Put the ownership arrangement on paper
List the owners, what each person will contribute and who will run day-to-day operations. Decide who should be able to sign contracts or incur debt and which decisions should require the other owners’ approval. If someone intends to contribute intellectual property, property or equipment instead of cash, discuss how ownership and use will be documented.
It is also worth asking what happens if an owner leaves, stops contributing or wants to sell. Agreeing a process while the relationship is working can make it easier to respond when circumstances change.
Understand what the registration does
The Belize Companies and Corporate Affairs Registry handles registration of business names, companies and limited liability partnerships through its online system. Registration of a business name and incorporation of a company are distinct steps. Discuss the structure in the context of your owners, intended contracts and the risks of the business.
If a foreign participant is involved, the Registry’s guidance calls for a licensed registered agent. Check which service is needed, who will provide it and what records the owners must have ready.
Look beyond formation
Think about how the business will accept payments, hire or contract for work, use a brand and occupy any premises. Tax registration, financing, exchange-control or sector-specific permissions may need separate attention. Identify the activity and the people involved before deciding which questions to raise with an attorney, accountant, bank or regulator.
If you are acquiring a business or beginning with existing customers and assets, ask who owns the brand, contracts and equipment and what needs to be transferred separately. A new registration alone does not resolve those ownership questions.
Prepare for a first consultation
Bring a short description of the venture, the proposed owners and where they are based, any draft terms and the decision you need to make first. If you are already trading or signing agreements, say so. The next step will depend on what has already been done and what needs attention before further commitments.
For general information only. Seek advice about the structure, registration and any applicable obligations for your business.