What it Takes to Run an Online Business in Belize

Whether it’s an e-commerce store or a call center, starting a business in Belize is an excellent idea. The country’s population is small, but it consists of over 100,000 skilled workers.

Although English is the official language, a large segment of Belizeans also speaks Spanish. What’s more, the country has proximity to Spanish speaking countries in Latin and South America.

That said, the process of launching an online business in Belize is straightforward. Here’s why in a step by step guide:

• Legal Requirements

Similar to most countries, you need a business permit to launch your business in Belize. The charges vary depending on what kind of business you want to start. For example, a license for an LLC costs less than a corporation.

The best way to overcome legal hurdles is to work with Belizean lawyers and accountants knowledgeable on the issue. You also need some patience if you are a foreigner because the process can take up to two months.

• Open Physical Offices and Register your Company

Not all businesses require physical offices to operate. If you are planning to start a blog, you can run from the comfort of your house. But for e-commerce stores, call centers, coaching business, and gaming business, a physical shop is necessary.

You need an office to get a business address, which is, in turn, useful when registering your company. Once you’ve registered your company, though, the rest of the process is straightforward.

• Apply for Trade and Work Licenses

You can’t run a business in Belize without trade and work permits. They cost a small fee to acquire both, and you might have to wait for 2-3 weeks before you get them. As a side note, it’s essential to talk with a local lawyer to find out whether a trade license is compulsory for small businesses.

• Social Security and Tax Issues

Next up is registering with the social security department to acquire a business number. After that, you’ll need to register with the General Sales Tax department to receive a Tax Identification Number (TIN).

Business Industries and Markets

Agricultural and tourism businesses are exceedingly popular in Belize. So, if you want to tap on industries with existing markets, these are prime opportunities. Real Estate and manufacturing are also mushrooming, although they are controlled by large conglomerates.

Below are several more industries ballooning at significant rates in Belize:

• Entertainment
• Call Centers
• Health and fitness
• Online tutoring
• Sports

Small businesses make up 90% of all companies in Belize, meaning anyone can become an owner. It also means larger companies that can provide services on the cheap could fair incredibly well in the country.

The Business Culture in Belize

Belize is a developing country, meaning it has plenty of cheap labor. However, that also means the buying power of locals is pretty low compared to the US and the UK. As a result, starting an online business that also targets people outside of Belize is the best option for you to succeed.

On the Brightside, the cost of living in Belize is much lower than in developed countries. In fact, that’s a common reason for people moving from the US, Europe, and Britain to retire in the country.

The costs of running a business in Belize, however, varies largely. For example, casinos on fruityslots.com, mainly have their headquarters in Britain and Malta. As such, their only costs in Belize relate to marketing and local customer service.

But if you are starting an e-commerce shop targeting people in Belize and neighboring countries, you’ll need a great deal of capital.

Finances

For many Belizeans, starting an online business is a matter of identifying an idea and registering it. Foreigners planning to launch startups that require funding might face a few financial challenges, though.

For starters, you must have stayed in Belize for at least six months before you are eligible for a bank account. Luckily, there’s a leeway in that you can ask for permission from the Central Bank to fast track the process of acquiring a bank account.

There are two options when it comes to banking in Belize: local and international banks. Many foreigners prefer the latter because they can run their businesses in USD. But depending on what you sell, it might become necessary to open an account at a local bank.

When it comes to loans and funding, banks are also your best bet in Belize. Most international banks give out loans for foreigner-owned businesses while local banks finance activities run by locals.

Peace and Politics

Belize is a culturally and ethnically diverse country primarily dominated by Kriol people and Latinas. It also has a significant portion of US and British citizens. All the same, it’s a peaceful country where people live in harmony regardless of their ethnic differences.

Political wise, Belize has a young government that encourages entrepreneurship. It’s not free of corruption, though, but it isn’t harsh to business owners either. When it comes to security, however, you might need private security where necessary.

That said, Belizeans are laid back people who love foreigners. They might not wear suits and ties to work (the hot weather), but they are hardworking and ambitious.

The Challenges

Similar to many countries, there are several challenges in starting an online business in Belize. For starters, the nation’s population is small. So, if you plan to target Belizeans citizens alone, you’ll be dealing with a market more modest than most US cities (350,000).

If you also plan to target other countries besides Belize, then you don’t have to worry about Belize’s population. However, you might need to research to determine you can find the products you want to sell in Belize.

As mentioned, the country’s main exports are agriculture and tourism. So, if you want to start a business that involves products not readily available in Belize, you might get a challenge getting it to operate.

There are more challenges when it comes to running a business. Learn about them and figure out how to solve them, and make your business succeed.