Belize Private Foundation

Belize Private Foundation

---

 

A private foundation is typically like a charitable organization. These institutions can carry out business, and sue or be sued. These companies may also keep assets in their name. These foundations are typically set up by one person, but it can be set up by a company with one member of the board.

Private foundations in Belize may carry out businesses, may commercialize, purchase, and sell properties, sue and be sued, enter into contracts, open bank accounts and keep assets in their own name. Foundations in Belize may be set up by one or more persons or by a company with one member of the board.

Advantages

• Foundations in Belize may be used with or without charitable purposes, with specific aims or without any defined purpose.
• When a foundation is not used mainly for charitable purposes, it is considered to be a charitable foundation (without limits, no matter the amount). This is advantageous if the foundation is operating in a jurisdiction that offers refunds for taxes, credits, or discounts to charitable foundations.
• Belize foundations may not be annulled or repealed (by resolutions of other jurisdictions) and they are not liable from foreign trials.
• Processes and other issues derived from confrontation implying the participation in the foundation may be resolved through arbitration (may be resolved outside the courts).
• Belize foundations may exist in perpetuity without limits to the duration of the foundation.
• They are exempted from all taxes as long as the founder and the beneficiaries are not resident and the property and interests are not located in Belize.
• They have the same consideration as companies and usually they are known as corporative entities.
• Assets given as royalties to a Belize foundation constitute personal assets independently of the founder.
• They may carry out any civil or commercial transaction, except for activities that are not authorized in Belize or any business of financial services (unless the required license has been obtained).
• They may be dissolved on advice of the foundation if such powers have been authorized.
• They have no excessive service costs.
• You do not have to be in Belize in order to register your Foundation.

Requirements

• Have a registered agent in Belize.
• Have a resident secretary (who will appoint the resident agent to act as a secretary).
• Have a board of the foundation with one or more persons, either natural or legal.
• Keep a register of the Board members, the guardian, the secretary, the beneficiaries, and the auditor (if necessary) which will be in the custody of the secretary or registered agent.