Belize Introduces Beneficial Ownership Disclosure Rules: A Game-Changer for Transparency
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BELIZE CITY - In a significant move aimed at boosting transparency, Belize has introduced new beneficial ownership disclosure rules that require companies to disclose their ultimate beneficial owners (UBOs) to the Companies Registry. This change is expected to have far-reaching implications for businesses operating in the country.
What are the New Rules?
As of July 13th, companies incorporated or registered under the Belize Companies Act 2022 must file UBO information through the Online Business Registry System (OBRS). The required information includes:
- Name
- Residential address
- Country of residence
- Date of birth
- Nationality
The OBRS system is a secure electronic platform that stores company information, including beneficial ownership interests. Only registered agents of Belize companies and government competent authorities have access to this system, ensuring the confidentiality of UBO information.
Who is Considered a Beneficial Owner?
According to new regulations, a beneficial owner is any natural person who owns or controls 10% or more of a company’s shares or voting rights. In cases where control is exercised indirectly, the natural person responsible for managing the legal entity also falls under this category.
Compliance Requirements
Companies are required to keep UBO information up-to-date and notify their registered agents within 14 days of any changes occurring. Failure to comply with these regulations can result in penalties, including pecuniary fines.
The deadline for uploading beneficial ownership information is ongoing, with companies expected to upload information on an ongoing basis, including incorporations and company continuations. Registered agents like our firm are working diligently to ensure compliance with this requirement.
Getting Started
For more information or guidance on the new beneficial ownership disclosure rules in Belize, please contact us at [email protected]. Please note that this article is intended as a general summary and not legal advice.