I have a bank account on my Belize company with stuck funds, as this bank froze all their accounts.
Now 2-3 years later this bank is almost ready for the refund.
Alas to my lack of knowledge, I recently had to revive the Belize company, so I could open a new corporate bank account, to be able to receive the refund.
Since 2020, a Belize company needs to file an Economic Substance form, an IPAG form, acquire a TIN and file an annual tax return.
For 2023 they also need re-register into the new OBRS system.
My company was inactive since 2020 and has not︀ done any of this.
The goal is to retrieve the funds, which should come in︁ a few months, and close the company.
The agent's cost to renew and do all︂ the above is about $1400, but I suspect this could wake the beast.
Nothing has︃ been filed for 2020, probably meaning fines. 2022 and 2023 will also need to be︄ reported meaning extra cost again.
My questions:
1. How long after not renewing with my︅ agent, will my company still remain active on the registrar?
2. If I manage to︆ get the refund in a few months, but forgo all of my Belize obligations, what's︇ the worst that can happen? I am a tax resident of Thailand. Thailand doesn't care.︈ Can I simply ignore the fines as long as I'll never set foot in Belize?︉
Now 2-3 years later this bank is almost ready for the refund.
Alas to my lack of knowledge, I recently had to revive the Belize company, so I could open a new corporate bank account, to be able to receive the refund.
Since 2020, a Belize company needs to file an Economic Substance form, an IPAG form, acquire a TIN and file an annual tax return.
For 2023 they also need re-register into the new OBRS system.
My company was inactive since 2020 and has not︀ done any of this.
The goal is to retrieve the funds, which should come in︁ a few months, and close the company.
The agent's cost to renew and do all︂ the above is about $1400, but I suspect this could wake the beast.
Nothing has︃ been filed for 2020, probably meaning fines. 2022 and 2023 will also need to be︄ reported meaning extra cost again.
My questions:
1. How long after not renewing with my︅ agent, will my company still remain active on the registrar?
2. If I manage to︆ get the refund in a few months, but forgo all of my Belize obligations, what's︇ the worst that can happen? I am a tax resident of Thailand. Thailand doesn't care.︈ Can I simply ignore the fines as long as I'll never set foot in Belize?︉
