CFZ business or to rental of property within a CFZ. CAP. 195. (6) An exclusive franchise to sell any particular good or service shall not be granted within a CFZ. (7) Every CFZ business shall submit a detailed account of its full inventory in whole or in part to the CEO of that CFZ within one week from the last day of every month or upon request by the CEO and such an account shall include all records of entry, sales, destruction and transfers of such inventory. (8) No restrictions shall be placed on the transfer of investment of any CFZ business within a CFZ. (9) No CFZ business shall be restricted to investing in any other CFZ business in its purchase of stocks or bonds, and the sale of stocks and bonds of any CFZ business shall be registered at the General Registry, and a certified copy of the company certificate and articles of memorandum shall be furnished to the CEO of that CFZ within two weeks of such registration. 26 (10) Notwithstanding anything contained in this Act or any other law, no person shall provide any of the following services in or from within a CFZ without a licence or permission from the respective regulatory body as required under the laws of Belize– (a) banking services; (b) internet or computer gaming services, including online gaming; (c) gaming; or (d) radio or telecommunication services.