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Newsletter April 2014 - Regulated Activities Requiring Licenses in Belize

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APRIL 2014

Regulated Activities Requiring Licenses in Belize

We hereby take this opportunity to formerly inform you, of regulated activities of companies incorporated in Belize that will require licenses.

Such activities are as follows:

•    Formation or management of international business companies or other offshore companies;
•    Trust Formation and management of offshore trusts and provision of trustee services;
•    International asset protection and management;
•    Money transfer services;
•    Payment Processing;
•    Trading in foreign exchange;
•    Trading in financial and commodity-based derivative instruments and other securities (e.g. futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.);
•    Money brokering;
•    Money lending and pawning;
•    Money exchange;
•    Safe custody services;
•    Accounting services;
•    Brokerage, consultancy or advisory services in any of the above services;
•    Insurance;
•    Mutual funds;
•    Offshore Banking;
•    Gaming

Operating in any of such activity, without a valid license, may result first, with a warning and if continued operation occurs, the International Financial Services Commission and the Financial Intelligence Unit will take necessary action thereon.

Should any of your clients are currently engaging in any of the regulated activities mentioned above, we kindly ask that you report same to us, so that we may properly advise on the matter.

Should you have any inquiries, please do not hesitate to contact us.




 

Newsletter October 2013

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Maintenance of Accounting Records – Belize

On the 12th October 2013 the Accounting Records (Maintenance) Act (No. 18 of 2013) was published in the Belize Gazette.

According to the Act every entity shall, in addition to any records required to be kept or maintained under any other act or enactment, keep its accounting records within Belize at its Registered office or, as the case may be, at the office of its registered agent in Belize, or at such other place within or outside Belize as may be determined by its directors or other competent persons.

Provided that where the accounting records of an entity are kept outside Belize, such entity shall provide its Registered Agent in Belize, with a written record of the physical address of the place(s) where the accounting records are kept and notify the registered agent of any change thereto within fourteen (14) days.

The accounting records required to be kept under this Act shall be accurate and reliable and shall explain and document all financial transactions so as to enable each financial transaction of the entity to be properly constructed and understood, to enable the financial position of the entity to be determined with reasonable accuracy at any time and also to enable the preparation of financial statements for such entity.