Five Things Nobody Tells You About Starting Business in Belize
By BrightPath Caribbean
Jan 30, 2022
Located in the south of Mexico and America, in the Central American region, Belize is a small country that gained independence forty years ago. Home to a multicultural population, Belize is the only English-speaking country occupied by Spanish-speaking nations in the Caribbean.
For Americans and Canadians looking to start a business in the Caribbean, Belize is the perfect place with ample opportunities for virtual and brick-n-mortar ventures. Here are things about starting a business in Belize that you may not have known until now.
Foreigners are Fully Facilitated
Although Belize is a rapidly developing country with a decent per capita income, the economy is still in its infancy. Therefore, the government is keen on welcoming and facilitating foreign investors who help develop the country’s infrastructure or offer jobs to the Belizeans.
This is why if you are a foreigner wanting to set up a business in the country, not only will the government help you through the process but also ensure that the obstacles are removed from your path.
Off-Shore Business Exemptions
One of the best parts about starting a business in this country of over 400,000 population is that you don’t have to be physically present in the country. Belize allows foreign nationals to establish remote businesses from anywhere in the world. So if you want to open up a media agency, writing service, or a call center in Belize, you can do so easily.
Small Businesses are Ruling
Over 90 percent of businesses in the country are small businesses started with minimum capital. However, as a foreigner, you need to have a bank account in Belize and a stay record of up to six months. It will be a good idea to set up a bank account in the country right away to initiate the process.
Enjoy Tax-Free Income
Americans can earn up to half a million dollars of tax-free income in Belize, and nationals of other countries can earn even more. As per the Foreign Earned Income Exclusion (FEIE) privilege, foreign nationals can enjoy profits in the country and save tax money too!
Investment Leads to Residence
If you invest in Belize or start a business, the country offers you a residency permit in exchange. So if you plan to enjoy retirement life in Belize or want to make it a second home, starting a business is a suitable and easy way to do so. It’s also one of the only Central American countries that’s part of both the Caribbean and Central America, therefore, enjoys trade in both regions.
Start Business in Belize Today
If you want to immigrate to the Caribbean and Belize is your choice of destination, then reach out to us at BrightPath Caribbean for all kinds of immigration and business services. We offer business consultancy and help with setting up off-shore companies, opening banks accounts, and relocating to Belize and other Caribbean countries. Enjoy the vast business opportunities the Caribbean has to offer!