What are the options for Belize LLC physical bank account opening?

[Yilin]

Recently incorporated a Belize LLC. According to the agent, compared to IBC, LLC has no corporate tax, so I chose it.

Belize LLC has fewer and fewer account opening banks. Is it still possible for Swiss CIM to accept remote account opening? What are the options for other brick-and-mortar banks or EMIs? Preferably a physical bank.

 

[Martin Everson]

Welcome aboard.

Have you searched the forum? To keep it short I would say in 2022 with opening a Belize company you made a big mistake but good luck anyway. Maybe the below threads on the subject can aid you with a solution. The subject has been discussed many times already. Beggars cannot be choosers so forget bricks and mortar bank. You can't look for a solid bank for a shell company these days.


https://www.offshorecorptalk.com/threads/heritage-bank-limited-in-belize.33269/
https://www.offshorecorptalk.com/threads/emis-belize.34769/
https://www.offshorecorptalk.com/threads/bank-account-for-belize-ibc-company.35637/
https://www.offshorecorptalk.com/threads/bank-accounts-for-belize-entity.34435/

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Yilin]

Thanks for the reply! I only found out about this forum after I registered the company, and this ID was only registered for 1 day.

I have found and read the above posts, collected them and studied them, they are very helpful. I was a little worried after reading it, so I made this post.

But in 2022, I really can't find a second type of offshore company that doesn't have to do accounting and pay taxes. Belize IBCs are no good, there is a 1.5%-3% corporate tax, and only LLCs are exempt.

I'm not making it a shell company, and I'm going to make it a purchasing business, separate from another company that does sales. But now I find it difficult to open a bank account. Look at the post, the Swiss CIM will not work.

My single transaction funds may be around $80,000-300,000, I don't know if EMIs like Bankera are acceptable. Looking at the Belize central bank report, BELIZE BANK is a bigger bank than HERITAGE. I don't know what its situation is. Of course, everyone recommends not to use Belize local banks.

I probably registered at the lowest price in the world, even if I cancel it, it should not be a big loss.

 

[Sols]

Yilin said:
But in 2022, I really can't find a second type of offshore company that doesn't have to do accounting and pay taxes. Belize IBCs are no good, there is a 1.5%-3% corporate tax, and only LLCs are exempt.
Click to expand...

Then do accounting and pay taxes (although you can achieve zero tax in some places still). That's the reality of it nowadays. Old fashioned offshore is if not dead the at least non-functional.

Yilin said:
I'm not making it a shell company, and I'm going to make it a purchasing business, separate from another company that does sales. But now I find it difficult to open a bank account. Look at the post, the Swiss CIM will not work.
Click to expand...

As far as banks are concerned, it's a shell company or close enough to it, by not having any economic substance in Belize.

Yilin said:
My single transaction funds may be around $80,000-300,000, I don't know if EMIs like Bankera are acceptable.
Click to expand...

EMIs are probably your only options if you keep using the Belize company.

The chances of banking a Belize company with banks in European, Asian, or US are nearly zero unless you're turning over many millions. Otherwise, it's simply too much work and too much risk with not enough value in return for banks nowadays.

Yilin said:
Looking at the Belize central bank report, BELIZE BANK is a bigger bank than HERITAGE. I don't know what its situation is. Of course, everyone recommends not to use Belize local banks.
Click to expand...

With the only exception being a few banks like Butterfield, Scotiabank, RBC, and others that don't generally work with offshore companies, don't bank anywhere in the Caribbean if you can avoid it.

Toggle signature
This is the probably the answer to your question.

 

[bizman]

Yilin said:
I don't know if EMIs like Bankera are acceptable.
Click to expand...

@Gediminas he may be able to help you.

Toggle signature
The reason to fail while you try to setup your business offshore....the guide that helped me setup my offshore company.

Wiseman sayings - May the gifts of three wise men fill your home with prosperity.

 

[Martin Everson]

I am shocked none of the Euro Pacific Bank fan boys have posted here smi(&%. Maybe because there is no USD ability. Or has EPB stopped banking shell companies. EPB has always been historically the option people use when no other credible bank would take their offshore shell entity.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Yilin]

Martin Everson said:
I am shocked none of the Euro Pacific Bank fan boys have posted here smi(&%. Maybe because there is no USD ability. Or has EPB stopped banking shell companies. EPB has always been historically the option people use when no other credible bank would take their offshore shell entity.
Click to expand...

An agent recommended this bank to me, and the charges are calculated in British pounds. Turns out they can't settle in dollars, taught.

bizman said:
@Gediminas he may be able to help you.
Click to expand...

