Regulatory Alerts2020-08-14
Economic Substance Guidance Notes FSC/2/GN/009(3)
The Financial Services Commission of Belize issued this guidance to inform licensees and International Business Companies that its Economic Substance Forms are now available in Mandarin. Despite the translation, the Commission mandates that all forms must be completed in English and submitted through registered agents. Licensees are required to use only these prescribed forms for annual filings and are encouraged to direct queries to the specified Commission email addresses.
GUIDANCE NOTE Economic Substance Act, 2019 FSC/2/GN/009(3) For the attention of all Licensees and International Business Companies (IBCs): Licensees and IBCs are aware that the Financial Services Commission (the “Commission”) has launched and publicized its Economic Substance Forms, B, C and D (the “Forms”) which can be viewed on the Commission’s website. The Commission continues to seek innovative ways which would make the Forms more user friendly and adaptable for the industry. Therefore, the Forms have been translated to Mandarin. However, the Forms must be completed in English and routed through the respective registered agents for submission to the Commission in accordance with Guidance Note FSC/2/GN/009(2). Licensees and IBCs must ensure to only utilize the Commission’s prescribed Forms upon its annual filing and submission to the Commission. Licensees and IBCs are also encouraged to contact the Commission via economicsubstanceforms@belizefsc.org.bz and complianceandinspections@belizefsc.org.bz with queries or concerns in respect to economic substance. FINANCIAL SERVICES COMMISSION 14th August 2020