Doing business in Belize

Hello, I've been living in Belize for a few months now and am going through this very process. They say foreign investment is welcome but the hoops that have to be gone through can often drive good investment capital away. I can't respond to the tax questions as yet since I am in still the beginning stages of obtaining business permits etc but I have written a bit on my experience with the subject here on my Reef-Rats blog. Hope it helps to answer a few questions!

Hey Julian! Yes, foreign investors are very welcome in Belize.  I started Red Roof Property Management here, and simply had to apply for a Trade License with the town Board (prices vary depending on certain factors)and register the name in Belmopan, for $25 bze. That was it! 

Business taxes are calculated on the gross revenues - period! No deductions for expenses or depreciation. Tax amounts actually depend on the business you are in, but the highest rate I\'ve seen is 6%.  And, you don\'t have to start paying taxes until you meet certain income thresholds (again, these vary by business type).

Hiring (or recruiting as you say) is easy - there\'s an abundance of employees. But just like anywhere in the world, finding quality people is a different matter. You may have to go through several people to find just the right one.

Also, I will say it is much easier to start or buy a business in the QRP, since you don\'t first have to get a self-employed work permit to do so (if you\'re not a permanent resident, you will have to do this), which can be a bit of a headache, but not horribly difficult.

Wow Sharon! We need to have coffee. The business advisor I spoke with here gave me a quote of $750 US to register a corporate business name in Belmopan and around a $$400 US fee for the lawyer involved. (...and I'd love to know how to get around all of the other required documents given to me my the labor board) I'm still going through the process after 3 months... Can I call you? Is advice on these matters part of your relocation services offered? Sounds like I need it

Reef-Rats wrote:

Wow Sharon! We need to have coffee. The business advisor I spoke with here gave me a quote of $750 US to register a corporate business name in Belmopan and around a $$400 US fee for the lawyer involved. (...and I'd love to know how to get around all of the other required documents given to me my the labor board) I'm still going through the process after 3 months... Can I call you? Is advice on these matters part of your relocation services offered? Sounds like I need it

Hey Reef Rats! Just keep in mind, I did not create a corporation, but rather a partership with a Belizean citizen, so the corporate set up fees will be more. Having said that, if you were my client, I would want to know your reasons for having a corporation, because they are not a necessity to start a business here. Also, as part of my service, I would look at the labor board docs you were given.

Even if you have a corporation, it doesn't change how much it costs to register a business with the Corporate Registry office in Belmopan ($25 bze-confirmed directly with the office when I was helping another client do this with their corporation). However, there are other stipulations you need to be aware of before you do that.

My initial feeling is your business advisor is building in an awful lot of compensation for their time to advise you on this matter if they are quoting you $750 usd.  I do offer phone or email consultations for an extremely reasonable fee, so email me at [email protected], and I can tell you more, and if you want to hire me, we could work through this. Thanks!  Sharon

Reef rats, i learnt a lot being an email client of Sharon for a month before i came here. We opened our bank accounts at Atlantic Bank and found that they offer a lot of services for setting up a new business and even with getting visas etc. some of these services are free, with nominal fees for others. Ellis Sanchez at the main branch in San Pedro is the one to contact and then he will refer you to the appropriate people.

Surendra

Thanks for the compliment, Surendra - very kind of you. Glad you're assimilating nicely now!