7 good reasons for doing business in Belize

If you wish to enter Latin America or the Caribbean, doing enterprise in Belize may very well be your ultimate selection. Because in addition to providing a lot of the benefits of different international locations within the area by way of amenities and human capital, the nation additionally provides a very engaging taxation and banking regime, in addition to straightforward communication for English audio system.

A map of Belize, together with some key places

Belize is a Caribbean nation positioned in mainland Central America, bordered by Mexico to the north, Guatemala to the south and west, and the Caribbean Sea to the east. Formerly part of the British Empire and often known as British Honduras, the nation solely gained full independence in 1981, and English is the official language.

With the inhabitants of Belize estimated to be near 400,000 folks in 2020, it’s the least populated unbiased nation within the mainland Americas, in addition to the second-smallest by space after El Salvador. Around 20,000 of the inhabitants are estimated to reside in capital metropolis Belmopan, whereas largest metropolis Belize City is dwelling to shut to 65,000 folks.

SEE ALSO: How to register a trademark in Belize

Belize is thought for its typically laid again tradition, particularly on its islands. However, the nation can be extremely productive, with a very massive agricultural sector contributing virtually 11% of GDP. Bananas, sugar, and citrus fruits are among the many nation’s key agricultural commodities, whereas fish and seafood are different main exports.

Belize additionally has a substantial industrial sector for its dimension, accounting for over 15% of GDP. While clothes are maybe probably the most important manufactured commodity, cleansing merchandise, electrical items, and processed meals are additionally produced in notable portions.

The companies sector, in the meantime, accounts for almost all of the nation’s GDP, with Belize’s standing as an English-speaking nation making it a very engaging vacation spot for the likes of name facilities and different enterprise processes that demand use of the language.

In truth, the federal government of Belize has identified the business process outsourcing (BPO) sector as a serious alternative for financial progress within the nation, with BPO together with a variety of again workplace {and professional} assist companies.

For anybody eager about investing Latin America or the Caribbean, the next seven causes make doing enterprise in Belize significantly engaging:

1. Stable foreign money good for doing enterprise in Belize

While Belize just isn’t one of many officially dollarized economies in Latin America, the Belizean greenback (BZD) is pegged to the US greenback, at a price of two BZD to 1 USD. That means buyers coming into Belize get pleasure from most of the similar benefits of investing in dollarized economies resembling Ecuador, El Salvador, or Panama — particularly security from the kind of volatility than can have an effect on currencies in lots of elements of the creating world.

For buyers from the United States, or those that maintain important belongings or do a variety of enterprise in USD, in addition they benefit from the benefit of not dealing with massive or surprising losses on foreign money conversions when transferring cash into or in another country, because of the absence of main price fluctuations.

2. Attractive banking regime

Another key benefit related to doing enterprise in Belize is its safe banking system, together with an offshore banking regime that’s extremely standard amongst overseas buyers.

Among the advantages supplied by the Belizean banking system are its sturdy privateness and safety, low minimal deposits to open accounts, and excessive liquidity calls for for banks to have the ability to function — which means which you could be assured that the financial institution you select just isn’t going to run into difficulties and put your funds below menace.

3. Favorable taxation system

Another benefit supplied by the Belizean monetary system is the beneficiant tax advantages that foreigners can get pleasure from. Companies integrated offshore — often known as International Business Companies (IBCs) — get pleasure from tax exemptions on just about all transactions and income, together with on dividends distributed from the corporate and on capital beneficial properties realized.

Furthermore, most often, foreigners who reside or financial institution in Belize will typically not need to pay tax on any revenue made exterior the nation. Funds positioned in trusts additionally get pleasure from tax exemptions, as do estates when handed to heirs or beneficiaries.

4. Good geographic location

Bordering a serious North American economic system in Mexico, in addition to the most important economic system in Central America in Guatemala, signifies that any corporations doing enterprise in Belize get pleasure from good connectivety and entry to main markets.

Despite its small dimension, the nation additionally boasts a variety of important ports. The largest of these is Belize Port, which is positioned on the shores of Belize City and handles the overwhelming majority of imports and exports for the nation. Others embody Big Creek, which largely handles agricultural items, whereas the southern port of Punta Gorda is a a key fishing hub, in addition to being an arrival and departure level for vacationers transferring to different elements of the Caribbean.

A BLH infographic providing a snapshot of the market in Belize to accompany article on doing business in the Caribbean country.
A snapshot of the market in Belize

5. High high quality of life

The steady foreign money, tax incentives, idyllic climate, and pleasant and relaxed tradition that foreigners encounter in Belize all make for a top quality of life, which maybe explains why it’s a significantly standard vacation spot to retire to.

For English audio system, having the ability to communicate the official language makes it particularly engaging, whereas the price of residing is considerably decrease than within the likes of the United States or Europe. Many foreigners report that they will comfortably reside on USD 1,500 monthly after hire, whereas dwelling house owners get pleasure from low property taxes, not often operating past just a few hundred US {dollars} per yr, even for upscale properties.

6. Competitive labor market

Workers can be found in Belize at extremely aggressive charges, with the minimal wage set at BZD 3.30 per hour (USD 1.65), as of 2022, which means that labor for guide or different basic work could be very reasonably priced.

For extra expert staff, salaries are nonetheless extraordinarily aggressive, and considerably decrease than within the United States or Europe, with a software program engineer or gross sales supervisor typically incomes lower than USD 45,000 per yr.

7. Doing enterprise in Belize straightforward for English audio system

One of the most important attracts for doing enterprise in Belize, as in comparison with different international locations in Central or South America, is the truth that the official language is English. That is not only engaging by way of the day-to-day practicalities of operating an organization and managing workers, but additionally as a result of all official processes and documentation are in English.

Moreover, with the Belizean authorized system primarily based on the frequent legislation of England, it’s typically a extra simply understood system than could be present in different non-English talking nations within the area. That is important as a result of it would typically cut back the probability of surprising or uninteded compliance infringements occuring whereas working within the nation.

Biz Latin Hub can help you doing enterprise in Belize

At Biz Latin Hub, we offer combine market entry and again workplace companies all through Latin America and the Caribbean, with places of work in additional than a dozen international locations across the area and trusted companions in different markets the place we don’t presently have a presence.

Our unequalled attain across the area signifies that we’re ultimate companions to assist multi-jurisdiction market entries and cross border operations.

Our portfolio of companies contains company formation, accounting & taxation, legal services, due diligence, and hiring & PEO, amongst others. So no matter your funding plans are, we are able to present a package deal of companies to fit your wants.

If you discovered this text on doing enterprise in Belize of curiosity, check out the rest of our coverage of Central America. Or read about our team and expert authors.

A Biz Latin Hub infographic of the key services provided including company formation, hiring & PEO, and legal services
Key companies supplied by Biz Latin Hub

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