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/

 

[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 make︀ it a purchasing business, separate from another company that does sales. But now I find︁ it difficult to open a bank account. Look at the post, the Swiss CIM will︂ not work.

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

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

 

[Sols]

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.

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

EMIs are probably your only options if you keep using︅ 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 too︇ much work and too much risk with not enough value in return for banks nowadays.︈

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

 

[bizman]

@Gediminas he may be able to help you.

 

[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.

 

[Yilin]

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

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

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

 

[Yilin]

Can you tell us in detail where⁠ we can still achieve zero tax? I seem to know only one Malaysian Labuan.
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, and︀ it is transferred out immediately after it is transferred in.
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, are︃ there other reliable EMIs that can accept Belize LLC account opening? Recommend!
The turnover is millions of dollars, at least I know that Citibank has a special application︆ channel, is there any other bank?
Agree, the︉ passport program of Caribbean countries is very popular in East Asia, but the bank is︊ not good.

Belize is not an island country, with an area as large as 22︋ 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 limited︍ by their financial secrecy system.

I first met Belize because of foreign exchange trading, where︎ the best foreign exchange companies in the industry are located. The highest rated EMI in️ 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]

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

 

[bizman]

true, he is good in helping with banking.

 

[NicolasMaduro]

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

 

[Sols]

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.

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

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

Belize is mostly jungle and a relatively poor country. Banks know there is no︋ real international economic activity happening there. They also know what kind of rubbish businesses set︌ up in Belize, which unfortunately spills over and negatively impacts completely fine other

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

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 corporate︀ services. Last I heard, they have tens of thousands of companies under management. They have︁ zero reviews on Trustpilot. Because their clients aren't the kind of people who waste time︂ writing online reviews.

 

[Yilin]

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

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

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

 

[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]

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

 

[lostguy]

are you sure Caye bank is still‍ good and valid?

 

[Gediminas]

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?

 

[Yilin]

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

 

[Yilin]

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.

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