Perspective business owner

We have several questions regarding owning a business in Belize.
1. If you purchase an existing business will you immediately receive a work permit?
2. If not, how long does it usually take?
3. If you are a business owner and paying business tax on sales do you also have to claim your business profit on your personal income tax?

Any information would be appreciated.

George

Hi George,

Welcome to Expat.com! :)

I hope you will receive some useful information very soon.

These are grat questions, I also would like to know this. I am thinking about buying an existing business in San pedro. Also, Looking for local expats as potential partners ot investors.
Bob

Hello to @geonal and @las vegas,

I agree with both @las vegas that @geonal that we have some very good business questions. I keep tossing the idea of starting a business before I leave the US, and keep it going while I live in San Ignacio (when I finally move full time), or should I do the opposite?

Here are a few more questions along the same line:
   1. Should I start my new business in Belize or the USA?
   2. Will it help keep taxes down if I start it in Belize?
   3. Do I have to claim the income from my Belize business on my USA tax return?
   4. When I purchase items or supplies for my Belizean business, can they be a write off when I do my Belize tax return?

Is there anyone out there that can help us figure out how to handle our business questions?  I think I can speak for all of us when I say that we will be very appreciative to hear the answers.  Thank you!

Warm regards,
LAN  :|

You need to talk to Sharon Hiebing!  She lives in San Ignacio and runs two businesses there.  Super smart woman.  She's in the US right now on vacation but will certainly be checking this forum at some point.

Good luck!

Depends on the type of business and your own personal tax situation.

Offshore income is not taxed in Belize.

As for the work permit it depends on who you talk to and how they interpret it.

You may or may not have to pay GST, Income tax,Business income tax, Social Security, Import tax and possibly the Ministry of Tourism and others.

Businesses are charged different rates. These are listed on page one of your monthly filling form. The Business taxes kick in when you start making $5,000 or so a month. They will know when you get at this level.The Gov of Belize can smell money.

I get all my income offshore so I do not have to rely on a small impoverished population for my cash flow. Nor do I have to pay business tax as I sell to no one in Belize. Works for me.



It all depends on your business and if you choose to obey the law.

Yes if you are a US citizen you are taxed on all worldwide income, regardless of where it came from. If you live outside the USA for more than 300 days you can get legal tax exemptions. Please see your friendly neighborhood tax attorney.

Offshore income is not taxed in Belize.

Anyone with determination can make a living in Belize...;)

1. If you purchase an existing business will you immediately receive a work permit? You will still have to go through the work permit application process.
2. If not, how long does it usually take?1-3 months
3. If you are a business owner and paying business tax on sales do you also have to claim your business profit on your personal income tax?Yes, you will still have to pay personal taxes. You should pay yourself as an employee of your company a little $1000 a month is good and pay taxes on that accordingly.Both the business taxes and the personal taxes are very fair...pay them, the Gov\'t needs the $$.

Many thanks to each of you for adding your insight to each posting. I appreciate you all taking the time to do so  :thanks:. I will take in all the data and do my best to do what works best for me and my business.

This is one of the best expat websites I've had the pleasure to interact  with. I plan on blogging more faithfully as time allows. 

I pray I will have more time to blog once I make the final move to San Ignacio.  Right now, I do not have any idea when this will occur, but the sooner the better - 4Sure :idontagree:

On that note, it's back to work for me....

Wishing all expats the very best on all your future adventures and life experiences....  LAN ;)

Best of luck and hope to visit you one day soon.

Kimberly

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