In Belize, you can start two different kinds of businesses: onshore corporations and offshore corporations. Offshore corporations are those that use Belize as a virtual headquarters and a place to secure assets but collect money for services rendered from people outside of the country.
An onshore company, on the other hand, is a local business that collects money from those within Belize. An onshore company could be a restaurant, a boutique store or a hotel that serves local and international guests.
If you are interested in setting up a local company in Belize, then Chapter 250 will be your guideline for the process. Discover the benefits of opening up an onshore company, how to get started and key pieces of information to keep in mind throughout your set up period.
What is Chapter 250?
Chapter 250 is the law in Belize that specifies what it takes to become an onshore company registered with the Belize Companies & Corporate Affairs Registry. By meeting the requirements and becoming an established onshore corporation, the business can be considered a 250 company.
If anyone wants to conduct business within Belize and collect money from customers in the country, whether that money comes from visitors or residents, they will need to follow the letter of the law and form an onshore company pursuant to Chapter 250 stipulations.
Factors in Becoming an Onshore Company
When your proposed business is considered, there are a variety of factors that will be taken into consideration before the government agrees to give you permission to operate as a local company.
The level of investment made is a big factor, particularly if you are planning to keep your profits and capital within a local bank account in Belize.
Other things considered by the Belize government when deciding whether businesses can operate locally include the development of new technology in the region, the potential for new employment opportunities for Belize residents, the industry that the business focuses on and the final destination of any products or services offered by the company.
These factors outlined in Chapter 250 are a way to ensure that any onshore business will benefit the people of Belize either through new jobs, new technology or greater investments in local banks.
Benefits of Establishing a Local Company
There are a variety of benefits involved with establishing a local company to operate within Belize. The nation is blossoming economically, and the tourism industry is just beginning to grow substantially.
With more tourists, businesses of all kinds can capitalize on the money being brought into the country every day. Since property prices are affordable, there are also an increasing number of international property owners who spend their money in Belize.
Onshore companies are also eligible for some tax benefits and duty free concessions when bringing in materials and supplies from overseas. Finally, business owners from around the world can qualify to become residents of Belize within months of establishing their onshore business within the country.
If you're ready to establish an onshore company in Belize, contact Georgetown Trust to learn what information will be required and how soon you can expect a response.