Belize is a member of the World Trade Organization (WTO) and adheres to the organization’s agreements and regulations. As a member of the WTO, Belize can benefit from the WTO’s trade rules and dispute settlement mechanism should its trading partners breach these rules.

The following provides a list of trade agreements that Belize is a part of.

Regional:         CARICOM – Single Market Economy (CSME)

CARIFORUM – EU Economic Partnership Agreement (EPA)

CARICOM – Bilateral:

                                    CARICOM – Dominican Republic Free Trade Agreement

                                    CARICOM – Costa Rice Free Trade Agreement

CARICOM – Colombia Agreement on Trade and Technical Cooperation

CARICOM – Cuba Trade and Economic Cooperation Agreement

CARICOM – Venezuela Agreement on Trade, Economic and Technical Cooperation

Unilateral:       United States Caribbean Basin Initiative (CBI)

Canada’s Caribbean – Canada Trade Agreement (CARIBCAN)

Generalized System of Preferences

For additional information, kindly visit Directorate General for Foreign Trade (DGFT) website.

Requisite standards and certifications vary according to the importing country, buyer and the type of goods. Foreign requirements vary as these can be in country or region-specific standards. The country of import may require specific / special standards / certifications, depending on the type of product, to prove compliance with standards, cleanliness, safety and health.

The Customs and Excise Department outlines the following documentations that are necessary for any export transaction. Details and samples of those forms are available on their website https://www.customs.gov.bz/   

The 4 major export process includes:

1. Identifying export market/ buyers which can be done via online searches and industry associations but more typically done through trade shows, trade missions and referrals
2. Negotiating for export contracts. This process may require time and starts with a business offer followed by the shipment of samples.  A purchase order is confirmed after.
3. Preparing Goods for export- Proper labelling and packaging of goods must be done according to standards. Final arrangements with shipping lines must be confirmed.
4. Processing Export Documents and Transport of Goods

1. Search online - engage with importers and distributors etc
2. Attend Trade Shows /trade missions– Assess trade shows in target market
3. Contact Industry associations in target market who may be able to provide contacts for importers and distributors.
4. Contact Chambers of Commerce in target market.  They may be able to facilitate contact information for importers and distributors.

There are quite a few factors that must be considered but include but are not limited to the following:

1. Associated Costs - which come with the increased costs of new packaging design, travel expenses, new marketing materials etc.
2. Language and cultural differences.  With that, it is necessary to familiarize yourself with differences in language, culture and business practices.
3. Documentations. Transactions in local and foreign governments may require a lot of documentations.
4. Logistics – Consideration for how products will be shipped, time and costs associated.
5. Accessibility.  This means being readily available to foreign clients.
6. Competition. This requires familiarity with competition in the target market.
7. Market Access Requirements such as certifications and labeling and packaging requirements.
8. Political and economic environment – examine legal, safety, environmental regulations and commercial laws in the target market.

The Customs and Excise Department is the entity that provides HS Codes from specific products.  A company requiring an HS Code may contact the Customs office to request the required application form.  After filling and submitting this form to the Customs Department, the HS Code will be provided.  Note that samples, photographs, or other documentation may also be required to be submitted along with the application form to further assist with proper classification.

Before embarking on an export venture, it is recommended that you conduct an export readiness assessment. Ask yourself the following questions:

1. Is the business complying with all the statutory regulations both locally and abroad?
2. Is the business Owner geared to plan and implement the export initiative?
3. Is the business owner sufficiently informed of the export target market?
4. Are the products and production processes ready to meet export capacity demands?
5. Is the business owner able and committed to allocate resources the export process?
6. Is the owner geared to successfully do an export transaction?

A company wishing to become export ready must first ensure that it has the necessary production capacity, financial capacity and the proper team in place.  The company should then conduct proper market research to determine the right market to target based on product demand and various market access conditions such as tariff rates, heath/food safety requirements, packaging & labelling requirements etc. Once an ideal target market has been determined, the company must determine shipping logistics, costs, and export/import documentation.  It is recommended to become a client of EXPORTBelize, BELTRAIDE for advisory and guidance through this process.

After becoming a client of EXPORTBelize, BELTRAIDE, you may express interest in having your products featured at Trade Shows.  Your assigned advisor will then reach out to you when an appropriate trade show arises to obtain products for display to garner possible linkages with potential buyers.

Though BELTRAIDE is not a donor organization, it has established relationships with various donor organizations domestically, regionally and internationally that provide focused grant funding to exporters and potential exporters. BELTRAIDE sometimes assists in the administering of focused projects with grant components; in other instances, the team provides applicable guidance to its clients in the development and submission of grant application packages to donor organizations.

