Belize is a nation on the Eastern coast of Central America. It is one of the largest tourist destinations in the world, and thus offers endless booming opportunities in the tourism industry. It shares its borders with Central America and the Caribbean which turns out to be very beneficial for trade agreements. The nation is inexpensive for rental or purchase of real estate properties. The government of Belize provides incentives to companies/organizations that work for the betterment and enhancement of its economy and thus provides tax holidays and exemptions on import-export duties. Since the nation holds a huge untouched area, it offers a wide range of undeveloped land which is ideal for crop markets. Belize is also rich in agriculture and has citrus, banana, rice, papaya, and chocolate as some of its main crops which are rapidly expanding its import-export industry.
Business Registration Procedure in Belize
If you are looking for a guide to company registration in Belize, you are on the right platform. Just follow these simple steps stated below and you’ll be all good to go with your company setup in Belize.
- The first and foremost thing an incorporator should decide upon is the type of business entity he/she wants to form. In Belize, one generally opts for one of two types of business entities:
- Free zone company
- Offshore company
- Once the incorporator decides which business structure he/she wants to opt, the next step is to find a strategic location. Once the location is decided, the incorporator must submit an application to the Commissioner of Lands and wait for their approval.
- In the next step, the incorporator should register its business name. This is done at the Belize Companies Registry and usually takes a processing time of 3 hours.
- The next step is the incorporation of the company, which includes the submission of required legal documents such as Memorandum of Association and Articles of Association, which again is done at the Belize Companies Registry. Once the application has been reviewed, a certificate of incorporation is issued within 3 hours.
- The next step is to apply for a trade license. Any company operating in Belize must have a license. The incorporator shall go to the Belize City Council for the Trade License Application. The application is approved based on the recommendation of the Trade Licensing Board.
- The next step is to apply for a work permit. The immigration department is in charge of providing work permits. For obtaining a work permit, the incorporator shall be a resident of Belize or must have been resided in Belize for a period of 6 months at least otherwise the incorporator is not eligible to get a work permit.
- The next step is to register with the social security. This act is controlled by the Belize Social Security Board (SSB) and ensures to take care of employee's health in case of an accident or sickness.
- The next step is to register for the general sales tax (GST) which is applied at a rate of 12.5% on all goods and services in Belize. This is done at the department of GST and is a mandatory step.
- The last and final step is to register for business tax in order to get the taxpayer identification number (TIN) and to get a certificate of registration.
These are the simple and streamlined steps that must be followed while setting up a company in Belize. Since Belize is a developing nation, it offers a broad spectrum of opportunities to foreign investors. So, if you are looking to establish a business in Belize then look no further as our advisors at Business Setup Worldwide are here to assist you with the drill. We provide all types of support services one seeks while forming a company. If you want to know more on company formation or company registration in Belize, do contact us – we’d be happy to help!