Things you should know before doing business in Belize

Belize is a small island nation in Central America with a sizable English-speaking population. The nation provides several business-friendly benefits, such as no income taxes, minimal import levies, and simple processes for foreign investment. Additionally, Belize features a number of free trade zones that offer additional advantages to companies. Doing business in Belize should be on your checklist if you're seeking an offshore jurisdiction.

With a stable administration, an educated populace, and a pro-business climate, doing business in Belize offers a unique and advantageous environment. It is simple for doing business in Belize thanks to the use of English as the official language and the peg of the Belizean currency to the US dollar. Doing business in Belize provides logistical advantages for businesses involved in regional commerce due to its numerous Ports of Entry.

Government buildings in the national capital city of Belmopan

The process of setting up for doing business in Belize

There are a few steps you must do in order to get your business off the ground in doing business in Belize. Selecting a business structure comes first. A business, partnership, or single proprietorship can all be formed.

Secondly, the government of Belize must be notified that your firm has been registered. You may accomplish this with One IBC, a leading professional corporate services provider, by giving us some fundamental details about your business. Then, you can start doing business in Belize with peace in mind.

Obtaining a company license and registering with the right authorities is the last stage. Depending on the kind of business you're doing business in Belize, this might also involve acquiring a business license, and obtaining a tax identification number.

Depending on the sort of business you are doing business in Belize, there are specific procedures for doing so. Doing business in Belize has a variety of options for business setup. There are several options available to you, including but not limited to:

• Import and export
• Tourism and hospitality
• Agriculture
• Fishing and seafood
• Manufacturing
• ICT
• Professional services

Belize Cityscape with Lighthouse and the Caribbean Sea

How To Organise Your Finances?

Before doing business in Belize, you must open an account with an overseas bank. Verify their policies because they may change from bank to bank. Make sure you are familiar with the most current changes to the rules governing bank account opening for US expats in order to prevent money laundering and tax evasion.

You can keep money in US dollars by using an overseas bank. Additionally, it eliminates the necessity that you obtain special approval from the Central Bank of Belize or satisfy the residence criteria in order to open an account with a local bank. A local bank account cannot be opened until you have lived there for six to twelve months.

Why do foreign investors need to open an offshore bank account for doing business in Belize?

Having a corporate bank account is essential for doing business in Belize, regardless of the size of the company. Due to Belize's strong reputation as a leading financial offshore hub and its strong and well-regulated banking system, many affluent people and businesses choose to do business in Belize and keep their money in Belizean institutions.

Remote registration is one of the main advantages for foreigners who wish to do business in Belize to create bank accounts in Belize. You do not need to be physically present in Belize while doing business in Belize in order to create a bank account, in contrast to several banking jurisdictions that demand a personal visit as a prerequisite requirement.

Belize also offers a higher level of financial anonymity, making it a more popular choice for offshore bank accounts. Evidently, unless there is a request from a court order, registration information of businesses, foundations, and trusts that may be corporate account holders with the bank would be kept entirely secret and guarded.

All banks in Belize must always maintain 24 percent liquidity. Because your money is always accessible through offshore bank accounts in Belize, you may feel protected while doing business in Belize.

A robust infrastructure in Belize

What licenses and permits are needed to start a business in Belize?

There are a few licenses and permits required to start a business in Belize. Similar to other jurisdictions, one of the most crucial requirements are the business license and tax identification number

In order to get a business license, you must have a company name, your kind of business, and your business address. After its initial year of validity, you must renew your business license to continue doing business in Belize.

The GST number is another name for the tax identification number. This 11-digit number is special and is used in Belize to keep track of all commercial transactions. It also must be renewed and has a one-year validity period.

You must submit the company name, the kind of business, and the business address in order to receive a tax identification number. A copy of your passport or driver's license must also be provided.

When doing business in Belize, there are several aspects to take into account. The most crucial stages have been condensed so you may get going fast and effectively. However, our team of professionals is here to aid you if you require any more support. From incorporating a business to opening a bank account, our team of skilled specialists can assist you at every stage. To begin, get in touch with us today!