Regulatory Alerts2022-03-21
Policy on Shelf International Business Companies (IBCs) and their compliance with Economic Substance Requirements
The Financial Services Commission of Belize issued this guidance to clarify that shelf International Business Companies must comply with economic substance requirements once sold. Sold entities are required to obtain a Tax Identification Number, file economic substance forms, and submit a Non-Included Entities form if not taxable, while unsold shelf IBCs are exempt from these requirements. Registered Agents must appoint a first director within a 60-day grace period, ensure unsold entities are dissolved after ten years of inactivity, and report specific details of all shelf IBCs in their annual reports.
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