Belize is a Caribbean country on the northwest coast of Central America. This country is fortunate to have many cultures and languages, but the official language is English. Belize’s economy is based on agriculture and merchandising, and it also produces industrial minerals.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Belize
A sole proprietorship is a business that is fully controlled by one person. That person is entitled to all profits and losses of the business, which means they have unlimited liability. The Government of Belize encourages foreign investors to operate in Belize with attractive incentives.
How to register a sole proprietorship in Belize
The first step in establishing a sole proprietorship is creating your brand and becoming recognizable in the market. To succeed in that, you should choose and register your business name. This step is essential, and the process is quite straightforward that takes no longer than a day. Undertaking this procedure takes place in the Companies & Corporate Affairs Registry in Belmopan. Requirements for business name registration are:
- Cover letter for requesting a business name and proof of the fee payment (USD 25)
- Form 1 completed
- Valid ID
For additional information and questions, you may send an email to this government address.
Obtaining a trade license in Belize
The next step is obtaining a trade license. That is a requirement for every person that exchanges goods or services for monetary value. For this process, head to the City Council. Annual payment could be checked at the City Council website. The yearly trade license fee is usually calculated at 25% of the annual rental value.