A company registered in Belize shall meet the following economic substance requirements: it shall have an office in the country and hired personnel. The company officers shall be Belizean residents and their number and the office space that they occupy shall be adequate for the business needs. The company shall be managed from Belize. This means that the Shareholder Meeting shall be held in the country and the minutes of the meeting shall also be kept in Belize. Financial reporting is mandatory. Company operational costs shall be in keeping with the business size.