Belize- Tag Archives - Business News and Updates

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Overview of Import and Export Regulations in Belize

by Legal Team Belize | Oct 15, 2020

Getting to grips with import and export regulations in Belize is essential for anyone looking to enter the international freight market in this English-speaking Caribbean nation. Although Belize is not as popular an investment destination as its Central American neighbors, the country offers businesses an unsaturated market that highly encourages foreign investment. Those conditions also make starting a business in Belize an attractive prospect. Belize is an active member of the World Trade Organization, and its government emphasizes improving commercial ties with large markets such as China, Mexico, and the United States. As a result, import and export is a prosperous sector in Belize, with annual exports in 2018 totaling $354 million (USD), as imports reached $1.05 billion (USD). Import and export regulations in Belize: how to start? Import and export regulations in Belize encourage foreign investment To begin import and export operations in Belize, you must officially establish your company in the country. To do this, you must register your company with the Belize International Corporate Affairs Registry (IBC), and obtain a business license, which will allow you to market products or services within the country. Then, you must follow the general steps to start an import and export process in Belize, which are: Submit the application formObtain an interview with the Belize Chamber of Commerce and Industry (BCCI)Present a copy of the company's registration issued by the IBC to the BCCI Note that the BCCI is in charge of approving trade licenses. Furthermore, the local...

Register and Protect Your Trademark in Central America

by Team Central America | Jun 23, 2020

Registering your trademark in Central America protects your intellectual property from competitors. A trademark is defined as a unique sign that distinguishes your product or service from others. Once registered, you must take certain steps to protect your trademark regularly. Central America is comprised of 7 countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Central America is comprised of 7 countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Together, these countries amount to a GDP of US$268.65 billion and a population of 45.524 million people. Registering a trademark in Central America is essential to remain competitive and build a unique brand in the market. Unknowingly misusing an already existing trademark can lead to legal and financial burdens. Be sure to understand how to register a trademark in six of these Central American countries. Likewise, it is also crucial to understand how to manage your exclusive rights to ensure no third parties are using designs identical or too similar to your own. This includes conducting trademark searches, demonstrating commercial application of your trademark, and renewing it when necessary. Benefits of protecting your brand with trademarks Registering your trademark comes with many advantages, including: Protection of the trademark in the country of registrationRight to file legal action against those who violate the use of your trademark for their commercial benefitRight to restrict the import of goods that use registered trademarks that infringe...

How to Register a Trademark in Belize

by Legal Team Belize | May 6, 2020

Registering a trademark in Belize brings many advantages to a business, as it protects the distinctive signs their consumers recognize them by. Belize has established as one of the largest economies in Central America with a stable currency and pro-investment governmental policies. For companies that expand their business operations to Belize, registering a trademark is essential in order to remain competitive and build a unique brand in Belize’s market.A registered trademark in Belize grants you full protection, control and exclusive rights to your intellectual property. The article outlines significant steps to register a trademark in Belize. Where to register a trademark in Belize The applicant can either choose the online or the in-person procedure. The Belize Intellectual Property Office (BELIPO) is the National Intellectual Property Registry for Belize. This office is in charge of the intellectual property legislation and the promotion of such in Belize. Through the BELIPO, the applicant can submit the application to register a trademark in Belize and hence, obtain a trademark registration certificate. Trademarks in Belize According to the Trade Marks Act (Cap. 257), a trademark is a unique graphic sign distinguishing a company's goods and services. This signs may consist of words, personal names, designs, images, numbers or the shape of the goods and/or their packaging. This definition of a trademark also includes following: Collective mark: Is used to distinguish the goods or services of members of an association from the goods or services of...

Belize Strengthening International Trade Relations

by Legal Team Belize | Apr 22, 2020

Belize is making great efforts to strengthen its international trade relations and attract new business to its shores. The focus is on both existing and new trade relationships.The Belizean government undertook several country visits, meetings, and other engagements in order to strengthen its international ties with significant partners. We outline the most recent and most important international trade relationships developing in Belize. Overview: Belize international trade relations Belize is focussed on furthering trade relationships with a number of key partners, including Mexico, Florida (US) and Taiwan. Trade relationship with Mexico in construction sector development A delegation from the Belizean government visited Merida City in Mexico for technical exchange. The Ministry of Housing and Urban Development aims to strengthen Belize's trade relations with Mexico regarding construction sector development. The 2 countries are progressing through a Building Sector Reform Project in partnership with the Belizean Economic Development Council. The goal of that project is to improve and modernize the business climate and sustainability of planning and developing within the Belizean construction sector. As part of developing the Belize-Mexico trade relationship, a delegation from the Belizean government visited Merida City in Mexico for technical exchange. The delegation assembled with the Merida City Council and the Department of Urban Development. The purpose of this exchange was to strengthen the institutional capacity of key public agencies in the areas of...

