Changes to Belize record keeping obligations

In 2013 the Accounting Records (Maintenance) Bill was published and on the 12th October approved by the National Assembly and the Accounting Records (Maintenance) Act N°.18 of 2013 (the “Act”) became law.

According to new amendments, all Belize companies are required to keep proper accounting records. An IBC must retain all accounting records for seven (7) years from the date of the transaction. The requirement to keep accounting records does not affect exemption from taxes and financial reporting. IBC’s are not required to either prepare or file annual accounts.

More detailed information is to be found in legislation regarding keeping accounting records the International Business Companies (Amendment) Act, of 2011 (Act 20 of 2011), selection 65.

A Belize company is due for renewal (2nd Year fees) on the 1st January of each year, independent of when the company was incorporated.