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
Do you have an idea of what the pay scale is for various jobs in Belize?
Viewed 9481 times since Fri, Nov 7, 2014
What is the amount of Belize’s total national debt?
Viewed 6016 times since Fri, Oct 28, 2011
Where can I go for Belizean investment information?
Viewed 7307 times since Thu, Apr 23, 2009
Is there a cleaning service on the island?
Viewed 3765 times since Thu, May 26, 2011
Do you have a list of Belize Jungle Lodges?
Viewed 19435 times since Sat, Sep 10, 2011
How do i pay my property taxes? I have not received notice of them being due.
Viewed 8198 times since Wed, Oct 17, 2007
How to Buy Property in Belize
Viewed 5607 times since Tue, May 20, 2014
I would love to know costs of services from locals living on Ambergris. Please give all price in Belize dollars.
Viewed 18797 times since Wed, Dec 6, 2006
The Top 11 Reasons to Invest in Belize
Viewed 7055 times since Wed, Nov 6, 2013
What are business hours?
Viewed 7850 times since Wed, Dec 6, 2006