Page 159 - Caribbean-Central America Profile 2018

BELIZE

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Belize
Capital: Belmopan
Nationality: Belizean(s)
BELIZE Official Language: English
Population Total (millions): 0.37 ( 2016 est.)
Size: 8,866 square miles
Currency: Belizean Dollar (BZD)
Internet Domain : .bz
International Dialling Code: +501
Electricity: 120/240 volts

COUNTRY OVERVIEW: INVESTMENT INCENTIVES
q Belize lies on the Caribbean coast of The Government of Belize (GOB) is wholly committed to supporting the country’s niche-
Central America, bounded on the north oriented development model, while preserving the country’s distinctiveness and fostering
and part of the west by Mexico, and on investor confidence. Likewise, the wide array of investment related incentives have all
the south and the remainder of the west continued to firmly reinforce the country’s business-friendly reputation.
by Guatemala.
q English is the official language of Belize. FISCAL INCENTIVES PROGRAMME
q Belize is characterised by an incredible The Fiscal Incentives Programme was designed to encourage genuine investments in Belize
amount of biological and geographic through duty exemptions and tax holidays. The Act provides both existing and prospective
diversity. investors with the legal and fiscal framework to stimulate productive economic activities.
q The mainland contains tropical
rainforests, coastal forests and grassland The duty exemptions are:
that host rare tropical flora and fauna. • Duty exemption of up to a maximum of 15 years to companies granted an Approved
q Its more than 100 coastal islands and Enterprise Order.
the largest coral reef in the Hemisphere
distinguish the Belizean shore: The • Duty exemption may be renewed for a further term of 10 years or a total of 25 years
Meso-American Barrier Reef measuring for companies engaged in agriculture, agro-industrial products, mariculture, food
180 miles. processing and manufacturing with operations centered on export, and that are highly
q The capital is Belmopan, although the labor intensive.
former capital, Belize City, remains the
main commercial centre. EXPORT PROCESSING ZONE (EPZ) PROGRAMME
The Export Processing Zone (EPZ) Programme is intended to attract both local and foreign
Belize is the Caribbean gateway to Central investment to boost production for export markets with a focus on manufactured goods and
America. It is the only English-speaking non-traditional agricultural products given the following benefits:
country in Central America and has
become a natural niche for investors who • Full import and export duty exemptions
want to develop their business in a stable, • Exemptions from capital gains tax, property and land taxes, excise, sales and consumption
strategic, sustainable and business-friendly
environment. Foreign investors already taxes, taxes on trade turnover, on foreign exchange and transfer tax.
operating in Belize refer to the ease of • Tax holiday of 20 years with an option to extend and deduct loses from profits following
entry and small degree of government and the tax holiday period.
administrative barriers to business. • Dividend tax exemption.
• Opportunity to open foreign currency bank accounts in Belize.
Current priority sectors for investment • Opportunity to sell, lease or transfer items, goods and services within an EPZ.
include:
• Tourism & Leisure (w/ Medical • Exemption from the Supplies Control Act and its regulations.
Tourism) • No import restrictions on raw materials.
• Agri-business & Agro-processing • No import or export licensing requirement. No trade licenses.
• Fisheries & Aquaculture
• Sustainable Energy COMMERCIAL FREE ZONE (CFZ)
• Offshore Outsourcing The Commercial Free Zone Act of 1994 was established to attract foreign investment and
• Light Manufacturing and Logistics provides for various activities including manufacturing, processing, packaging, warehousing
and distribution of goods and services.

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