Belize company is less than 1 year old yet I have to renew now or get penalty??

[adultmaster]

I ordered a Belize company formation last year in July. So far so good everything is just good and I received all my documents no problem. Now I'm in the process to open a bank account for the company but the bank requires a Certificate of incumbency showing the current officers and shareholders, not more than 6 months old!


What I did is go back to my agent and order it, no problem. Then they came back to me and told me I have to renew the company because the renewal is due since January this year!! what???


This is what I got from the agent:

Please be reminded that the 2016 annual fee payment is due as of January 1st 2016; however the Company Registry grants a six month extension, up until July 31st for the payment, before they apply the first late government penalty fee on August 1st 2016.
If service is required before July 31st, 2016, then the annual fee must be paid in order for the Registry to provide the service being requested.


Therefore we will only issue Certificate of Incumbency when the renewals have been made.


It is due to the certificate shows the Company is in good standing.
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If I have been made aware of that I had to renew the company already in January then I had chosen a Seychelles company, for me it doesn't matter!!

 

[JohnLocke]

From what I know then the company has to be renewed every January of the year regardless of when the company has been registered. This is to be considered when you for instant want to register in December 2016 then you have to renew the company already in January 2017! This is not the case with most other jurisdictions i.e. Seychelles or Cyprus.

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[andreas]

Yeah this is really common for Belize you have to renew the company each year in January this is for every business activity you are doing in Belize!

 

[hasan2]

adultmaster said:
I ordered a Belize company formation last year in July. So far so good everything is just good and I received all my documents no problem. Now I'm in the process to open a bank account for the company but the bank requires a Certificate of incumbency showing the current officers and shareholders, not more than 6 months old!


What I did is go back to my agent and order it, no problem. Then they came back to me and told me I have to renew the company because the renewal is due since January this year!! what???


This is what I got from the agent:


If I have been made aware of that I had to renew the company already in January then I had chosen a Seychelles company, for me it doesn't matter!!
Click to expand...

It's a shitty game from the Belize government to make rules like these! If it's just a regular belize company renewal you don't need to worry that much but if it is a financial license you have to worry it's costly!

 

[Sam anderson]

It will be better to approach some high authority person someone like Branch manager

 

[uplana]

Sam anderson said:
It will be better to approach some high authority person someone like Branch manager
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For what?

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[uplana]

When you incorporate your business in Belize it's clearly stated that the company has to be renewed every January 02 of each year not depending on when the company has been registered.

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[Anton]

uplana said:
When you incorporate your business in Belize it's clearly stated that the company has to be renewed every January 02 of each year not depending on when the company has been registered.
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Seems to be the best answer in this thread. Some people doesn't fully read the guidelines of their bank that's why they get penalties.

 

[Lyanna]

I think its just a precautionary measurement that you are a Valid person and to validate your identity. Certificate of Incumbency FAQ - Canada

Some countries are very strict with documents and its all for their customers to make them safe and secure.