How Much Does it Cost to Start a Business in Belize?

Belize’s stunning natural beauty, strategic location, and favorable business environment have been attracting entrepreneurs and investors from around the globe. In case you’re curious about how much does it cost to start a business in Belize, it’s crucial to understand the financial commitments involved in starting a business. 

Business Registration and Incorporation Costs

Company Name Reservation: BZ$25

The first step in establishing your business is reserving your company name. This nominal fee ensures your chosen name is unique and available for registration.

Company Incorporation: BZ$200 – BZ$1,000+

The cost of incorporating your company varies depending on the chosen structure and the complexity of the process. A sole proprietorship or partnership will typically have lower fees than a limited liability company (LLC) or an international business company (IBC).

Additional fees for incorporation may include:

• Filing Articles of Association and Memorandum of Association
• Registered Agent Fees (if applicable)

Trade License: 25% of Annual Rental Value

A trade license is mandatory for any business operating in Belize. The annual fee is calculated as 25% of the yearly rental value of your business premises, determined by the local City or Town Council.

Legal and Professional Fees

Legal Counsel: BZ$1,500 – BZ$5,000+

While not mandatory, seeking legal counsel from a Belizean attorney specializing in business law is highly recommended. They can guide you through the registration process, ensure compliance with legal requirements, and draft necessary documents, such as contracts and agreements.

Accounting Services: BZ$500 – BZ$2,000+

Hiring an accountant can help you better understand Belize’s tax system, prepare financial statements, and ensure compliance with accounting standards. The cost of accounting services varies depending on the complexity of your business and the services required.

Operational Costs

Office Space or Retail Space: BZ$500 – BZ$5,000+ per month

The cost of renting office or retail space in Belize varies depending on the location, size, and amenities. Expect to pay more in prime commercial areas and tourist hotspots.

Equipment and Supplies: Varies

The cost of equipment and supplies depends on the nature of your business. This could include office furniture, computers, inventory, raw materials, or specialized tools.

Utilities and Services: BZ$200 – BZ$500+ per month

Budget for utilities like electricity, water, internet, and phone service. The cost will depend on your usage and location.

Marketing and Advertising: Varies

Marketing and advertising expenses can vary widely depending on your chosen strategies and budget.

Employee Salaries and Benefits: Varies

If you plan to hire employees, factor in salaries, benefits, and payroll taxes. The minimum wage in Belize is BZ$5.00 per hour.

Additional Costs for Foreign Investors

Foreign investors may incur additional costs, such as:

• Work Permits: If you plan to work in your Belizean business, you’ll need to obtain a work permit. The fees vary depending on your nationality and the duration of your stay.
• Immigration Fees: If you intend to relocate to Belize, you’ll need to apply for residency, which involves various fees and requirements.
• Translation and Notarization: Official documents from your home country may need to be translated into English and notarized.

Potential Investment Incentives

Belize offers various investment incentives to attract foreign investors. These incentives can help offset some of the startup costs and include:

• Tax Exemptions: Certain industries and businesses may be eligible for exemptions on import duties, income tax, and other taxes.
• Fiscal Incentives Program: This program offers tax holidays and other incentives for investments in specific sectors like tourism, agriculture, and manufacturing.
• Export Processing Zones (EPZs): Businesses located in EPZs enjoy various tax and regulatory benefits.

While starting a business in Belize comes with various costs, it’s essential to remember that the investment can yield significant returns in the long run. With careful planning, thorough research, and a well-crafted business strategy, you can navigate the financial landscape and establish a successful venture in this promising Central American nation.