|
DOCUMENTS REQUIRED
- Application
for Offshore Banking License
- Unrestricted ‘A’
Class; or
- Restricted ‘B’
Class
- Biographical
Data of Directors and Officers
- Financial
Report of Directors and Officers
- Two Character Reference
for each Director and Officer
- Police Report from
state or country where lived last 3-5 yrs for each Director and
Officer
- Letter of Recommendation
from Banking Institution for each Director and Officer
- Audited Reports
of prior three years of the present Company
- Application for Local Corporation for preliminary work and for submission
- Application
for International Business Company (optional)
- Business
Plan
OTHER REQUIREMENTS
PROCEDURE
The procedure
for establishing an offshore bank in Belize takes place in four basic
steps:
-
| Introductory Meeting |
1 month |
- Interested parties
can be introduced to the Manager of the Supervision Department
of the Central Bank at which time they will receive the application
package
- Pre-Filing Meeting
- This is to clarify
any points not understood and also to name a spokesperson who
will represent you in all further contacts with the Central Bank.
-
| Application Acceptance
and Processing |
2 months |
- The application form
along with all support documents is processed upon receipt. You
will also be required to provide the following information: type
of banking business to be provided, corporate information, detailed
business plan with financial projections and historical and pro-forma
financial statement
- The non-refundable
application fee will be due at this time
- The Central Bank
reviews the application to ensure that all sections are completed.
If it is incomplete, the spokesperson will be notified to submit
any additions or corrections before the application is accepted.
Failure to
| do this will delay the process. |
2-3 months |
- After acceptance,
a thorough analysis is conducted. First: Due Diligence is carried
out. Second: if the due diligence is satisfactory, the decision
to recommend approval is based on the prospects for success of
the proposed bank.
-
| Organization of the New
Bank |
2-3 months |
- If approval is granted
by the Minister, you are expected to proceed with organizing the
new bank and abiding by all the relevant laws and regulations
and conditions stated with the Minister’s approval.
Total Estimated Time for Processing and Completing Application:
|
7-9 months |
FEES TO THE GOVERNMENT
- Application
fee of US$500. (Non-refundable)
- Annual
License Fee for
- Unrestricted
A Class: US$20,000
- Restricted
B Class: US$15,000
REPRESENTATION SERVICES
Some of our Services will
include the following:
- Introduction
and making appointments with officers of the Central Bank and Government
Ministers and Officials where necessary
-
Preparing
and Filing of the Application
- Preparation
of Local and International Business Company
-
Liaison
with Central Bank and Government Officials in obtaining approval of
a Belize Offshore Banking License
-
Work
with Central Bank Officials on Terms and Conditions of License
-
Working
on a Business Plan together with the proposed CEO and Directors
-
Working
with Offshore Attorney and CPA on legal issues and audit of accounts
-
Local
Director Services are also available
RETAINER
& FEES
Local Payments:
- Out of pocket costs including telephone, fax, e-mail, photocopy, courier, secretarial and accounting services and office supplies will also be billed monthly
- A Separate Retainer will be required for additional services from Attorney, CPA and disbursements for the proposed Offshore Bank Application
- An Account can be set up at a local bank in the name of the proposed Company to take care of local
payments.
Check Publications you would
like to order. These are also available at the following website www.belizelaw.org/lawadmin/index2.html
Back to Offshore Services
|