Yes, you can become a client if you are not yet exporting but meet a minimum criterion to potentially export. Our clients include Near Export-Ready, New Exporting / Export Ready and Established Exporters.

Clients benefit from an array of services including tailored export development support and guidance. Clients are continuously being updated on training, accessing to finance and buyer opportunities that may arise from time to time.

There are no associated costs to become a client of EXPORTBelize.

To become a client, kindly contact our team at exportbelize@belizeinvest.org.bz

EXPORTBelize is a unit of the Belize Trade and Investment Development Service (BELTRAIDE), a statutory body of the Government of Belize. Export Belize provides customized needs-based services in the areas of export development and promotion.

Our services include:

• Assisting enterprises in acquiring expertise, know-how, finances and systems necessary to enter markets.
• Provide customized export development and promotion business advising.
• Identifying export opportunities, viable export markets and potential business partners (buyers and suppliers)
• Promoting Belizean products and services.

• Have you done a reference check?
• Does the employee have relevant experience for the job?
• Will the employee fit in with the company culture?
• Do you have a good form of employment “at will” letter for the employee to sign (allowing you to terminate the employee for any reason if it’s not working out)?

Here is a summary of the most effective sources of capital:

• Personal funds
• Angel investors
• Bank loans/Grants

It’s useful to come up with a business plan to think through what you want to do for the development of the product or service, marketing, financial projections and more. Then get input from trusted business/finance advisors. But don’t go overboard with a 50-page business plan. In reality many start-ups have to deviate from their plan.

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• Not starting with enough capital
• Thinking that success will come quickly
• Not carefully budgeting
• Not focusing on the quality of the product or service
• Underestimating the importance of sales and marketing
• Not adapting or iterating quickly enough
• Not understanding the competitive landscape
• Ignoring legal and contract matters
• Hiring the wrong employees
• Mispricing the product or service

A business that

• You are passionate about
• Doesn’t take a lot of funding to begin
• Has the potential to grow into something big in a reasonable time frame
• You have some experience in (avoiding the problem of “you don’t know what you don’t know”)
• You would enjoy doing (don’t build a business that you will dread going to everyday)
• One that can cause meaningful improvement in users’ lives

The answers are:

• Shortage of capital and cash flow
• Having a good business plan
• Coming up with a great product or service
• Sticking to it
• Working more than you expected
• Getting through the frustrations of being constantly rejected by customers
• Hiring good employees
• Knowing when to fire bad employees
• Having to wear so many hats
• Managing your time
• Maintaining some kind of work/life balance

First brainstorm with a bunch of different names. Then do a Google search to see what is already taken, and that will eliminate 95% of your choices. Make it easy to spell. Make it interesting.

Certain Financial Institutions offer funding for Starting Businesses. (SBDCBelize assists in preparing a business plan for this purpose)

or

Get a product done, gain some traction, get a good management team, and then consider getting venture financing.

As much as you can reasonably afford, and in an amount to at least carry you for 6-9 months with no income.

What you will find is that it always takes you longer to get revenues, and that you will experience more expenses than you anticipated.

Step 1 – Business Plan

•  A business plan assists in identifying your competitive advantages, strengths, and weaknesses
•  A business plan is needed to get financing from banks, investors, or funding agencies
•  It allows for contingency planning, by enabling you to foresee problems before they arise
•  It allows you to organize people, resources, and capital EFFICIENTLY

Step 2 – Registration of Business Name & Incorporation of a Company

2.1 Registration of Business Name (Business Names Act, Chapter 247 of the Laws of Belize)

•  According to the laws of Belize, every firm or individual having a place of business in Belize needs to register the business name
•  The registration of a Business Name is done at the Belize Companies Registry, City of Belmopan
•  Minimum average processing time is 3 hours
•  The application fee is Bz$25.00 (US$12.50)

2.2 Incorporation of a Company (Companies Act, Chapter 250 of the Laws of Belize)

•  An operation must be incorporated in Belize for the conduct of such business
•  Memorandum of Association and the Articles of Association must be prepared
•  The above documents must be submitted to the Belize Companies Registry for review
•  Subsequently, a Certificate of Incorporation is issued.
•  Minimum average processing time is 3 hours.
•  The application fee is dependent on the quantity of share capital

Step 3: Trade License

Trade License (Trade Licensing Act, Chapter 66 of the Laws of Belize)

• Obtained from the local city or town council,
• Final approval is based on the recommendation of the Trade Licensing Board responsible for each town or city,
• Fees are determined based on a percentage of the annual rental value of the premises and are due within 30 days after receipt of the bill.

