On the 19th of January 2019, Belize Government enacted Statutory Instrument No.11 of 2019 – International Business Companies (Intellectual Property Asset Prohibition) Regulations, 2019.
Prohibition from acquiring new IP asset
IBCs that where incorporate on or before 16th of October 2017 cannot acquire, hold, own or deal with any IP asset unless …
…A company owning IP assets, which have been in existence at 30 June 2018, has applied to the IFSC for a determination on its status (whether it can continue to exist under the prior regime). If the status is determined, IBCs can continue as it did, but their income may be subject to tax under the new regime.
Disposal of IP assets after 30th of June 2021
Anyhow, any company that is approved by the IFSC to hold IP assets up to 30th of June 2021 will have to dispose of all IP assets in accordance with the procedures prescribed by the FSC.
IP asset holding prohibited
IBCs incorporated on or after 17th of October 2017 cannot acquire, hold, own or deal with any IP asset.
Offence and penalty
In case of first offence in contravening any of these provisions the fine is US $ 25,000 and in case of second or subsequent offence the fine is US $ 100,000.
Besides the fines shall apply even in case company is struck off (in accordance with section 107 of IBC Act).
This Regulation is in force as of 1st of January 2019.
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