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News on Belize Accounting Records

June 2, 2014 - by Nida U.
News on Belize Accounting Records

Now:
Belize International Business Companies are obliged to prepare and keep its accounting records, further all accounting records shall be maintained and retained for a period of not less than 5 years. These records shall be kept in any place within or outside Belize as may be determined by its directors or other competent persons.

WHY?:
On October 10, 2013 Belize has passed the Accounting Records (Maintenance) Act 2013 in an effort to improve the country`s legal and regulatory framework.

Main facts you should know:
- The Act, permits every entity to choose the location where these records will be kept, and the options are any of the following locations:

  • At the registered office in Belize.
  • At the office of the Registered Agent in Belize.
  • At such other place within or outside Belize as may be determined by company directors or other competent persons.
- When accounting records of an entity are kept outside Belize then such entity shall provide its Registered Agent in Belize with a written record of the physical address of the place(s) where the accounting records are kept and notify the Registered Agent of any change thereto within 14 days.
- In addition, it will be the duty of the Registered Agent to obtain accounting records from wherever they are kept and provide these to the competent authority in Belize upon request within the time specified in such request.
- "Accounting records" include financial statements, general and subsidiary ledgers, sales slips, contracts and invoices and records and documentation relating to:
  • An entity`s assets and liabilities.
  • All sums of money received and expended and the matters in respect of which the receipt and expenditure takes place.
  • All sales and purchases.
  • All financial transactions.
- Another important aspect is that all accounting records have to be maintained and retained for a period of not less than 5 years following the closure of an account, or the end of a transaction, or the termination of a business relationship, whether such relationship is a one-off, regular or habitual relationship.
- It is also important to note that in case of non-compliance of this requirement your Company may be struck-off the Registry pursuant to the sanction stated in article 3(5) of the Act.
- The full text of the Act is available on:

Thank you for reading my post! And you are welcome to leave comments, feedback, suggestions for other posts or contact me for more information.
Nida U.

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