Question What happens if I don't fulfill a Belize companies obligations for 2023? I wish only to retrieve stuck funds.

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TomNOYB

New member
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 not done any of this.

The goal is to retrieve the funds, which should come in a few months, and close the company.

The agent's cost to renew and do all the above is about $1400, but I suspect this could wake the beast.
Nothing has been filed for 2020, probably meaning fines. 2022 and 2023 will also need to be reported meaning extra cost again.

My questions:
1. How long after not renewing with my agent, will my company still remain active on the registrar?
2. If I manage to get the refund in a few months, but forgo all of my Belize obligations, what's 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?
 

TomNOYB

New member
I would do the same in your case.
Under normal circumstances, after 1 year of not paying the renewal fee the company's status will become inactive. After 3 years it'll dissolve.
I hope this re-register into the new OBRS system doesn't change anything.
But I still wonder, what can they do? Even if I had a $100k fine to pay to Belize. Can they do anything, other that write me letters?
 

Delight

New member
I would do the same in your case.
Under normal circumstances, after 1 year of not paying the renewal fee the company's status will become inactive. After 3 years it'll dissolve.
I hope this re-register into the new OBRS system doesn't change anything.
But I still wonder, what can they do? Even if I had a $100k fine to pay to Belize. Can they do anything, other that write me letters?

I am a resident of Belize and law enforcement is pretty underfunded. It's a small country with a small reach and a lot of corruption. I would try to do everything remotely if possible or have someone here do it for you just to be safe. I also wouldn't be surprised if there was someone you can reach to make this all blow over with the reputation of corruption Belize has attained.
 

boomy

Mentor Group Gold
Mentor Group Light (Private use!)
But I still wonder, what can they do? Even if I had a $100k fine to pay to Belize. Can they do anything, other that write me letters?
No they can't and they won't. Just let it die as suggested here already.
 

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