Step 4: Registration for Taxes

General Sales Tax (GST) (General Sales Tax Act No. 45 of 2005)

• GST is a consumer tax applied at a rate of 12.5% on goods and services in Belize
• Only registered persons can charge GST.
• Must register at the Department of GST if conducting a
• taxable activity and annual turnover exceeds BZ $75,000 (US$37,500).
• Business Tax A Tax Identification Number (TIN) and a Certifcate of Registration will be issued and must be displayed prominently at the place of business.

Income and Business Tax Act Chapter 55 of the Laws of Belize)

• Persons carrying on a trade or business earning over BZ$ 75,000 (US$37,500) annually are to file a monthly business tax return. Self-employed persons earning BZ$ 20, 000 or more annually are also to file business tax return.
• Rates vary according to business classifcation
• Business Tax is paid monthly to the Income Tax Department

Social Security Tax (Social Security Act, Chapter 44 of the Laws of Belize)

• Social Security covers the health benefits of employed persons in cases of sickness, maternity, or injury
• Payments are to be withheld and paid monthly to the Belize Social Security Board (SSB)
• Each employer is to ensure that persons are in possession of a valid social security card prior to hiring
• All employees are to register with the SSB

1. Not starting with enough capital
2. Thinking that success will come quickly
3. Not carefully budgeting
4. Not focusing on the quality of the product or service
5. Underestimating the importance of sales and marketing
6. Not adapting or iterating quickly enough
7. Not understanding the competitive landscape
8. Ignoring legal and contract matters
9. Hiring the wrong employees
10. Mispricing the product or service

• Brainstorm with a bunch of different names
• Google search to see what is already taken, and that will eliminate 95% of your choices
• Make it easy to spell
• Make it interesting

Training fees ranges from $30.00-$150.00 Belize Dollars. We also offer free trainings, visit the Free Training section to view the full list of free trainings

Yes, an electronic certificate will be generated to your profile after completing the training. If you do not complete the entire training program this will not be provided to you.

BTEC’s Job Preparedness Trainings are 2-4 weeks long programs focused on preparing individuals to access employment by providing them with the tools necessary to increase their employability skills. Our trainings encompass soft skills (attitudes and behaviours) trainings and technical skills (industry specific).

While our Capacity Building Workshops are 1-2 days’ sessions for persons in the workforce who are seeking to improve their skillset becoming more competitive and better able to handle the changing work cultures.

Yes, we do offer personalized Job Preparedness Training and Capacity Building Workshops through training agreements for those companies or entities who have a targeted group of persons interested in improving their employability skills.

Yes, we do. BTEC Job Preparedness Trainings are offered every two months while our Capacity Building Trainings are offered bi-weekly. A training calendar is posted on the upcoming events section of the platform.

Once a job referral is made through BTEC you can expect a call within 3-5 days. Nevertheless, this waiting time also depends on the recruitment policies of the referred company.

BTEC does not offer job placement however, we do referrals and recommendations of our graduates to companies that are seeking candidates to employ.

Yes, all categories of transport vehicles are eligible under the Auto Rental Policy.

No, luxury vehicles are not to be used for Administration and Management purposes,  therefore, these type of luxury vehicles are not allowed under the program.

No, the Fiscal Incentive Program does not allow “Salvaged Vehicles”.  A Salvaged Vehicle title is defined as a vehicle that has been damaged or is beyond the repairable value or is written off as a total loss by the insurer. This includes flood damage, water damage, crashed, fire, etc.

No, expendables goods are those supplies that are recurrently consumed in services. These items are depleted through repeated use and are not allowed under the incentive programs. This include but not limited to, ream of paper, toners, cartridges, meat products, wines, soft drinks, food items, baking ingredients, soaps, oils, and fuel, etc.

No, incentives are not granted for stand-alone restaurants. The investor can access the incentive package via a hotel development that includes amenities such as restaurant, bar, pool and gym.

No, wholesalers/ retailers sell retail and wholesale goods for local consumptions.  Under the Program, companies are expected to manufacture or produce value-add products.

BELTRAIDE is not allowed to grant ‘one-time or one-off exemptions’ under the Fiscal Incentive program. Feel free to visit the Ministry of Finance for consideration for a one-time or one-off duty exemption.

Yes, as part of the stipulated FI application checklist, DOE and CBA clearances are required under the programs. 

Yes, Audited Financial statement is an indicator that the business activities will provide economic benefits to the economy of Belize.   A sector specific income statement template is provide as a guideline in the compilation of the business proposal. 

