Orion Corporate & Trust Services Ltd. is fully committed to providing the very best in quality international financial services in Belize. We are well placed to serve as the local representative for an applicant to ensure the success of an international banking license application.

International Banking License Regulation

The international banking industry in Belize is governed by the International Banking Act, Chapter 267, Revised 2003. The governing body for the approval and issuance of an international banking license is the Central Bank of Belize. The first international bank was licensed in 1998 and today there are seven international banks which have been duly licensed in Belize.

The minimum capital required for an international bank with an "A" class license to start is US$3 million in the case of a domestic company and US$25 million for a foreign bank. An international bank with a "B" class license is required to start up with a minimum capital of US$1 million in the case of a domestic company and US$15 million for a foreign bank. The applicant for an international banking license can be an International Business Company from Belize, a domestic company (formed under Chapter 250 of the Laws of Belize) or a foreign bank, meaning a Bank duly licensed in a different country.

To support Belize's international banking industry, there are reliable communication facilities that include a telecommunication system (internet, voice and data), convenient international air travel links to major hubs in the USA and Central America, reliable mail service and a suitable time zone in which to carry on international banking business. Belize's English - speaking populace further contributes to the enabling of international business. Spanish is also widely spoken and there are a growing number of Chinese-speaking nationals in Belize.

Procedure to Apply for an International Banking License in Belize
 

1. The first step in the application process is an initial introductory meeting to further an acquaintance between the Central Bank and the applicant's principals. One director (usually a non-executive Director) must be Belizean. Other directors can be had from any country and must be qualified and experienced in international banking and be of suitable character and financial status. At least one of the Directors must have had prior banking experience. At the initial meeting with Central Bank, the principals are expected to make a verbal (or electronic) presentation of the proposed bank's purpose and business plan.
   
   
2. At a second pre-filing meeting between the applicant and the Central Bank, the applicant has to clarify any points not understood and at the same time appoint a local representative for all subsequent communications between the applicant and the Central Bank.
   
   
3. A detailed Business Plan must be submitted in writing along with historical financial statements as well as a Risk Management Strategy and a 3-year projected balance sheet. Vital information to provide at this stage constitute personal biographical reports, references, CV's and financial statements of the founding directors, officers and officials of the proposed bank. Complete details must be submitted, as well, on the type of banking business that will be engaged in. The applicant is required to pay a non-refundable application fee of US$500 at the time that the application package is submitted; and, the application should be as complete as possible with substantial documentary support to facilitate the expeditious processing of the paperwork which can take anywhere from six months to one year to be completed.
   
   
4. Upon acceptance by the Central Bank that the application package is in order and that all the required sections of the application have been properly addressed, the applicant's local contact is subsequently notified of the Central Bank's approval or disapproval for the issuance of an international banking license.
   
   
5. If approval is granted by the Central Bank to issue a license, the organizers of the bank are expected to organize the new bank on a timely basis and to abide by all relevant laws, regulations and conditions attached to the approval. When approved, a banking license remains valid for an unlimited period of time.
   

Class "A" Banks

Class "A" banks are required to establish and maintain an operational office and a physical presence within Belize; and, are authorized to transact international banking business without any type of restrictions. The bank's registered office in Belize can be operated by a minimal staff and the main operations may be conducted from branches which are located anywhere in the world.  The annual licensing fee to maintain a Class "A" banking license in Belize is US$20,000.

Class "B" Banks

Class "B" banks are normally established by a large group of associated companies to provide banking services to members of the group. As with Class "A" banks, they must maintain and operate a business office in Belize but they can only transact banking business as specified in their license. A Class "B" bank cannot transact banking business with the general public and are restricted to doing banking business with members of the Group. The annual licensing fee to maintain a Class "B" banking license in Belize is US$15,000.

Professional International Banking License Services

Our representative services start with the review of documents for the preparation of the Business Plan and providing legal support where necessary for the proposed banking license application. Our services continue through to the scheduling of appointments with Central Bank and providing local director services for the approved bank's local operational set-up. One of members of Orion's Board of Directors has had over thirty years of local and international banking experience.

With the Central Bank of Belize's thoroughness in the consultation and vetting process and its commitment towards incorporating best practices and basic standards as recommended by the Basle Committee on Banking Supervision, Belize is one of the better choices to consider for the granting of a reputable International Banking License.