The five (5) steps to take when starting a business in Belize.
When I officially started Visuals by Glenn Patrick, I considered myself a freelance graphic designer but knew I wanted to make if an official business and did some research.
I researched several websites to get some of the necessary information. I decided to write an article to give you a general list of ALL the steps you need to take for your business to be in legal and secure standing in Belize.
- Register your business name. The first step is to register your business at the Belize Companies and Corporate Affairs Registry in Belmopan City, Cayo District.
- Trade Licence – Next you will need to apply for your Trade Licence at your local Town Council.
- Taxes – DO NOT SKIP THIS. Please note that taxes are to be paid from the start. It is your legal duty once your business is registered and you are making money. You will be charged penalties and interests once you are not paying. The GST charges apply once you reached the threshold of $60,000BZ per year. You can apply for your Business Tax ID at your local Belize Tax Services office or the office in Belmopan City, Cayo District.
- Trademark – To register your trademark you must visit the BELIPO office in Belmopan City, Cayo District. Wikipedia defines a trademark as “…a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others”.
- Business Bank Account – A business bank account is always the best route to go to help in transparency and security with business finances. I had never been a fan of the banking system, but I have learned to recognize and appreciate its value. Do the research and choose a branch that you believe will best serve your needs. I use Atlantic Bank.
I do plan to give a more detailed explanation of each step in the future. But these are the general steps I took when starting a business in Belize. For more details about each step, please feel free to contact me.