Belize & Ambergris Caye Help

Accounting Records (Maintenance) Act 2013

Belize has recently passed the Accounting Records (Maintenance) Act in a bid to improve the country’s legal and regulatory framework.

In accordance with the Act, every entity shall keep its accounting records at any of the following locations:

  • At its registered office in Belize.
  • At the office of its Registered Agent in Belize.
  • At such other place within or outside Belize as may be determined by its directors or other competent persons.

If the 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 shall 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.

The Act is applicable, amongst others, to the Belize International Business Company (IBC) and to the Belize International Trust.

In the Act, "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.

Furthermore, all accounting records shall 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.

0 (0)
Article Rating (No Votes)
Rate this article
Attachments
There are no attachments for this article.
Comments
There are no comments for this article. Be the first to post a comment.
Full Name
Email Address
Security Code Security Code
Related Articles RSS Feed
What is the amount of Belize’s total national debt?
Viewed 5304 times since Fri, Oct 28, 2011
What are the Basic Expenses in Belize Retirement?
Viewed 3597 times since Fri, Nov 29, 2013
Starting A Business In Belize
Viewed 5542 times since Mon, Jul 15, 2013
How do you open an Offshore Bank account in Belize?
Viewed 4950 times since Fri, May 16, 2014
What is the common currency in Belize?
Viewed 16519 times since Wed, Dec 20, 2006
Is there a cleaning service on the island?
Viewed 3243 times since Thu, May 26, 2011
Where can I go for Belizean investment information?
Viewed 6908 times since Thu, Apr 23, 2009
How do i pay my property taxes? I have not received notice of them being due.
Viewed 7347 times since Wed, Oct 17, 2007
What’s the best way to get cash on AC if you run out?
Viewed 12598 times since Wed, Apr 1, 2009
Doing Business in Belize
Viewed 2510 times since Tue, Aug 26, 2014