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2010-10-09

International Foundations Regulations 2010

The Minister responsible for International Financial Services in Belize issued these regulations to operationalize the International Foundations Act 2010. The document establishes a comprehensive fee schedule for registration, renewal, and other administrative services, while prescribing specific penalty structures for regulatory offences. It also defines the mandatory formats for official certificates issued by the Registrar and commenced on November 1, 2010.

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B E L I Z E: STATUTORY INSTRUMENT No. 96 of 2010

REGULATIONS made by the Minister responsible for international financial services, after consultation with the International Financial Services Commission, in exercise of the powers conferred upon him by section 127 of the International Foundations Act (No. 2 of 2010), and all other powers thereunto him enabling. (Gazetted 9th October, 2010.)

  1. These Regulations may be cited as the INTERNATIONAL FOUNDATIONS REGULATIONS, 2010.
  2. (1) In these Regulations – “the Act” means the International Foundations Act, 2010; “the Commission” means the International Financial Services Commission established under the International Financial Services Commission Act; “dollar” or “$” means dollar in the currency of the United States of America; “Registrar” means the Registrar of International Foundations; Interpretation. No. 2/2010. CAP. 272. No. 96] International Foundations 1 Short title.

(2) Other words and expressions used herein shall have the meanings respectively assigned to them in the Act. 3. The fees set out in the First Schedule to these Regulations shall be charged for the registration, renewal, amendment, reinstatement, restoration, dissolution, continuance, discontinuance or other matters relating to international foundations. 4. The certificates issued by the Registrar in respect of an international foundation shall be substantially in the forms set out in the Second Schedule to these Regulations. 5. Where any provision of the Act creates an offence and provides that the penalty for such offence shall be as may be prescribed by regulations, the penalty for every such offence shall, on summary conviction, be a fine not exceeding twenty thousand dollars or a term of imprisonment not exceeding two years, or both such fine and term of imprisonment. 6. These Regulations shall come into force on the 1st day of November, 2010. MADE by the Minister responsible for International Financial Services this 5th day of October, 2010. No. 2/2010. Fees. Form of Certificates. Prescribed penalties. Commencement. (DEAN O. BARROW) Minister of Finance, Minister responsible for International Financial Services No. 2 of 2010 Second Schedule. First Schedule. 2 International Foundations [No. 96

BELIZE: FIRST SCHEDULE [Regulation 3] FEES A. The fees payable under the International Foundations Act, which shall be payable in United States dollars, shall be as follows: US$

  1. Name Reservation (90 day period) $25.00

  2. Renewal of Name Reservation (90 day period) $25.00

  3. Certificate of Establishment $200.00

  4. Extension of Time for Entry on Register $50.00

  5. Amendment or Change in Particulars $100.00

  6. Annual Renewal $200.00

  7. Extension of Time for Renewal $50.00

  8. Reinstatement of Entry on Register $150.00

  9. Change of Registered Agent $50.00

  10. Certificate of Continuance $50.00

  11. Certificate of Discontinuance $350.00

  12. Certificate of Good Standing $25.00

  13. Certificate of Dissolution $150.00

  14. Restoration to Register $500.00 No. 96] International Foundations 3

  15. Certified Documents $15.00

  16. Duplicate Certificates $25.00

  17. Any other service not provided for above $25.00 B. If a fee is paid in respect of an application for exemption and the application is registered, withdrawn or abandoned, no part of the fee is returnable. C. If a fee is paid in respect of an application for registration or certificate and such registration or certificate is issued but subsequently cancelled, revoked or suspended, no part of the fee is returnable. 4 International Foundations [No. 96

BELIZE: [Regulation 4] SECOND SCHEDULE FORMS OF CERTIFICATES FORM 1 Certificate of Establishment

  1. Name of Foundation: _____________________________________
  2. Registration Number: ____________________________________
  3. Name of Registered Agent: ________________________________
  4. Address of Registered Agent: ______________________________ It is hereby certified that the above-named foundation was established under the International Foundations Act on _______________________. (Date of Establishment)

Registrar of International Foundations Date Issued _________________ No. 96] International Foundations 5

BELIZE: FORM 2 Certificate of Reinstatement

  1. Name of Foundation: ____________________________________.
  2. Foundation Number: ________________. It is hereby certified that the above-named foundation was reinstated under the International Foundations Act on _________________________ (Date of Reinstatement)

Registrar of International Foundations Date Issued _________________ 6 International Foundations [No. 96

BELIZE: FORM 3 Certificate of Amendment

  1. Name of Foundation: ____________________________________.
  2. Foundation Number: ________________. It is hereby certified that the foundation charter of the above-named foundation was amended on ______________________________ (Date of Amendment )

Registrar of International Foundations Date Issued _________________ No. 96] International Foundations 7

BELIZE: FORM 4 Certificate of Dissolution

  1. Name of Foundation: ____________________________________.
  2. Foundation Number: ________________. It is hereby certified that the above-named foundation was dissolved under the International Foundations Act pursuant to: ______ Section 25 ______ Section 26 as applicable ______ Other provision on ______________________ (Date of Dissolution)

Registrar of International Foundations Date Issued _________________ 8 International Foundations [No. 96

BELIZE: FORM 5 Certificate of Continuance of Foundation

  1. Name of Foundation: ___________________________________.
  2. Foundation Number: ________________. It is hereby certified that as of the date hereof the above-named foundation has been continued as a foundation to which the International Foundations Act applies as if that foundation had been established under the said Act.

Date of Continuance

Registrar of International Foundations No. 96] International Foundations 9

BELIZE: FORM 6 Certificate of Discontinuance of Foundation

  1. Name of Foundation: ______________________________________.
  2. Foundation Number: ________________. It is hereby certified that the above-named foundation has been continued as an entity under the laws of a jurisdiction outside of Belize and as of the date hereof the above-named foundation shall be deemed to have ceased to be a foundation registered under the International Foundations Act.

Date of Discontinuance

Registrar of International Foundations 10 International Foundations [No. 96

BELIZE: FORM 7 Certificate of Good Standing

  1. Name of Foundation: ______________________________________.
  2. Foundation Number: ________________. It is hereby certified that the above-named foundation is properly and currently registered under the provisions of the International Foundations Act and has paid all fees prescribed by the Act. The above-named foundation is in good standing as of the date hereof.

Registrar of International Foundations Date _________________ No. 96] International Foundations 11 Printed in Belize by the Government Printer

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