In order to start a business in Belize, the first step is to establish a local company, which is fairly easy and inexpensive. Keep in mind that certain businesses in certain municipalities also require a trade license. Most businesses establish local bank accounts, some set up offshore bank accounts, and others have both, it all depends upon the nature of the business and its customer base. Finally, the business may be required to register for General Sales Tax (GST), depending upon its annual revenue.
 
If you intend to work as an employee in the business and draw a wage, then you will need a work permit. If it is the type of work that a Belizean can do, you may have difficulty getting a work permit. Belize naturally protects the limited jobs they have, however the Government of Belize (GOB) does encourage foreign investment. The GOB would prefer foreigners to establish businesses and employ Belizeans rather than allow them to take jobs.
 
In an effort to stimulate foreign investment, business formation, and local employment the GOB has established a quasi-governmental agency called BELTRAIDE. BELTRAIDE administers the government’s fiscal incentives program that works with small businesses to establish themselves in Belize. BELTRAIDE offers tax holidays, import concessions, employee training, and continuing education n workshops. 

Prior to establishing a business I encourage every bright-eyed entrepreneur to do thorough due diligence on their chosen industry. Talk to others in the industry and learn from their successes and failures. Visit government agencies, banks, and BELTRAIDE and meet the people in person. If you are convinced at that point that you have the right business idea, acumen, and temperament, then take the aforementioned steps, hang your shingle, and enjoy the experience and relationships you will undoubtedly have.

 

BELTRADE Made in Belize catalogue cover, pictured.)

If you want to start a business in Belize, my suggestion is that you first speak with a Belize lawyer. Let your lawyer walk you through the steps. Once he walks you through the steps, you can then decide which steps you can do on your own and which ones you might need legal or accounting help.
 
Getting a permit in Belmopan (the capital of Belize) would be the next step. Establishing residency would be part of owning the business as well.
 
Starting a business is a process that I would first start by doing my own research online because once you start dealing with an attorney, you also start dealing with costs as well. Once you have the idea on how to start the business, I suggest consulting with an attorney because that way, you would be “crossing your t’s and dotting your I’s” since you would not want to be doing something that is not right.
 
Any country has its own protocol and rules that they want you to follow in opening up a business and they are not all the same. It is not difficult to start a business in Belize but at the same time, there is a process. My best recommendation is do your homework, and speak to an attorney you know or look for an attorney in Belize. Attorneys will generally give you an initial consultation for free before they start charging you. There are some very nice lawyers in Belize for you to work with.

(Please see my other answers in this section for hiring and regulations.)

Starting a business is pretty straightforward because the government encourages it. All you need to show is a bank statement. It’s not a joke. All you have to show is a proof of your financial capacity, and you are welcome.  You will get your residency and work permit if you show a business plan and show that you are going to contribute to the economy; that is the only question that they will ask you. If you are going to come to Belize to retire or work, they will ask you what you are going to take and what you are going to give.