Does my Belize company have to prove economic substance?

Only if it carries on a relevant activity, such as banking, insurance, fund management, financing and leasing, headquarters, distribution and service centre or shipping business, or holds companies that do. An entity in scope must run its core income-generating activities in Belize with adequate staff, spending and premises. A company managed outside Belize can be excluded if it is tax resident elsewhere and holds a certificate from that country's tax authority.

Source: Economic Substance Act, Cap. 273:01 (Revised Edition 2020), Financial Services Commission, Belize