Yes, the approved master list is a binding document for the intended Fiscal Incentive approved   period.

On renewal basis a new master list is required for Cabinet’s consideration.

Yes, the Master List is a component under the Fiscal Incentive business proposal. The master list is a comprehensive list of goods and categories that will be imported under the intended Fiscal Incentive approved period.

No, a Minister cannot approve a Fiscal Incentive. Only Cabinet can approve a Fiscal Incentive status which grants customs duty and revenue replacement duty exemptions.

A FI application in accordance with the stipulated application checklist that is deemed complete by BELTRAIDE takes sixty (60) calendar days from submission to approval and receipt of the Statutory Instrument (SI) conferring FI status.

No, the role of BELTRAIDE’s officers is to provide feedback from the review of the submitted business proposal in accordance with the standing checklist.

Yes, a business proposal in accordance with the FI standing checklist is required. Upon full compliance of the stipulated application format, (4) four bonded copies of the business proposal must be submitted to BELTRAIDE.

Investments less than BZ$300,000.00 are eligible to apply under the SME Program in accordance with the standing SME application format.

The benefits under the program include Custom Duty Exemption, and Revenue Replacement Duty (RRD) Exemption.

5.1 The FI Program duty exemption period shall be not more than fifteen (15) years duration. In the case of a company that is highly labour intensive there is an option to extend for a further term not exceeding ten (10) years. The duty exemption period is granted in five (5) year intervals, upon full compliance of the stipulated application format submitted for Cabinet’s consideration.

5.2 The SME Program total duty exemption period shall not exceed two (2) years at a time, but may be extended to a maximum of five (5) years.

No, this is a false perception! Any Government endorsed economic activity under the FI Act is eligible to apply for a Fiscal Incentive.

No, the FI program aims to encourage genuine investments in Belize for both local and foreign investors.

3.1 Under the Regular Program, investments over BZ$300,000.00 must be an incorporated entity under the Laws of Belize.

3.2 Under the SME Program, investments under BZ$300,000.00, must be a natural or legal person or an unincorporated entity. The business must have at least 51% Belizean ownership.  

Yes, the payment of the non-refundable application fee of BZ$5,000.00 is required and a copy of payment receipt must be attached within the final business proposal submission to BELTRAIDE

No, luxury vehicles are not to be used for Administration and Management purposes, therefore, these type of luxury vehicles are not allowed under the program.

No, the DPA Program does not allow transport vehicles.  They do allow some categories of

  utility vehicles that aids directly to the scope of the development and must not be licensed or be on

 any highways or by-ways.  However, salvage utility vehicles are not allowed.  “Salvaged Vehicles”

 or A Salvaged Vehicle title is defined as a vehicle that has been damaged or is beyond the repairable

 value or is written off as a total loss by the insurer. This includes flood damage, water damage,

 crashed, fire, etc.

No, expendables goods are those supplies that are recurrently consumed in services. These items are depleted through repeated use and are not allowed under the incentive programs. This include ream of paper, toners, cartridges, meat products, wines, soft drinks, food items, baking ingredients, soaps, oils, and fuel, etc.

Yes, financial statement is an indicator that the business activities will provide economic benefits to the economy of Belize. A sector specific income statement template is provided as a guideline in the compilation of the business proposal.

No, BELTRAIDE is not allowed to grant ‘one-time or one-off exemptions’ under the Designated Processing Areas program. Feel free to visit the Ministry of Finance for consideration for a one-time or one-off duty exemption.

Yes, as part of the stipulated DPA application checklist, DOE and CBA clearances are required under the programs.

The Duty and Tax Exemptions is for a minimum of 10 years with an option to extend.

No, a Minister cannot approve an DPA.  In the case of an DPA, only the DPA Committee, which comprises of both public sector and private sector representatives, can approve an DPA status which grants import duties and tax exemptions.

A DPA application in accordance with the stipulated application requirements takes sixty (60) calendar days.

No, the role of BELTRAIDE’s officers is to provide feedback from the review of the submitted business proposal in accordance with the standing checklist.

Yes, a business proposal in accordance with the DPA standing checklist is required. Upon full compliance of the stipulated application format, (9) nine bonded copies of the project proposal must be submitted to BELTRAIDE.

The benefits under the program includes Customs and Excise duties and taxes; consumption tax on imports, property and land tax. The right to foreign currency bank accounts in Belize, and ten (10) years under the program with an option to extend.

An incentive is a privilege granted to a company that fulfills the standing DPA guidelines and adheres to the policies and ACT in place.