Regulatory Alerts2020-03-04
Belize Economic Substance Act 2019 Guidance Notes CD-CID-No.1. 1 of 2019 Rev. 1
The International Financial Services Commission issued these guidance notes to interpret the Belize Economic Substance Act, 2019, which mandates that specific commercial entities demonstrate substantial economic presence in Belize. The regulations require included entities engaged in relevant activities to conduct core income generating activities locally, maintain adequate staffing and premises, and adhere to strict board management controls. Compliance involves filing annual declarations, retaining records for five years, and facing severe sanctions including license revocation and striking off for non-compliance or failure to meet substance requirements.
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