With regard to business, it is worth remarking that Belize is in 112th place among the 190 that make up the Doing Business ranking, which classifies countries according to the ease they offer for doing business.
Being a country based on the trade, its ports are of fundamental importance, they are the City of Belize, Big Creek, Corozol and Punta Gorda.
Other industries that respond to the country’s GDP are the garment industries, the food processing industries and the construction industries.
Most of the population is in the service sector.
The situation is beneficial to establish businesses because the materials and resources are low cost. Plants and products use natural resources; therefore, many of the ingredients for production are available in the country. In addition, the stability of the currency is one of the attractions for foreign investment.
Contracting in Latin America is not a simple task and has many on-costs for employers. Most in country tax laws do not recognize contractors per se, hence contract workers may need to be remunerated as employees, taxes withheld and paid to various city, state and federal governments, and reserve funds held for other entitlements until the end of contract. Please contact CXC Global for professional advice on the specific legislation applying in the country in order to facilitate contractors and foreign nationals working in Belize. Forward planning is of the essence to optimize costs. Belize has entered into double taxation treaties with other countries.
For foreign national contract workers, contracting in Belize, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.
With our extensive experience and expertise in contractor management, and assisting organizations with their contingent workforce, CXC Global has the resources and solutions to manage the administration process associated with contracting in Belize, facilitating accounting services and administration, local tax calculations, social security registration, tax balancing and preparation of personal income tax return at the end of the tax year.
The services provided by our local office in the country include