There has been a lot of talk over time about the effects of offshore drilling on Belize’s coast and whether or not it should be done here. Those for offshore drilling, tend to think more of the immediate benefits to the country’s economy. However, the downfall offshore drilling can eventually impose on Belize’s ecosystem and economy would be devastating and almost impossible to recover from.

Belize’s economy is driven mainly by tourism. Offshore drilling be allowed on the reef and an oil spill occurs, the entire reef, including all the marine life and famous sites like the Blue Hole, would be destroyed. Oceans absorb about one third the amount of carbon dioxide emissions that already gets dumped into the ocean via improper waste disposal and land drainage. This carbon dioxide changes the oceans’ chemistry making it more acidic, degrading the coral reef.

According to waterencyclopedia.com, approximately 706 million gallons of waste oil enters the ocean every year. This waste oil causes mass mortality and contamination to fish and other marine life used for food.

It is our duty to help protect our reef and maintain its health so the natural wonders of Belize can be enjoyed for many more years to come. Here are some ways you can help preserve Belize’s coast.

1. Eat sustainable seafood

Eating sustainable seafood is essential to maintaining high quality seafood on the market. This means, eat seafood only when it is in season. If you go to a restaurant or store and see them selling sea foods that are out of season or too small to be harvested, report it to the local fisheries department so they can investigate and ensure these establishments are performing up to code.

2. Conserve energy

Burning fossil fuels for energy emits carbon dioxide that makes the ocean more acidic. Higher acidity in the ocean will cause the corals in the reef to deteriorate and eventually die out. You can help conserve energy and reduce waste by switching to high efficiency appliances, using fluorescent light bulbs, and turning off appliances when they’re not in use.

3. Swap disposables for re-usables

Disposable plastic utensil are often thrown into the ocean and eaten by birds and fish. This plastic chokes the animals and causes blockage in their digestive system resulting in starvation and eventually death. Instead of using disposable plastics that don’t get disposed properly, opt for reusable water bottles and plates. When shopping take along your own cloth grocery bag instead of getting plastic bags for your groceries.

4. Pick up trash on or near the beach

Many times after the crowds clear the beaches, there’s a heap of empty wrappers, cans and bags left blowing about. When going to the beach, always pack extra trash bags and collect all your garbage and properly dispose of them when you leave.

5. Tell a friend

The only way people are going to know how harmful their bad habits are to the environment is if they’re educated about it. Tell your friends about the importance of the reef to Belize, and how they can help preserve Belize’s ocean!

A nonprofit refers to an organization that works to serve a public purpose. It is not geared toward any financial benefits of one set individual, company or entity. Nonprofits simply exist to serve and fulfill a community need. In Belize, these organizations are governed by the Non-Governmental Organisations Act, Chapter 315 of The Laws of Belize.

There is not one set person who owns a nonprofit, but it is owned rather by a governing board of directors. Because nonprofits are not in existence to earn a profit, any excess in revenue of the operating budget will be directed back into the organization.

A Nonprofit is also known as a charity, not for profit, NGO, voluntary organization, social sector or independent sector.

According to the Non-Governmental Organisations Act, the following attributes and characteristics are found in Belize nonprofits:

• Independent from Government control in its operations and management;
• Its purposes should be to achieve sustainable human development on a voluntary, not for profit basis;
• All business affairs should be conducted under the management of its elected board of directors, whom shall not have any personal gains to attain from the organization;
• All activities in Belize should be consistent with the principles and provisions of Belize’s constitution.

If you’ve decided to start up a nonprofit to aid your community, you can contact this law firm in Belize for assistance.

How to Start a Nonprofit?

1. Make a plan

The first thing you need to do when starting up a nonprofit is to do your research. You need to ensure that a new nonprofit organization is needed in the community and that it won’t compete with any other NGO’s in the area that serve the same cause.

Next, you’ll need to develop a strategy of operational and fundraising plans. Some areas you’ll need to outline during this phase are:

• Why does that organization exist?
• How will it serve an unmet need in the community?
• How will this nonprofit serve this need differently from other similar nonprofits?
• What will be the mission?
• How will the nonprofit be funded?
• What activities will be undertaken by the nonprofit?

2. Choose a name

The name of your nonprofit needs to be unique, but also easily remembered while encompassing the organization’s mission.

3. Recruit a Board of Directors

A nonprofit isn’t owned by any one individual but rather managed by a board of directors that is legally accountable for its actions and to oversee the success of the nonprofit’s purpose.

4. Draft By-laws

By-laws serve as the operational manual for your nonprofit. They set out the rules that govern the internal management of the organization. These by-laws need to be prepared by the Board of Directors and adopted by the time you go to register the nonprofit.

