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Chinese Payment Service Provider License - Belize
About Belize
Belize is a well-known offshore banking and payment service provider jurisdiction. The country has attracted financial organisations such as banks, insurance firms, and payment service providers due to its favourable business environment.
The International Financial Services Commission (IFSC) of Belize regulates and oversees a variety of financial services, including banking, insurance, mutual funds, and payment processing. The IFSC grants licences to organisations wishing to engage in certain industries and guarantees compliance with applicable rules.
Belize, located south of the Yucatán Peninsula, is a land of mountains, swamps, and tropical vegetation. It is bounded on the north by Mexico, on the west and south by Guatemala, and on the east by the Caribbean Sea. The country has a 174-mile (280-kilometer) coastline.
Belize’s current population is 418,435 as of Tuesday, May 23, 2023, according to Worldometer’s elaboration of the most recent United Nations data.
The official language of Belize is English, but the majority of the population also speaks a creole patois, and many Belizeans are multilingual. The Maya of Belize speak Yucatec, Mopán, and Kekch.
Belize’s legal system is adversarial in nature and is founded on English common law. Legislation, Acts, and Statute Law are regarded as primary sources of reference. Parliament is in charge of the legislative process.
- Belize tends not to disclose its banking or fiscal information. However, Belizean banks are FATCA compliant
- The meetings of the directors and the shareholders need not be held in Belize; also, there is no requirement for an Annual General Meeting. All meetings may be held outside of Belize, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy
- For incorporating a company and obtaining a license there is no requirement to travel to Belize or have an interview
General
| License: | Money Transmission |
|---|---|
| Timeframe for Approval: | 3 to 4 months |
| Regulator: | The International Financial Services Commission |
Company Structure
| Local Director: | At least one director (can also be a legal person, no nationality or residency restrictions) |
|---|---|
| Local Shareholder: | At least one shareholder (can also be a legal person, no nationality or residency restrictions) |
| Local Registered Office: | Required |
| Local Staff: | Required |
| Compliance Officer: | Required |
| AML/KYC: | Required |
| Audit: | Required |
| Economic Substance: | Required |
| Corporate Tax Rate: | 25% |
| Currency: | Belize Dollar |
| Minimum Paid-up Capital: | USD 75,000.00 |
| Capital Requirement: | Varies |
| Tax Structure: | 0% Tax on Offshore Profits |
- Gathering and preparation of all of the documents, including those of due diligence.
- Belize company registration with paid up capital of $75.000. This requires a specific company with over 50 000 shares.
- Preparation of anti-money laundering procedures and custom tailored business plan.
- Submission of the due diligence documents and other related documents to the IFSC to start the process of application.
- Account opening in a local Bank for satisfying paid up capital requirements. This includes preparation and submission of all the bank forms, corporate documents and due diligence documents.
- Ad-hoc support and provision of minor documents required during the process.
- Assistance with Depositing of funds at a local Bank account in order to satisfy capital requirement for the IFSC.
- Submission of the letter from the local Bank to the IFSC that capital requirements are fulfilled.
- Receipt of license from the IFSC and delivery of documents to the Client.
- Assistance with opening of a corporate account for further operational needs of the Company.
- Finalizing bank account opening and delivery of documents to the Client.
- Money Transmission
- Payment Processing
- E-Wallet Services
- Remittance Services
- Currency Exchange
- Merchant Acquiring Services
- Prepaid Card Services
- Compliance and Risk Management
For that reason, please provide us with the following documents.
- A notarized copy of valid passport of all directors and shareholders (2 sets)
- A copy of proof of residential address of all directors and shareholders (2 sets). Can be utility bills or bank statements
- Bank reference letter
- Lawyer’s / auditor / notary reference letter
- Bank balance confirmation for a shareholder – letter stating a minimum balance
- CV for directors and shareholders
- Educational qualification certificate for directors and shareholders
In the case if the shareholder is a company, needs to provide:
- Passport of an Authorized Person of the Company (to be certified as a true copy by Commissioner of Oath, Notary Public or Embassy)
- Utility Bill as a proof of residency of an Authorized Person for the body Corporate (to be certified true copy by Commissioner of Oath, Notary Public or Embassy)
- Latest CV detailing Educational background and Working Experiences of an Authorized Person for the body Corporate)
- M&A to include the clause on the establishment of the Belize Company or allowing to do so
- 2 Reference letters for the Authorized Person that are to be issued by a Professional such as a Lawyer, Accountants, Company Secretary or Bank
- Registries of Company listing down the name of Director, Shareholder, Auditor, Company Secretary (to be certified as a true copy by the Company Secretary)
- Certificate of Incorporation (to be certified as a true copy by the Company Secretary)
- Certificate of Registered Address of the Company (to be certified as a true copy by the Company Secretary)
- Resolution by the Company to appoint the Authorized Person to act on behalf of the Company (to be certified as a true copy by the Company Secretary)
- Resolution of the Company to invest in Belize branch (to be certified as a true copy by the Company Secretary)
- Incorporation of Belize offshore corporation.
- Arrange for local registered officer and local directors, if required.
- Draft corporate bylaws, minutes and owner share issuances.
- Establishment of corporate bank account suitable for Forex operations.
- Establishment of merchant service account for accepting credit and debit cards.
- Draft requisite business plan, financial statements and financial projections.
- Draft requisite Anti-Money Laundering & Know-Your-Customer policies
- Responses to regulatory authorities are prepared and written.
- Prepare and process application for The Belize Payment Service Provider License.
- Representation before licensing regulatory authority, banks and liquidity providers.