Pursuant to the International Business Companies (Intellectual Property Asset Prohibition) Regulations, 2019 and related legislation, companies incorporated under the International Business Companies Act of Belize (IBCs) shall not acquire, hold own or deal with any Intellectual Property Asset as follows:
" IBCs incorporated on or before 16 October 2017 shall not acquire, hold own or deal with any Intellectual Property Asset unless that asset is approved by the Belize International Financial Services Commission for holding IP assets up to 30 June 2021. After 30 June 2021 all Intellectual Property Assets must be disposed.
" IBCs incorporated on or after 17 October 2017 shall not acquire, hold own or deal with any Intellectual Property Asset.
Under law, "Intellectual Property Asset" means any intellectual property right in intangible assets, including but not limited to copyright, patents, trademarks, brand, and technical know-how, from which identifiable income accrues to the business (such income being separately identifiable from any income generated from any tangible asset in which the right subsists).
This law is currently in effect and we would encourage that clients take such necessary steps to dispose of all Intellectual Property Assets from any IBCs or, if applicable, seek necessary administrative approval for the holding of same. Failure to do so may result in penalties and fines.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.