In this article, we’ll share how to open a business bank account in Belize. This will include account opening for entities registered in Belize, foreign jurisdictions, and offshore.
Of course, the business banking options you can consider in Belize will depend on the operations of your business, where your business is registered, where it operates from, and several other key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening a Belize bank account for your business.
This article is part of our free series on banking in Central America, specifically Belize, and how to successfully open accounts here, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Business Bank Account in Belize
- Can a Foreigner Open a Business Bank Account in Belize?
- Benefits of Banking in Belize
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Business Bank Account in Belize
How to open a business bank account in Belize will depend on the type of business you operate, where your business is located, the deposit your business can make, the residency status and citizenship of all shareholders and directors, whether or not you need to open an account remotely, and several other key factors.
Of course, each bank in Belize has its own account opening procedures, document requirements, deposit requirements, and other Belize-specific banking requirements that each business will need to meet.
Additionally, it’s important to note that the opening procedures and deposits will vary depending on the type of company applying for an account. Not to mention, the banking tariffs and costs of banking in Belize can also differ depending on the bank you choose to open with.
Generally speaking, to successfully open a business bank account in Belize, specific documents are often a requirement for foreign businesses. These documents include both business documentation and personal documentation.
Business documentation includes company financial statements, bank reference letters, proof of address, and active contracts.
Personal documentation typically includes government-issued identification for all owners and directors and in certain cases it may also include proof of address or residency.
In the following sections of the article, we’ll share how you can find the right financial institution by sharing a schedule of banking groups and a list of banks in Belize that actively accept foreign businesses and those that allow remote opening.
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Can a Foreigner Open a Business Bank Account in Belize?
Yes, a foreigner can open a business bank account in Belize. In fact, most foreign non-resident companies and offshore entities can open bank accounts in Belize 100% remotely. That said, the vast majority of Belize banks do not accept foreign and offshore entities.
Some banks also have restrictions on how they receive payment transfers and how to send money to Belize. So, bank selection is critical and so is preparing your application to provide the highest chances to unlock overseas banking services and Belize offshore banking before submission.
Let’s take a closer look at the types of clients who can open business bank accounts in Belize.
Clients That Can Open Belize Corporate Bank Accounts
- Belize companies
- Foreign companies interested in establishing operations in Belize
- Foreign operating businesses with zero operations in Belize
- Belize trusts & non-profit organizations
- International Business Companies (IBCs)
- Offshore holding companies
Of course, it is worth noting that each bank in Belize will have its own onboarding process and specific business types they accept. With this in mind, it’s important to confirm whether each bank’s requirements match your company before applying to open a Belize company bank account.
Additionally, when banking as a foreign non-resident, it’s important to also consider the cross-border financial risks and risks of banking in Belize and the restrictions your account may have before applying to open an account.
Unfortunately, accessing this level of information is extremely difficult. In fact, even when contacting banks, many bankers are unaware of the compliance requirements and restrictions that applicants may face. Not to mention the struggle of getting bankers to respond to you in a timely manner.
Benefits of Business Banking in Belize
The benefits of business banking in Belize depend on your specific client profile and the commercial financial services and other banking services your company requires. In other words, the industry you operate in, where your business is located, why you want to bank in Belize, if a bank account in Belize Dollars, the currency of Belize is required, and any additional corporate banking services you require.
Of course, not all financial groups in Belize, including the largest banks in Belize, offer the same corporate banking services and benefits. So, it’s important to consider the exact banking rewards and benefits of banking in Belize you are looking for prior to applying for a Belize corporate account. You can do this by using the information available in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of Business Bank Accounts in Belize
- Accepting of offshore and foreign entities
- Remote opening is 100% possible
- Lower minimum deposits
- Accepting of members of the Unlucky Passport Club
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a business bank account in Belize. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Requirements Do I Need to Open a Business Bank Account in Belize?
The requirements you will need to open a business account in Belize depend on the bank you apply to and your business’ client profile. Generally speaking, most applicants will need to complete the bank account opening paperwork, provide multiple forms of identification, submit company financial statements, and more.
Can a Foreigner Open a Belize Bank Account?
Yes, a foreigner can open a bank account in Belize. In fact, foreigners can open a multi-currency account or a personal bank account in Belize 100% remotely. That said, not all Belize banks accept non-resident clients. Likewise, of the banks that do, not all offer remote opening. With this in mind, bank selection is an important step toward knowing where to open a bank account.
What Are the Required Documents to Open a Belize Bank Account?
The required documents to open a Belize bank account will vary between banks, branches, bankers, and even on the type of business you have. Generally speaking, you’ll likely need to submit proof of residency, a personal reference letter, a bank reference letter, a notarized certificate of incorporation, and more.
Which Bank Is Best for Foreigners in Belize?
The bank that is best for foreigners in Belize will ultimately depend on the client applying for an account. With that in mind, when choosing a bank in Belize as a foreigner, it’s critical to consider banks that actually work with non-resident clients and offer non-resident banking services. This is because not all banks in Belize accept foreigners.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
