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
How do you open an Offshore Bank account in Belize?
Viewed 4214 times since Fri, May 16, 2014
What is the common currency in Belize?
Viewed 15708 times since Wed, Dec 20, 2006
What are business hours?
Viewed 6924 times since Wed, Dec 6, 2006
Do you have an idea of what the pay scale is for various jobs in Belize?
Viewed 5424 times since Fri, Nov 7, 2014
What are the Basic Expenses in Belize Retirement?
Viewed 3283 times since Fri, Nov 29, 2013
Starting A Business In Belize
Viewed 4950 times since Mon, Jul 15, 2013
When I am looking at lodging rates on the internet. Are they in Belizean dollars or American dollars?
Viewed 1502 times since Mon, Aug 17, 2015
Do you have a list of Belize Jungle Lodges?
Viewed 14097 times since Sat, Sep 10, 2011
Belize Fast Facts - FAQ
Viewed 6091 times since Mon, Aug 25, 2014
Doing business or investing in Belize
Viewed 2489 times since Wed, Feb 5, 2014