Regulatory Alerts2020-07-28
Economic Substance Forms B, C and D Launch and Submission Requirements
The Financial Services Commission of Belize issued guidance to licensees and International Business Companies regarding the mandatory use of prescribed Economic Substance Forms B, C, and D. These forms must be completed annually and submitted through registered agents within nine months of the fiscal year end to the designated email address. Entities are advised to seek professional advice if uncertain about their economic substance obligations and to contact the Commission for queries regarding the filing process.
GUIDANCE NOTE Economic Substance Act, 2019 FSC/2/GN/009(2) For the attention of all Licensees and International Business Companies (IBCs): The Financial Services Commission (the “Commission”) hereby launches and publicizes its Economic Substance Forms, B, C and D (the “Forms”). The Forms are user friendly an easy fillable. The Forms must be completed annually and be submitted within (9) months after the end of the fiscal year reporting period. The Forms must also be routed through the respective registered agent for submission to the Commission via email address, economicsubstanceforms@belizefsc.org.bz . 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 with queries or concerns in respect to economic substance. Additionally, entities are encouraged to seek professional advice if they are uncertain as to whether or to what extent they are subject to follow the economic substance requirements. FINANCIAL SERVICES COMMISSION 28th July 2020