Intellectual Property (IP) Assets Grandfathering Certification Programme

1 Changes to Law for IBCs holding IP Assets

We would like to update you regarding Belize International Business Companies ("IBCs"), and their legal obligations regarding the holding of international property assets ("IP assets"):

IBCs shall not acquire, hold, own, or deal in any IP assets, pursuant to Section 5(4) of the International Business Companies Act, Chapter 270 of the Substantive Laws of Belize, Revised Edition 2011 (as amended by Act No. 17 of 2019). This new regime became effective on 1 January 2019, but an exemption period is allowed to IBCs incorporated on or before 30 June 2018 (in respect of IP assets acquired up to 16 October 2017). Here, they will be allowed to continue holding, owning or dealing with IP assets up to 30 June 2021, (the "grandfathered period") IP assets includes 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). 2 IBC Obligations

Clients are reminded about the following obligations under the new Belize provisions for IP assets:

All IBCs need to complete the "Intellectual Property (IP) Assets Grandfathering Certification Programme Form" (the 'IPAG Form'), which should be sent to...