What is the best jurisdiction to open a corporate account? This question cannot be answered once and for all as the best solution depends on the situation. There are multiple factors to be taken into account, including the country of incorporation, the currency of settlements (you may need a crypto-friendly bank, for instance), the banking services required, the location of your key partners who will receive your payments, and so on.
However, if you want a recommendation that will suit most businesses, we would mention Belize. This is a financial center in Central America that has won the hearts of many entrepreneurs all over the world. We would like to invite you to our portal where you can find out more about opening an offshore account in Belize. We also write about international business, banking, investments, tax optimization, accounting, and much more.
You can also get in touch with our experts to discuss the issues of your business and find the best solution possible. Some services are free: you will not be charged a penny for the analysis of your situation and finding the best country to incorporate your company or set up a corporate account. And if you want to get a fully operational company or account without interaction with the local authorities, you can buy our turnkey package of services to delegate the efforts to us and concentrate on your business instead.
Belize: General Information
Belize is a tiny country with the mainland and about 200 islands that attracts tourists by its stunning nature. Despite its modest size, it is a renowned offshore center where entrepreneurs flock to register their companies and open accounts. It is also well-known as a jurisdiction that offers highly reliable asset protection, and many wealthy people open trusts here to keep their money safe. You can get excellent banking services here at lower fees than in America or Europe, so the destination is highly recommendable.
Corporate Account Opening: Restrictions
In most cases, the Belize bank we recommend will say “yes” to your account. However, it does impose certain restrictions on the companies incorporated in certain jurisdictions or engaged in particular activities.
If your company is established in Belarus, Botswana, Cambodia, Crimea, Cuba, Ethiopia, Gaza Strip, Iran, Iraq, Ghana, Liberia, Libya, Myanmar, Nauru, North Korea, Palestine, Russia, Sudan and South Sudan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Venezuela, or Yemen, your application will not be approved under any circumstances.
Here are the activities that you cannot engage in if you want to open a bank account in Belize:
- MLM structures
- Any tobacco-related products
- Cryptocurrency (trading, and so on)
- Military products, weapons, ammunition, and so on
- Pornography-related products and services
- Selling prescription drugs
- Religious organizations
- Gambling activities
- Charitable projects
- Selling marijuana and dealing with similar activities
If your company is not based in the above countries and does not engage in the activities mentioned above, the Belize bank we recommend will open an account for you and will be happy to have you as a customer.
This is a really good option for the majority of businesses that will help you avoid high taxes or currency limitations.
And if your company matches one of the above lists, please get in touch with us, and we will offer you a viable alternative in most cases.
Belize Banking Products
Personal and corporate account holders can take advantage of VISA cards issued by the Belize bank, time/fixed deposits, and checking accounts in several currencies. Let’s consider each product separately.
The bank we recommend can issue bank cards for its customers which will make it possible for you to:
- Pay in any place across the globe where VISA cards are accepted
- Transfer the money to another cardholder
- Withdraw cash at ATMs in any country
- Top up the card (the maximum amount is 20,000 US dollars)
Here are the fees payable by VISA prepaid cardholders:
- Replenish the card at 3% of the amount
- The annual card maintenance fee is USD 50
- The refund fee is USD 40
- The fee for card delivery by courier depends on the destination
- The account maintenance fee is USD 3
- You will need to pay USD 3 for card activation
- You can see the balance at an ATM for USD 2
- Withdraw cash at an ATM for USD 5
- You can change your PIN at USD 2
- A POS transaction comes at USD 3 regardless of whether it was successful or not
- You will have to pay USD 10 for 90 days of card inactivity
- Currency conversion comes at 3%
One of the bank’s partners is ViaCarte, an international fintech platform that offers cutting-edge solutions. This cooperation adds the following functions to the card:
- Access to the system where you can find and book hotels and use special discounts
- Car rental discounts are offered as well
- You will be able to benefit from special conditions for travel insurance and other types of insurance
- You will need to accumulate bonuses to take advantage of a loyalty program that offers different discounts on various goods and services
- Finally, benefit from stronger asset protection and the possibility to enable/disable various functions online
Bank Accounts in Belize
Here are the types of bank accounts you can open in the Belize bank we recommend:
- Fixed-rate deposit account
- On-demand deposit account (used as an ordinary account for transactions)
The accounts above can be opened in US or Canadian dollars, euros, pound sterling, or Swiss francs.
Opening an Account in Belize: Steps
You can open an account online regardless of whether it is a personal or corporate account, or an account to be used by the trust or foundation. Our specialists will help you get a Belize bank account without much hassle. Here is what you are required to do:
- Click on the above link to contact us and sign an agreement on the services provision and discuss the details (for example, whether you need a nominee service or not)
- Pay the invoice that we will draw up in any convenient way
- Collect the documents and fill out the forms using our tips
- Wait for some time to start using your Belize account
Interested? Don’t waste time and click on the above link to read more details about the Belize bank account and book a session with our expert to get down to business!