How to Liquidate a Company in Belize

by Legal Team Belize | Apr 7, 2020

It is important to understand the steps on how to liquidate a company in Belize if you are considering exiting the market. As a small country in Central America experiencing positive, but slow, economic growth, companies may make the decision to close down operations.The liquidation process of a company in Belize is complex and undertaking the full and correct process can take time. There are various important steps and legal obligations you need to undertake to fully comply with the law along the way. You’ll need to engage with a local legal expert in Belize for assistance with this process. Find out what steps you’ll need to take to liquidate your company in Belize. Overview of company liquidation in Belize Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. Liquidation is the process of finishing operations and closing a business. The process includes distributing its assets to claimants. It is an occasion that normally happens when an organization is insolvent, which means it can’t pay its obligations when they are expected to. As a company's operations end through liquidation, its remaining assets are utilized to pay creditors and shareholders. If the company does not have outstanding debts, then in theory the process should be faster. However, it is important to review the accounting documents (financial statements, balance sheets, annual statements) to fully understand the company's financial situation. Steps to liquidate your company in Belize According to current...

5 Reasons to Incorporate a Company in Central America

by International Trade Experts | Nov 22, 2019

Central America is an exciting region to do business. Often overshadowed by larger neighbouring markets, this region offers many important commercial advantages. This includes special economic zones, tax and other commercial benefits, regional integration, and ease of doing business. Entrepreneurs and foreign investors looking at expanding into Latin America should consider the benefits posed by a rapidly developing region. We look at 5 valuable elements that enable investors to incorporate a company in Central America. 1. Incorporate a company in Central America’s Free Trade Zones Central America houses several special economic areas known as Free Trade Zones (FTZs) that offer businesses preferential commercial conditions to support their operations. The FTZs in this region are most concentrated in: Costa Rica, housing around 39 free zones El Salvador, known as the 17 ‘Zonas Francas’ 12 special economic areas in Panama – the most notable being the Colon Free Trade Zone (this territory alone generates around US$5 billion in exports and imports each year). Businesses that choose to operate within these zones are offered special tax and trading benefits, including tax exemptions on imports and re-exporting of goods to and from the zones, reduced local and national tax compliance, and lower leasing costs for land within FTZ territory. There’s also a higher level of automated and digitalized processes that offer improved efficiency for commercial and logistical operations. Besides these trading hotspots, the governments of Nicaragua, Honduras, El Salvador, Guatemala and Costa...

What Are the Implications of Belize’s New IBC Legislation?

by Legal Team Belize | Apr 28, 2019

In December 2018, the National Assembly of Belize passed comprehensive new legislation in order to remove itself from the ‘investment blacklist’ of the OECD and other organizations. These include the International Business Companies (Amendment) Act, 2018, the Income and Business Tax (Amendment) Act, 2018, and the Stamp Duties (Amendment) Act, 2018. Belize was an attractive investment destination in the 1990s because of the zero tax for offshore companies policy. In recent years, its attractiveness has faded due to rampant bribery and corruption. Belize's legislative changes aim to rebuild its reputation and present the country as a more viable investment option. However, these changes created sudden and immediate implications for current and prospective international business companies (IBCs). With the change in the business landscape comes advantages and disadvantages. Find out what the future of IBC activity and investment looks like for Belize. Belize new IBC legalization - Why amend existing law? The reason for the amendments is the desire to comply with the internationally accepted transparency requirements. These requirements have been set up by institutions like the Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development (OECD). Crucially, complying with their requirements means Belize will be internationally recognized as a 'tax haven'. Certain advantages come with being internationally recognized. By adjusting to international standards, Belize sends a message to global businesses, namely that it has moved on from the era...