Official liquidation of a company in Belize

Some people mistakenly believe that registering a company in an offshore zone with a favorable tax, economic and political environment is a guarantee of the success of their company. And none of the beneficiaries of offshore enterprises is insured against the need to liquidate their company. That is why, to avoid various negative situations caused by the lack of necessary information regarding the passage of this procedure, every business owner registered in an offshore zone must know all the details of this operation. Consider the passage of the procedure for the official liquidation of company in Belize

Modern Belize is among the most popular offshore zones in Central America. Such high investment attractiveness is facilitated by favorable tax legislation, support and stimulation of business development, the founders of which are both residents and non-residents, as well as effective legislation aimed at maximizing the financial sector of the local economy. That is why in the territory of this country many foreign investors are keen to open their business. And if the procedure for registering an enterprise in Belize is not particularly complicated, then with the liquidation of things is not so simple. So what actions need to be taken by the owners of the company when the need arises to liquidate their company?

Types of business liquidation procedures in Belize

According to the provisions of the current legislation of this country, the procedure for the liquidation of an enterprise can be carried out only in two ways – voluntarily or by force. Consider each method in more detail.

Forced liquidation

The state authorities of Belize can forcibly liquidate the company only in one case – if the object of business activity did not pay for the renewal of the license during the calendar year after its expiration date. If this operation was not carried out by the company’s management at the aforementioned time, the company will be deleted from the commercial register by the relevant regulatory authorities in Belize. This procedure is performed only after the end of the calendar year.

Voluntary liquidation

If a company suffers large losses, and its further existence is completely unprofitable – the owners of the company may resort to the procedure of voluntary liquidation. In this case, there is no need to wait for the end of the calendar year for the company to be declared officially liquidated.

The key point for obtaining approval from the local authorities for the liquidation of the company is the need to have a positive status for this business object (including the complete absence of arrears in paying for the license).

List of documents required for the voluntary liquidation of the enterprise
Currently, the following legal papers are required for the implementation of this procedure:

• Resolution, which indicates the fact of the decision to terminate the activities of the company.
• Appointment to the position of liquidator of the company of a certain specialist.
• Certificate with clearly indicated stages of liquidation of the enterprise (liquidation plan).
• Regulation on the termination of the company. This document also necessarily includes information confirming the fact that there are no debts of the company and the fulfillment of all necessary obligations.

The above documents must be submitted to the register of business facilities in Belize. After the transfer of the package of papers, the announcement of the liquidation of the enterprise is published (it must be submitted to several local media). After the end of the above procedures, the company is officially liquidated.

On average, it takes no more than 2 months to finish official liquidation of company in Belize.

If you need the help of qualified specialists in the field of international financial law – order the services of our company’s lawyers. We will prepare a package of necessary documents in accordance with the current legislation of Belize, we will undertake all related processes, and also provide you with full support at all stages of this operation. With our help, you are guaranteed to avoid all possible bureaucratic obstacles and excessive capital losses, and liquidate your company with minimal expenditure of funds and time.