Doing Business in Belize – A Step-by-Step Guide
By BrightPath Caribbean
Mar 28, 2022
Belize is a small country located in Central America with just over 360,000 people. It’s been an independent nation since 1981 and has a strong English-speaking culture. The country offers many incentives to businesses, including no income taxes, no import duties, and easy foreign investment procedures. Belize also has several free trade zones that provide even more benefits to businesses. If you’re looking for an offshore location to do business, Belize should be on your list.
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Belize offers a unique and favorable environment for businesses, with a stable government, an educated population, and a pro-business atmosphere. English is the official language, and the Belizean dollar is pegged to the U.S. dollar, making it easy to do business in Belize. With its many Ports of Entry (POE), Belize also offers logistical advantages for firms engaged in regional trade. This guide provides an overview of the steps needed to start a business in Belize, from company registration to obtaining licenses:
1. The process of setting up a business in Belize
If you are thinking of starting a business in Belize, there are a few things you need to do to get started. The first step is to choose a business structure. You can choose to set up a company, partnership, or sole proprietorship.
The second step is to register your business with the Belizean government. This can be done online, and you will need to provide some basic information about your company.
The final step is to get your business licensed and registered with the appropriate authorities. This will vary depending on the type of business you are setting up but may include obtaining a tax identification number, getting a business license, and registering with the police.
The exact process for starting a business in Belize will depend on the type of business you are setting up. However, most companies will require some combination of the above steps. For more information about each step, read below:
1. The types of businesses that can be set up in Belize
Belize offers a wide range of opportunities for business setup. You can choose from a wide range of activities, including but not limited to:
- import and export
- tourism and hospitality
- fishing and seafood
- information and communication technology
- professional services
2. What do you need to do to start doing business in Belize
You need to do a few things to start a business in Belize. The first step is to establish a presence in the country. This can be done by registering a company or forming a partnership with an existing business. You will also need to obtain a business license and tax identification number.
Once you have established a presence in Belize, you will need to begin marketing your products or services. There are several ways to do this, including advertising in local newspapers and magazines, or setting up a website and using online marketing techniques
3. Licensing and permits required to do business in Belize
When starting a business in Belize, a few licenses and permits are needed. The most important is the business license and the tax identification number.
To obtain a business license, you will need to provide the company name, the type of business, and the address of the business. The business license costs BZD 125 (around USD 63) and is valid for one year.
The tax identification number is also known as the GST number. This is a unique 11-digit number used to track all business transactions in Belize. It costs $50 BZ D (around USD 25) and is valid for one year.
To obtain a tax identification number, you will need to provide the company name, the type of business, and the address of the business. You will also need to provide a copy of your passport or driver’s license.
There are a lot of things to consider when doing business in Belize. In this blog post, we’ve summarized the most important steps so you can get started quickly and efficiently. But if you need any additional help, our team of experts is here to assist you. Our team of experienced professionals can help you with every step of the way, from business incorporation to immigration services and setting up a bank account. Contact us today to get started!