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The Greatest of the Greatest LLC`s there is…

October 18, 2013 - by Nida U.

Limited Liability Company

About Limited Liability Company (LLC)

Limited Liability Company (LLC) is a hybrid entity that combines advantageous elements of two common business structures - corporation and partnership.

One may say that the new Belize offshore LLC Act is probably the best LLC Act in the world! In Belize, LLCs are regulated by Limited Liability Company Act (2011). This act is elaborated based on previously existing LLC regulating legislation of Nevis, Delaware, Cook Islands and other jurisdictions. How is it the best then, if it is created based on all the other legislations? Exaclty because of that - Belize took the best of all and added that little extra to make it even better.

It sure is one of the best LLC acts there is, even more, it is one of the most important legislations for asset protection in the world.

What is so good about Belize LLC?

Tax exemption: Belize LLC is exempt form all taxes, duties and exchange control in Belize. All the transactions as long as they do not involve any property located in Belize are also free from stamp duty.

Confidentiality: Belize LLC can be registered without any personal information about the members of the LLC becoming public. To increase the level of confidentiality, nominee services can be used that will hide the name of the real beneficial owner of the LLC from any public record or other third parties. All personal information about the beneficial owners of the LLC is kept absolutely confidential. Severe punishments are prescribed by law for any unauthorized disclosure of such information. The law also states that any legal proceedings, that are not connected with criminal accusations, raised in Belize regarding the LLC will be held in camera and any information will be disclosed only in strictly determined circumstances.

No reporting requirements: LLCs are not required to report any financial information to any institution.

Management: Belize LLC can be managed either by appointed managers or by the members themselves. While the assets transferred to the LLC are well protected, the members can carry on active asset management and active business through the LLC. Our nominee manager service can be used to provide higher level of confidentiality.

Independent legal entity: A Belize-registered LLC is an independent legal entity and has the same powers as any natural person or body corporate. At the same time, the liability of all members is limited and any of the members, managers, employees or other persons connected with the LLC are not personally liable for any debts or obligations of the LLC.

And the best of all benefits:

Asset protection: Belize LLC Act contains various very strong asset protection provisions making it extremely difficult for any creditor to pursue the assets transferred to a Belize LLC. Any creditor willing to pursue such assets will be confronted with legal complexity of procedure, excessive costs (the creditor will have to deposit USD 50,000 or more to secure the costs) and he will have to prove that the intention of the asset transfer was a fraud. Considering the excessive requirements for creditor to reach LLC assets, the only possible remedy is rather minor: the transfer will not be declared void in any case and the creditor can only claim become asignee of member’s interest (can access to the funds transferred to the LLC, but cannot participate in management of the LLC). The law also states that the member’s interest cannot be unvoluntarily alienated or charged in any way.

Have you secured your assets under the dome?

Limited Liability Company

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

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