All IBCs must report their status in this regime on an annual
basis through their Registered Agent to the Competent Authority,
the Belize International Financial Services Commission (IFSC).
The Economic Substance Act, 2019 (ES Act) was enacted in Belize
on October 12, 2019, and came into force on January 1st, 2019. This
legislation was introduced to address the concerns expressed by the
Council of the European Union (EU) with respect to the absence of
Economic Substance requirements for companies doing business in and
through Belize. The enactment of this legislation reinforces
Belize's commitment to meet the international requirements on
tax transparency.
WHAT NEEDS TO BE DONE?