5. Register the organization

You must complete the nonprofit Application Form and attach the following supporting documentation for submission to the Registrar:

• Memorandum of Articles of Association, showing the company is limited by guarantee;
• The registered name and address of the nonprofit;
• Details of the objectives and purposes of the organization, particularly those relating to sustainable human development in Belize;
• The nonprofit’s organizational structure, including details of how its directors are elected along with their duties, powers, and terms of office;
• The accounting and management procedures;
• The names, addresses and occupation of each member of the board;
• Programs that the organization plans to carry out each year;
• An estimation of the maximum annual revenue and grants;
• And, the by-laws of the nonprofit.

Nonprofits in Belize are exempt from all income taxes and may apply to the Minister of Finance to also be exempted from other business taxes and duties. Every nonprofit in Belize is required to keep accounts and other records of the business to ensure that it conforms to commercial and accounting standards. All nonprofit accounts will be audited annually by an auditor appointed by its Board of Directors. These statements of accounts are due within four months after the end of each financial year.

For access to the Non-Governmental Organisations Act, click here.

2020 marks the 30^th anniversary of Belize’s International Financial Services Industry. Presently, Belize provides world-class financial services targeted toward the international investors with the formation of international business companies, international trusts, offshore foundations, open ship registry, foreign exchange and securities trading, and many other ancillary services.  We recommend International Corporate Services and Belize Corporate Services for your offshore investments in Belize.

Why choose Belize for your offshore banking?

English-speaking

Belize is easily accessible to major countries like the United States, Mexico, Canada, UK and more. Despite being a part of Latin America, Belize boasts English as its official language making it very easy for the English-speaking investors to conduct business.

Tax efficient

All interests earned on offshore accounts and other investments are paid without tax deductions. Should you transfer savings and investments from your own home country, you can reduce the taxes due there every year. If you choose to retire in Belize, you can work with these financial institutions to mo e your 401K account to Belize in order to fund your retirement.

Flexible

There’s no need for you to leave your home country to open an offshore account. You can communicate with your offshore provider via a secure internet connect, e-mail, or telephone. They also issue ATM cards for you to access your funds.

Private

It is not required by law for the owners of Belize international business companies or offshore accounts to be openly disclosed, unless in the case of a criminal investigation. Customer confidentiality is considered as highest importance for financial institutions and is bounded by strict laws that protect the non-disclosure of client information.

Belize Offshore Banking

Offshore banking is completely legal and is becoming even more main stream. More and more investors are seeing the additional benefits, aside from tax-breaks, of establishing their assets offshore. Because you’ll need to know the specifics of Belize’s jurisdiction as its concerned you’re your investments, you should always seek legal advice from local lawyers to ensure you are conducting business within the realms of Belize’s laws. Courtenay Coye LLP is a Belize law firm with highly recommended banking attorneys.

It is best to rely on your own knowledge, so always do your own research and ensure that investing in Belize will provide all the financial benefits you’re looking for.

What is a Belize IBC?

A Belize IBC is an International Business Company (offshore company) formed within the jurisdiction of Belize that is free from all taxes and exchange controls. These companies are normally set up to assist individuals in leasing and owning property, estate planning, and tax optimizations.

Belize IBC’s or Belize offshore companies can be incorporated quickly, sometimes in less than an hour, and the shares held may be denominated in any currency. Although Belize has been establishing offshore companies for a long time, the country is still a developing market with merely 35,000 IBC’s. Because of this, forming a Belize IBC gives individuals a vast availability of unique company names to choose from.

What institutions in Belize can assist with Belize IBC formations?

If you’re interested in forming a Belize offshore company, there are highly esteemed businesses that provide international services within Belize.

International Corporate Services (ICS) provides formation services for Belize IBCs, Belize Trusts and Belize Ship Registration. ICS is not only versed in Belize offshore services, but they incorporate Anguilla IBC’s as well as IBC’s in the British Virgin Islands, Costa Rica, Cyprus, Dominica, Hong Kong, Nevis, Panama, Seychelles, and the United Kingdom.

Belize Corporate Services (BCS) assists in the formation of not only Belize IBC’s, but also, Belize Trusts and Belize Foundations. BCS also provides excellent virtual office services, other ancillary corporate services and offshore banking through its partner—Belize Bank International.

What are the benefits of Belize IBC’s?

Offshore companies are becoming increasingly popular for individuals with high net worth. This is because it provides them with a sound investment to secure their assets and reduces the risks of their assets becoming regulated by only one jurisdiction. Here are a few other benefits of Belize IBC’s.

Belize IBC’s are flexible

There is only one director and shareholder necessary when forming a Belize IBC. The director doesn’t need to be living in Belize. The meetings of IBC shareholders and directors may be held in any country and at any time. Shares for the Belize IBC can be issued without a par value. The IBC may be incorporated in any language once an English-translated copy is also provided. Belize IBC’s also have the flexibility to migrate into and out of Belize. However, once the IBC migrates back into Belize the previous governing laws will no longer be operable.

Belize IBC’s are confidential

Belize laws provide provisions to protect the freedom of directors and shareholders while keeping all commercial transactions private. The only document presented for public filing at the Belize International Business Registry is the Memorandum of Articles of Incorporation. Based on Belize’s Anti-Money Laundering Act, there is no need to publicly disclose any annual filing of accounts.

