The Belize Companies (Amendment) Act 2023 came into force on 13th July 2023 by which the Ultimate Beneficial Ownership (UBO) information should be filed with the Companies Registry- via the Online Business Registry System (OBRS).
Who does this UBO registration apply to?
The UBO registration applies to legal entities incorporated, registered or continued in accordance with the Belize Companies Act 2022.
What is the OBRS secure search system?
An electronic platform or system that safely stores a company’s information, including the beneficial ownership interests in companies incorporated or continued in Belize that shall be secure and controlled by the Registered Agent of a company, accessible only from a designated secured location within the Belize jurisdiction.
Who all have access to the OBRS system?
Access to the OBRS system is permissible only to the Registered Agent of the Belize company from a physical location in Belize and by a Government Competent Authority established by law. UBO information will not be accessible to the general public.
Who is considered a beneficial owner?
A beneficial owner is the natural person who ultimately owns or controls a legal person other than a company whose securities are listed on a security exchange, whether directly or indirectly 10% or more of the shares or voting rights in a company.
In the case of a legal person, a natural person who otherwise exercises control over the management of the legal entity other than solely in the capacity of a director, advisor or professional manager.
What information on the beneficial owner will be uploaded on the OBRS system?
a) name
b) residential address
c) country of residence
d) date of birth
e) nationality information identifying the person from their passport, driver´s licence or other government-issued document including: identifying number, country of issue, date of issue and expiry
Duty to keep information up-to date
A company shall within 14 days of becoming aware of a change of any information relating to beneficial owners notify its Registered Agent of such changes and the date such changes took place for the Registered Agent to update the information on the Register of Beneficial Owner accordingly.
Sanctions
The Belize Companies Act 2022 establishes sanctions, including pecuniary fines, for the company and registered agent that provides misleading information or fails to comply with a requirement without reasonable cause.
Deadlines
Each registered agent in Belize must upload information on the beneficial owners of companies it represents on an ongoing basis, including incorporations and companies continued in Belize.
As your responsible registered agent, we are in the process of complying with this requirement; and please do not hesitate to contact us or your professional intermediary advisor if you have any questions or require guidance.
Please note the above is intended to be a general summary and not legal advice. For further assistance or clarification please contact our team at [email protected].