Located at the northeastern coast of Central America, Belize is a diverse and independent country sharing its border with Mexico on the northwest, Carribean Sea on the south and with Guatemala on the south and west boundaries. Belize has a rich culture with a historical background of the Maya Civilization. The majority of the Belize population are multilingual with English and Spanish being the most commonly spoken languages. Being located at a unique location between Southern and Northern America, Belize has trade roots with various countries, thus making the country export its agriculture products across the sub-continent. Belize offers the land area for businesses at relatively lower costs due to the lower density of population and comparatively lower but growing economy.
Belize offers varied business options in its region with the likes of industries consisting of agriculture, merchandising, and the ever-growing tourism industry in the country. Many crops like Sugar, banana, chocolate, are exported to a significant extent contributing to a detectable level in the country’s employment field. The country provides a broad and robust environment and has all essential factors that can contribute to running a successful business in the country.
Setting up a business in Belize can be a productive step for those aspiring, here are the 7 business opportunities that one can look for to open a business in Belize.
The agriculture industry in Belize is considered the most effective one which provides a large amount of employment in the country. The country has been the center stage for many formidable crops like Sugar, Banana, citrus fruits, rice, papaya, and chocolates. The country exports its agricultural products to various countries near the American continent, thus making this industry the most profitable sector which contributes to the country’s economy. The agriculture industries proves to be the most profitable sector in the country that helps nearly 20% of the total GDP of the country. The country’s 25% labor force works in the agricultural field only. These facts give us an estimate of how this sector is the most rising and running in the area and investing in the industry can be a beneficial decision.
2. Private Services
Belize is the home for various catering services that are required to make industries produce more efficient results. These may include setting up event hosting companies that are in demand in the region due to increasing tourist visits. Various parties and events take place at offshore places and setting up an event planner company could prove to be a very demanding idea. Catering services like restaurants, bakeries, are also very popular as there is a huge demand for good quality of food for the tourists and also for the locals. Import-Export industry in the country is already blooming and running. So, providing private services of importing various demanding goods like furniture, makeup accessories, electronics items and supplying them to the local shops and businesses can also be a good option. Other private services that are required in the zone include providing private taxi services to the visiting tourists because the tourists may require vivid services like traveling across the country, airports drop off and pickups. So, providing adequate services to tourists is a very demanding requirement in the state.
3. Eateries and Restaurants
Belize welcomes a large number of tourists across the year. Being located offshore on the central American region it serves as a perfect destination for beach lovers. It also offers a variety of wildlife destinations having being covered with dense forests across a major part of its land area. Belize is an ideal location to spend holidays with family and friends and is preferred by many people around the American continent. Being the center of attraction across the region the demand for providing good quality food to tourists can be a much-needed requirement. Tourists often prefer places that serve tasty and pure food. Investing in food outlets, bars, and cafeterias can be a good source of income. Attracting more people - tourists or locals makes your business more effective as the demand for good quality food will be never out of need.
4. Consulting Firms
The business network across Belize is spread at a wide range with a variety of industries working for the improvement of the country's economy. The rapid increase in tourist interaction towards the country has resulted in many investors to trade their money in the region. The new businesses may require various help and services to set up the company. Providing consultancy services like license assistance, tax service, financial reference, and other administrative bits of advice can prove to an excellent opportunity. Many businesses aren't aware of the formalities and terminologies that are linked to opening a business in the area. So, consultancy firms can be a great idea to set up and provide assistance to businesses.
5. Trading Companies
Belize has many options for upcoming businesses in terms of land area. The country has various free zones and offshore locations that are located to attract more involvement from foreign investors. These locations provide a perfect platform for any business to their company in the region.
Setting up a company in the Belize Free Zones can be beneficial for Industrial Businesses. Manufacturing industries, Processing Plants, and products assembling firms can be set up in the Free Zones. Starting a production house here can be quite feasible as the land and production costs are low as compared to other neighbouring countries. Other business ideas can be Commercial Offices, warehouses, manufacturing plants, and banking services.
Offshore locations in Belize can be the most accessible approach for setting up the business in the country. The perks of setting up a company in offshore locations can be the fact that an offshore company can be set up within no time or may require very little time to build up. Moreover, start-up and management costs can be meagre. Tax issues will not bother an offshore company because they are exempted from duty payments and taxes on any income.
All these business prospects can be an estimate of how planning business in Belize can be very beneficial for any company and investor. Also, because apart from all these benefits, to run any business at any place across the globe, self-involvement is the foremost requirement for any business to grow up and develop.
We here at Business Setup Worldwide have a team of experts who are desperate to provide various business-related assistance for everyone aspiring. Feel free to contact us in case of any business-related query.