Belize IBC’s are cost effective

Belize IBC’s were designed to cost saving. The registration fee is very competitive with other offshore jurisdictions. Belize offshore companies carry no minimum capital requirements, no annual returns, and there is no requirement for an annual general meeting. The maintenance costs are kept at a minimum.

What are the procedures to incorporating a Belize IBC?

Are you interested in forming a Belize IBC? Here’s a guide of everything you’ll need.

1. Choose an international corporate services agent
2. Complete the IBC application form
3. Get a notarized copy of your passport
4. You’ll need two bank reference letters from institutions that you have at least a 2-year relationship with
5. Also, you’ll need a professional reference letter from an attorney or accountant that you have had at least a 2-year relationship with
6. Provide a copy of a utility bill as proof of residence.

Pawn Shop Loans In Belize

Meet Janet. Janet is a 34 year old employed, single mother of two toddlers – Tyler, 5, and Alex, 3, earning a modest salary of $1,200 a month. Unfortunately, Tyler is suffering from appendicitis and needs surgery to have his appendix removed right away. Janet’s salary isn’t enough to cover her current monthly expenses as well as the medical expenses incurred due to Tyler’s condition; so she decides to pawn her vehicle to get the extra money she needs for her son.

Janet visits a Belize City pawn shop and pawns out her 2006 Ford Escape, which is valued at $16,000 on her insurance policy. She settled for the $3,000 maximum that the pawn shop offers for vehicle pawns which must be paid back within a month at a 25% interest rate. The pawn shop also made Janet aware that there is a two-month grace period before she is served by the police to repossess the vehicle.

Tyler is now recovering well after surgery. But after paying all his medical bills, Janet didn’t have enough to cover her total pawn repayment within the two-month period. Now, the pawn shop is taking her vehicle away. What can she do to get her vehicle back?

Legal Advice by Estevan Perera – Attorney-at-Law

According to the Belize lawyer, Janet should challenge the Pawn Shop at the Magistrate Court based on the following grounds:

1. The loan agreement appears to violate section 26(1) of the Money Lenders Act and, as such, can be challenged in the Magistrate’s Court.

Section 26(1) of the Money Lenders Act states that the lender cannot charge interest in excess of 48% annually (4% monthly). Because Janet’s agreement states that the monthly interest is 25%, the Magistrate may deem the loan agreement illegal or the Magistrate may reduce the interest rate considerably so that it becomes compliant with the Act.

2. Section 24 of the Money Lenders Act states that if the borrower should go to court with evidence that proves the interest charges in respect to the amount of the loan are excessive, or if the penalties are harsh and unconscionable, the court may relieve the borrower of any excess payments.

Since the Pawn Shop wants to keep Janet’s vehicle, she needs to inform them that she is aware of her rights as a borrower and does not permit them to sell her vehicle because of non-payment. It is illegal for the Pawn Shop to keep a vehicle valued at $16,000 in exchange for a $3,000 loan. They would be unjustly enriching themselves. The proper procedure for the Pawn Shop to be able to get back their payments from the borrower would be to auction the vehicle for its true market value and then take the money owed to them (including interest) and return the balance to Janet.

There are several provisions made in the Money Lenders Act that protects lenders from these Pawn Shops and Small Money Lending businesses. You can read more about them here.

Estate Planning has a bad reputation as being a hassling task to complete. But hiring an attorney to help will make the process a whole lot quicker and easier. Belize Probate Lawyers can assist with drafting your will, formalizing the documents, and ensuring that your final wishes are carried through as planned.

Here are some reasons why you should create a will.

Secure your kids’ future

It’s very careless, though commonplace, to assume that your parents or other close family member will pick up the slack and take responsibility of raising your kids after you’ve passed. If you want a specific family member or friend to take care of your children, that’s not your next of kin, you need to explicitly state that in your formal will.

Keep your family happy

A lot of people tend to make a major beneficiary of their will the estate’s executor. Decisions like these can blur the lines of fairness causing tension and conflict within the family. Its best to choose someone outside the family, like your attorney or a close friend that’s not a beneficiary of the will, to be your estate’s executor.

Don’t let the government distribute your estate

It is common for the government to step in and distribute assets that’s left in one’s estate if there wasn’t a will prepared before the person’s passing. In most cases this shouldn’t matter, because the assets would go to the deceased’s next of kin. However, there are families with a very unique structure comprising of members completely unrelated by blood. If your family falls within this category and you want to leave something for a non-blood relative or close friend, ensure that it’s stated clearly in your will otherwise they could be left out.

Let a Belize lawyer help you

Belize lawyers specializing in Probate and Succession are easy to find. They can assist in the preparation of a will, application for grant of probate, application of administration, challenges to will, estate planning advice and the republication of a will. Call a lawyer in Belize today and ensure your family is well provided for with a will.