As a small business, what can BELTRAIDE do for you?
The Belize Trade and Investment Development Service (BELTRAIDE) offers small businesses planning to invest in Belize considerable support, in a twofold manner.
First, the Small Business Development Centre Belize (SBDCBelize) is a unit of BELTRAIDE, which provides customized needs-based services to MSMEs with the aim of facilitating their competitiveness and export readiness. SBDCBelize provides one-on-one, needs-based services. All advisory services are free of cost. Further, the SBDC offers trainings/workshops, which cover an array of topics aimed at facilitating the formalization of the operations of small businesses throughout Belize.
Second, any company can find in Beltraide’s website a complete a guide with all they need to carry out the following 9 fundamental steps to run their business in Belize:
- Business Registration. Any firm or individual wishing to carry on a business in Belize must register the business name with the Company Registrar in accordance with the Business Names Act, Chapter 247 of the Laws of Belize.
- Company incorporation. Incorporation is usually done through an attorney, and requires the submission of the company’s Memorandum of Association and Articles of Association in order to be issued a Certificate of Incorporation.
- Trade license registration. A business must obtain a trade license before the commencement of any type of operations in Belize. A trade license is required for each location that the trade will be carried on regardless as to whether it is the same business. The trade license must be renewed annually. This applies to companies, partnerships, and sole traders including professionals.
- Business tax registration. All businesses must register at Income Tax Department to obtain a Taxpayer Identification to pay tax. These businesses include sole proprietorship, companies and partnerships.
- General Sales Tax Registration. All persons who are engaged in a taxable activity with an annual turnover exceeding $75,000.00 must register with the Department of General Sales Tax in accordance with the Government Sales Tax Act No.49 of 2005.
- Social Security Registration. All persons or entities who employ one or more persons must register for social security with the Belize Social Security Board. The application must be made within seven (7) days of employing an employee.
- Local Bank Account Establishment. Explore the requirements to open a local account in Belize.
- Business Location Selection. Beltraide provides suggestions and tips for businessmen to find the perfect spot for their companies.
- Immigration and Employment Compliance. Learn about the different visas and work permits available from the Belizean government.