Bankera's website is good, but it's a bit daunting with so many negative reviews on Trustpilot.

Advcash has the highest evaluation among EMIs, as if they are settled in euros, are there other reliable EMIs that can accept Belize LLC account opening? Recommend!

 

[Yilin]

Sols said:
Then do accounting and pay taxes (although you can achieve zero tax in some places still). That's the reality of it nowadays. Old fashioned offshore is if not dead the at least non-functional.
Click to expand...

Can you tell us in detail where we can still achieve zero tax? I seem to know only one Malaysian Labuan.

Sols said:
As far as banks are concerned, it's a shell company or close enough to it, by not having any economic substance in Belize.
Click to expand...

Local banks in Belize may not be able to keep money. After reading the report of their central bank, there is not much cash on their books. It is legal money laundering, and it is transferred out immediately after it is transferred in.

Sols said:
EMIs are probably your only options if you keep using the Belize company.
Click to expand...

Bankera's website is good, but it's a bit daunting with so many negative reviews on Trustpilot.

Advcash has the highest evaluation among EMIs, as if they are settled in euros, are there other reliable EMIs that can accept Belize LLC account opening? Recommend!

Sols said:
The chances of banking a Belize company with banks in European, Asian, or US are nearly zero unless you're turning over many millions. Otherwise, it's simply too much work and too much risk with not enough value in return for banks nowadays.
Click to expand...

The turnover is millions of dollars, at least I know that Citibank has a special application channel, is there any other bank?

Sols said:
With the only exception being a few banks like Butterfield, Scotiabank, RBC, and others that don't generally work with offshore companies, don't bank anywhere in the Caribbean if you can avoid it.
Click to expand...

Agree, the passport program of Caribbean countries is very popular in East Asia, but the bank is not good.

Belize is not an island country, with an area as large as 22 Hong Kong, and both are of the common law system of the Commonwealth of Nations. It is entirely possible to have top international banks, but it may still be limited by their financial secrecy system.

I first met Belize because of foreign exchange trading, where the best foreign exchange companies in the industry are located. The highest rated EMI in Trustpilot, Advcash is also based in Belize. I assign a portion of the company's business to a Belize company, which is tax-free and exempt from accounting, and the profits can be transferred out at any time. As long as find ONE reliable bank which can open business account, I will earn it.

 

[tacokai]

Yilin said:
Bankera's website is good, but it's a bit daunting with so many negative reviews on Trustpilot.
Click to expand...

f**k trustpilot, speak with Mr. @Gediminas he is better than Trustpilot

Toggle signature
I'm proud to become an Elite Lifetime member of the Mentor Group Gold.
The secret of being happy is accepting where you are in life and making the most out of every day

 

[bizman]

tacokai said:
f**k trustpilot, speak with Mr. @Gediminas he is better than Trustpilot
Click to expand...

true, he is good in helping with banking.

Toggle signature
The reason to fail while you try to setup your business offshore....the guide that helped me setup my offshore company.

Wiseman sayings - May the gifts of three wise men fill your home with prosperity.

 

[NicolasMaduro]

CIM Banque rejects you instantly unless you have actual substance in Belize (Office + REAL Director based in Belize).

 

[Sols]

Yilin said:
Can you tell us in detail where we can still achieve zero tax? I seem to know only one Malaysian Labuan.
Click to expand...

UAE, Costa Rica, Hong Kong, Isle of Man, Guernsey, Jersey, BVI, Cayman Islands, Bermuda, just to name the first that come to mind. All of which I would pick before Belize. You will have to pay someone to do some basic accounting but if you're turning over millions, budgeting a few hundred to a few thousand per year for proper books is hopefully doable.

However, you have to solve your own personal residence as well.

Yilin said:
Bankera's website is good, but it's a bit daunting with so many negative reviews on Trustpilot.
Click to expand...

Based on my own experiences and those of others, I wouldn't recommend Bankera. Not because they are bad but because onboarding takes months, they often lose track of applications, and they don't understand most businesses very well.

Yilin said:
The turnover is millions of dollars, at least I know that Citibank has a special application channel, is there any other bank?
Click to expand...

Then you can speak to private banks in Switzerland, Liechtenstein, Singapore, and Hong Kong. You might still want to move away from Belize specifically and move to some more reputable option.

Yilin said:
Belize is not an island country, with an area as large as 22 Hong Kong, and both are of the common law system of the Commonwealth of Nations. It is entirely possible to have top international banks, but it may still be limited by their financial secrecy system.
Click to expand...

