You rock: You probably meant British Virgin Islands not Belize – although both picturesque.
As to why the BVI:
Well, if you want to set up a company to hide what you are doing, the British Virgin Islands (BVI) is a great place to do it.
BVI incorporation documents do not carry the name or identity of any shareholder of director.
The names or identities of these persons do not appear in any public record. In fact the BVI is now considering new laws that would make it a crime for anyone, in any country to leak or publish information about a BVI company.
BVI Companies records and accounts do not have to be held or filed with the authorities.
There is no requirement for any financial statements, accounts or records to be kept for a BVI Company
The World Bank Stolen Asset Recovery Initiative looked at over 200 cases of grand-scale corruption and found the vast majority of these cases used secret companies and that the BVI was one of the most popular places to set them up.
With a population of just 28 000 the BVI is a haven for concealing illegal activity, 51.8% of the Government's revenue comes directly from license fees for offshore companies
Yes, zero tax. But so does the UAE
But wait, the UAE has a functioning legal system, and regulators exist. The UAE is not 100% transparent, but compared to the BVI it is Fort Knox