With an ever increasing focus on the offshore industry, it has become more important than ever to work with investor friendly jurisdictions. If you are looking for a safe and private offshore jurisdiction then look no further than the small country of Belize, located in the heart of Central America. Although its popularity in offering international financial services and offshore banking is still relatively new, Belize has become a major player in the ranks of the top offshore jurisdictions. The shift away from an agricultural economy towards a focus on the international financial services sector began in 1981. Since that time the growing offshore financial services industry has created more than 25,000 international business companies.
The Belize government has taken their role in the offshore industry very seriously and has worked hard to position itself as an international player in the offshore financial services sector. As a result, there have been a number of important acts and legislation created beginning in 1990 with the enactment of the International Business Companies Act (based on the successful British Virgin Islands model). This initial legislation put many protections into place for investors and created an excellent corporate vehicle for international financial transactions. With a Belize IBC the investor can engage in a wide variety of activities ranging from asset protection to operating bank accounts, brokerage accounts, ship ownership, commission arrangements and various other commercial transactions.
In 1992 the IBC legislation was supplemented with a Trusts Act which provided for both onshore and offshore trusts and now Belize's trust law is recognized as one of the best systems available.
In a measure which provided even more security to its rapidly expanding offshore clientele, Belize passed the Offshore Banking Act in 1996. This act created two categories of offshore banking licenses - the Unrestricted "A" Class and the Restricted "B" Class license.
The Class "A" international banking license means the bank must establish, maintain, and maintain a physical business office in Belize. The bank can conduct all types of business activities in Belize but they must maintain capital of at least US $500,000 for local companies and at least US $25,000,000 for foreign banks.
The Class "B" - Restricted banking license differs mainly in the limitations that are placed upon them. Unlike a Class A license, a Class B license holder can only conduct banking business as specified on its banking license. They also can't solicit or accept deposits from the general public, issue check books, or provide checking account facilities to their depositors. They must maintain capital of at least US$1,000,000 for local companies and at least US $15,000,000 for foreign banks.
The Belize government has made every effort to guarantee that your money will be secure, and you will receive the ultimate privacy possible. Whether you are planning to do offshore company formation, offshore tax planning, offshore financial services, offshore investment, or an offshore bank account, Belize offers a wide range of services, convenience, and business friendly rules, and all the benefits of many other better known jurisdictions without all of the notoriety. It is an offshore jurisdiction that has been chosen by individuals and corporations from around the world and is worthy of your consideration as well.
Article Source: http://www.articlesbase.com/taxes-articles/belize-offshore-ibcs-bank-accounts-private-and-affordable-932056.html
About the AuthorLaura Zurro is the president of Miami Offshore Services. Miami Offshore Services offers a wide range of offshore business services, affordable offshore company formation and offshore bank accounts and U.S. bank account opening services in Belize, Florida and Nevada.