Few points you need to know about the deadlines for filing reports for IBC companies in Belize.
1. Submission of tax returns :
Tax returns must be filed by the end of March. Please note that this year there will be no further extension of the submission deadlines, so this is recommended that you make sure that the submission of the required reports is completed by the deadline.
2. Submission of information regarding economic presence (substance):
There are still companies that have not yet submitted any reports regarding economic presence. As a reminder, all IBC companies are required to submit information within nine (9) months of the end of the financial year.
Please note that failure to comply with this condition is an offense. Each company is given nine (9) months after the end of the reporting period to file economic substance information. This means that the deadline for filing the Economic Substance Report with the International Financial Services Commission (IFSC) was January 30, 2022 .
Financial regulator IFSC has provided comprehensive guidance on economic presence to help companies better understand and classify their operations. We encourage everyone to read them carefully:
Once the forms are completed, they must be sent electronically to the registration agent for further processing.
3. Declaration of legal compliance protecting intellectual property (IP) rights:
The Commission has issued a requirement to file a Declaration of Compliance protecting intellectual property rights. This declaration must be completed by all IBCs registered on or before 16 October 2017 and submitted to the Commission. All IBCs are required to complete only the Commission-mandated declaration when filing it with the Commission. The declaration is submitted through the appropriate registration agent. This service is provided free of charge.
The main requirements that companies registered in Belize must comply with are:
All IBCs are subject to renewal on January 1 of each year.
The government license renewal fee has increased to $250.
Companies are removed from the register on December 31, unless renewed within a year.
All companies must have registers that are kept at the registered office.
Each company must obtain a tax identification number.
Each company is required to submit an economic substance (substance) form to the IFSC annually.
Every company must file an annual tax return.
For any questions regarding the above information, please kindly contact us at info@rbcs.com.hk
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