Requirements for a Moneylender Licence

Section 2A of the Moneylenders Act, requires the Registrar to determine whether persons who are identified as having relevant power, financial interest and position (owners, managers, directors, officers and associates) of a moneylending business are fit and proper to hold a licence.

Steps to apply for a Moneylender licence

1. Complete Moneylender licence application form

The contact person for the proposed moneylending business* is required to fully complete the licence application form and submit it along with additional documentation. The submission will only be considered complete when all relevant information and documents have been provided and accepted by the Registrar.

*Moneylending business includes the business of pawnbroking.

Download Moneylender licence application form

2. Complete personal biographical report

Each owner/shareholder, beneficial owner, director, manager or officer and any other person who is or will be involved in the management or operation of the moneylending business/ proposed moneylending business is required to complete and sign a Personal Biographical Report Form. 

Download Personal Biographical Report

3. Provide additional information

 

The following attachments MUST accompany an application for any class of moneylending licence. If identification documents submitted are not original, the copies of such documents must be notarized by a notary public, appointed and sworn in accordance with the Notaries Public Act, Cap. 129 of the Substantive Laws of Belize. 

Documents for a Natural Person:

In the case of an individual who is an owner/ a shareholder, beneficial owner, director, manager, officer or associate of a moneylending business, the following information must be submitted for each person: 

  • Personal Biographical Report; 
  • Certificate of Registration issued under the Business Names Act, Cap. 247;
  • A copy of a valid Passport (bio-data page) or Social Security notarized by a Notary Public; and 
  • A police record from the Belize Police Department or other relevant authority of the relevant jurisdiction in the case of foreign shareholders, officers, directors, managers or associate;
  • Copy of audited financial statements of the company for the last year; and
  • A current list of associates of the applicant, including, the name of all beneficial owners that are legal person. 

Documents for a Legal person:

In the case of corporate entities, the following documents are to be submitted:

  • In the case of a company, a copy of the company’s Certificate of Incorporation issued under the Companies Act, Cap. 250 as well as its Memorandum and Articles of Association, as applicable; 
  • In the case of a limited liability partnership, a copy of the Certificate of Registration, issued under the Limited Liability Partnership Act, Cap. 258; 
  • A certificate of good standing from the Companies Registry (if the company has been incorporated for a year or more);
  • Copy of audited financial statements of the company for the last year; and 
  • A current list of associates of the applicant, including, the name of all beneficial shareholders that are legal persons. 

Other Documents:

  • An organizational chart showing ownership and management structure and relationships of the applicant; 
  • A utility bill* to confirm proof of address for each location; and 
  • A sample of the loan agreement to be used.
  • A sworn declaration of the source of funds used for the lending operations.

*The utility bill provided must have been issued within three months  of the date of the application.

 

4. Pay application and licence fees

A person who applies for a license shall pay the appropriate application fees set out in Part A of schedule 2 as stated in the Moneylenders Act. 

The application fee* can be paid to The Belize Bank Limited, Atlantic Bank Limited, Heritage Bank Limited, National Bank of Belize Limited or the Government of Belize’s Treasury Department, for the account of the Central Bank, using the following information:

  • Account Name: Other License Fees
  • Account Number: GL1CORP0505009

The original receipt on payment of the application fee must be submitted along with the application. On the approval of the application for the licence, the applicant must pay the applicable licence fee in the same manner (above) as the application fee. 

Note: The licence fee must be paid before the issue of the licence by the Registrar.

*The application fee is non-refundable.

5. Submit application package

The applicant must submit its completed forms with the relevant attachments to the Central Bank’s Mail Center at #1 Gabourel Lane, P.O. Box 852, Belize City, Belize. 

6. Await application review process

The Registrar will commence the review process for a licence application package only upon the receipt of a fully completed application package. Information required on the application form and Personal Biographical Report forms are not to be left unanswered. 

Photocopies of identification documents (e.g. Passport, social security cards) must be notarized by a notary public, appointed and sworn in accordance with the Notaries Public Act, Cap. 129 of the Substantive Laws of Belize. 

The contact person will be informed of the decision taken within 45 days of receipt of a fully completed application.

7. If approved, collect licence.
Where approval has been granted to operate as a moneylender, the Registrar will issue a licence with specific conditions on the payment of the licence fee.  
If you have any further questions, please contact the Licensing Unit, Supervision Department, of the Central Bank of Belize.