Belize is mostly jungle and a relatively poor country. Banks know there is no real international economic activity happening there. They also know what kind of rubbish businesses set up in Belize, which unfortunately spills over and negatively impacts completely fine other

Yilin said:
I first met Belize because of foreign exchange trading, where the best foreign exchange companies in the industry are located.
Click to expand...

This is subjective but I'd say there are none. Maybe some have licenses in Belize as well as elsewhere. But none of them are located there.

Yilin said:
The highest rated EMI in Trustpilot, Advcash is also based in Belize.
Click to expand...

Literally no big, legitimate businesses use Advcash. Absolutely zero. You go to Advcash if you have nowhere else left to turn to.

Trustpilot is just a measurement of who does the best job buying or faking reviews. It has no meaning in reality. Customers who take Trustpilot seriously are customers most businesses would be happy to not have.

Vistra is one of the biggest service providers in offshore/international corporate services. Last I heard, they have tens of thousands of companies under management. They have zero reviews on Trustpilot. Because their clients aren't the kind of people who waste time writing online reviews.

Toggle signature
This is the probably the answer to your question.

 

[Yilin]

Sols said:
Literally no big, legitimate businesses use Advcash. Absolutely zero. You go to Advcash if you have nowhere else left to turn to.
Click to expand...

Can you comment on Silverbird, an IT company based in London that provides EU business bank account solutions for international trade. There are very few online reviews.

Sols said:
Vistra is one of the biggest service providers in offshore/international corporate services. Last I heard, they have tens of thousands of companies under management. They have zero reviews on Trustpilot. Because their clients aren't the kind of people who waste time writing online reviews.
Click to expand...

Belizean companies do not have to do accounting and tax filing, and they have a real conflict of interest with business consulting companies like Vistra. It is understandable that they are hated.

Sols said:
Literally no big, legitimate businesses use Advcash. Absolutely zero. You go to Advcash if you have nowhere else left to turn to.
Click to expand...

Actually, I'm still going to try a local bank in Belize. Belize is a country of the Commonwealth of Nations, a large non-island country. As a business practice arrangement under the common law legal system, the financial secrecy system, I think this reflects the political wisdom of British politicians and the freedom of capitalism.

It is believed that since the Belize government provides company registration, there should be corresponding banking support in the local area. Of course Cape was not considered, as its name did not appear on Belize's central bank report.

Last edited: May 22, 2022

 

[lostguy]

I would register a company somewhere Wise is supporting with business bank account. It's much easier to work with.

 

[Silvio]

Forget about Belize, just close it as soon as possible. Consider the fees you paid a tuition for learning about offshore companies. The sooner you stop dealing with Belize the better.

Bad jurisdictions leads to poor banking choice leads to high-risk banks and eventually to loss of your funds. You don't want to lose 6 figures over a few $ in fees.

 

[Gediminas]

Yilin said:
Recently incorporated a Belize LLC. According to the agent, compared to IBC, LLC has no corporate tax, so I chose it.

Belize LLC has fewer and fewer account opening banks. Is it still possible for Swiss CIM to accept remote account opening? What are the options for other brick-and-mortar banks or EMIs? Preferably a physical bank.
Click to expand...

Caye Bank might be an option for you. Let me know if you need some help with them.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[lostguy]

Gediminas said:
Caye Bank might be an option for you. Let me know if you need some help with them.
Click to expand...

are you sure Caye bank is still good and valid?

 

[Gediminas]

lostguy said:
are you sure Caye bank is still good and valid?
Click to expand...

Why wouldn't it be valid? I never heard anyone complaining (apart from the random members whose concerns eventually are resolved).

Have you heard anything wrong?

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Yilin]

lostguy said:
I would register a company somewhere Wise is supporting with business bank account. It's much easier to work with.
Click to expand...

Wise support, tax-free accounting, or low tax, small amount of work, which jurisdiction do you recommend?

 

[Yilin]

Gediminas said:
Caye Bank might be an option for you. Let me know if you need some help with them.
Click to expand...

If someone have access to these two local banks in Belize, ATLANTIC BANK LTD. and BELIZE BANK LTD. can private message me and tell me your business company website.

Silvio said:
Forget about Belize, just close it as soon as possible. Consider the fees you paid a tuition for learning about offshore companies. The sooner you stop dealing with Belize the better.

Bad jurisdictions leads to poor banking choice leads to high-risk banks and eventually to loss of your funds. You don't want to lose 6 figures over a few $ in fees.
Click to expand...

I kind of want to switch to the RAK offshore company in the UAE, but it seems that the bank account opening is going to be there, which is a bit troublesome during the epidemic.