The financial services sector, particularly international financial services, is a budding sector in Belize’s economy. The International Business Companies (IBC) Act, Chapter 270 of the Laws of Belize offers income tax exemptions and other tax benefits to promote investments in the sector. In 2006, there were 38,471 registered IBCs in Belize.16 The International Financial Services Commission Act, Chapter 272 of the Laws of Belize, seeks to promote and regulate international financial services with a mandate to oversee the emerging offshore industry in Belize.