New Companies Bill will see the merger of local and international corporate registries

By BBN Staff: The Government of Belize is preparing legislation geared towards streamlining business laws and processes in Belize by merging the registries for local and foreign companies.

Cabinet announced in its weekly briefing that it will shortly introduce the Belize Companies Bill, which will see the amalgamation of the Belize Companies and Corporate Affairs Registry (BCCAR) and the Belize International Corporate Affairs Registry. Cabinet says the legislation will consolidate and modernize the Companies Law Framework in Belize.

“The result of these actions will allow for strengthened compliance in line with international rules and regulations to support and enable digital transformation through the leveraging of information and communications technology and to enhance the business law regime, all meant to improve investor confidence, boost competitiveness, and cultivate a culture of innovation and modernity in the business environment,” Cabinet said.

The briefing also made mention of an incoming move to consolidate bodies that collect tax revenues, to have one body overseeing the administration of those revenues.

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