What are the options for Belize LLC physical bank account opening?

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Yilin

New member
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

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
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.





 

Yilin

New member
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 make it a purchasing business, separate from another company that does sales. But now I find it difficult to open a bank account. Look at the post, the Swiss CIM will not work.

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

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

Sols

Staff member
Mentor Group Gold
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.
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.

I'm not making it a shell company, and I'm going to make it a purchasing business, separate from another company that does sales. But now I find it difficult to open a bank account. Look at the post, the Swiss CIM will not work.
As far as banks are concerned, it's a shell company or close enough to it, by not having any economic substance in Belize.

My single transaction funds may be around $80,000-300,000, I don't know if EMIs like Bankera are acceptable.
EMIs are probably your only options if you keep using 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 too much work and too much risk with not enough value in return for banks nowadays.

Looking at the Belize central bank report, BELIZE BANK is a bigger bank than HERITAGE. I don't know what its situation is. Of course, everyone recommends not to use Belize local banks.
With the only exception being a few banks like Butterfield, Scotiabank, RBC, and others that don't generally work with offshore companies, don't bank anywhere in the Caribbean if you can avoid it.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
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

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

@Gediminas he may be able to help you.
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, are there other reliable EMIs that can accept Belize LLC account opening? Recommend!
 

Yilin

New member
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.
Can you tell us in detail where we can still achieve zero tax? I seem to know only one Malaysian Labuan.
As far as banks are concerned, it's a shell company or close enough to it, by not having any economic substance in Belize.
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, and it is transferred out immediately after it is transferred in.
EMIs are probably your only options if you keep using the Belize company.
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, are there other reliable EMIs that can accept Belize LLC account opening? Recommend!
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 too much work and too much risk with not enough value in return for banks nowadays.
The turnover is millions of dollars, at least I know that Citibank has a special application channel, is there any other bank?
With the only exception being a few banks like Butterfield, Scotiabank, RBC, and others that don't generally work with offshore companies, don't bank anywhere in the Caribbean if you can avoid it.
Agree, the passport program of Caribbean countries is very popular in East Asia, but the bank is not good.

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

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

Sols

Staff member
Mentor Group Gold
Can you tell us in detail where we can still achieve zero tax? I seem to know only one Malaysian Labuan.
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.

Bankera's website is good, but it's a bit daunting with so many negative reviews on Trustpilot.
Based on my own experiences and those of others, I wouldn't recommend Bankera. Not because they are bad but because onboarding takes months, they often lose track of applications, and they don't understand most businesses very well.

The turnover is millions of dollars, at least I know that Citibank has a special application channel, is there any other bank?
Then you can speak to private banks in Switzerland, Liechtenstein, Singapore, and Hong Kong. You might still want to move away from Belize specifically and move to some more reputable option.

Belize is not an island country, with an area as large as 22 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 limited by their financial secrecy system.
Belize is mostly jungle and a relatively poor country. Banks know there is no real international economic activity happening there. They also know what kind of rubbish businesses set up in Belize, which unfortunately spills over and negatively impacts completely fine other

I first met Belize because of foreign exchange trading, where the best foreign exchange companies in the industry are located.
This is subjective but I'd say there are none. Maybe some have licenses in Belize as well as elsewhere. But none of them are located there.

The highest rated EMI in Trustpilot, Advcash is also based in Belize.
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 corporate services. Last I heard, they have tens of thousands of companies under management. They have zero reviews on Trustpilot. Because their clients aren't the kind of people who waste time writing online reviews.
 

Yilin

New member
Literally no big, legitimate businesses use Advcash. Absolutely zero. You go to Advcash if you have nowhere else left to turn to.
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.
Vistra is one of the biggest service providers in offshore/international corporate services. Last I heard, they have tens of thousands of companies under management. They have zero reviews on Trustpilot. Because their clients aren't the kind of people who waste time writing online reviews.
Belizean companies do not have to do accounting and tax filing, and they have a real conflict of interest with business consulting companies like Vistra. It is understandable that they are hated.

Literally no big, legitimate businesses use Advcash. Absolutely zero. You go to Advcash if you have nowhere else left to turn to.
Actually, I'm still going to try a local bank in Belize. Belize is a country of the Commonwealth of Nations, a large non-island country. As a business practice arrangement under the common law legal system, the financial secrecy system, I think this reflects the political wisdom of British politicians and the freedom of capitalism.

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

Entrepreneur
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

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
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.

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

Yilin

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

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