Registering a sham offshore company at a low cost thus evading taxes was never a good idea. All offshore companies should can benefit from economic substance that includes a company office, office equipment, a professional director, salaried personnel, and so on.
Belize Economic Substance Act and other updated rules for IBCs: TIN, relevant activities, primary income, staff, office, FY reports, etc.
Important amendments have been recently introduced to the Belizean legislation related to company economic substance requirements and corporate taxes.
