Belize’s legislation is built on the basis of English system of common law and transformed in accordance with local laws. The judicial system, contract law is also based on English law model. Activities of International Business Companies (IBC) is regulated in accordance with the international business Companies Act, 1990, which is based on the model of the law of the British Virgin Islands. The incorporation of companies in Belize is carried out simply and quickly by completing the application and drafting the Articles of Association, together with the appropriate fee to the registrar. Requirements to the name of the company are flexible enough, Chinese characters are allowed in the name of the company. In this case, both names, both Chinese and English are entered in the Register. Information about the directors and shareholders is not filed in the Register, that is to say the complete confidentiality will be there. International Business Companies (IBC) are exempt from all local taxes, including stamp duty. Rendering of the report is not required. Compulsory license fee at the rate of $ 150 falls due to 31 th July of the year, when a company was incorporate and every year thereafter. In case of non-payment the company is deleted from the Register.