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Licensed Activities in Belize

Licensed Activities in Belize

Licensed activities in Belize include a few fields like trading, international insurance, and other international activities. If you are interested in Belize offshore company formation, it is important to know which activities are regulated in the country.

Most entrepreneurs will choose to incorporate a Belize International Company, a type of legal entity designed to be incorporated by foreign investors in Belize. Although it generally does not require special permits to perform business activities, some sectors like financial services are regulated.

IBC special licenses

A number of business activities, namely those related to the financial services, are subject to special licenses in Belize. Owners of International Business Companies submit their applications to the International Financial Services Commission. The following are licensed activities in Belize:

  • international insurance services;
  • international asset management and protection;
  • international mutual funds and other collective investment schemes;
  • money transfer services and payment processing services;
  • money brokering, lending and exchange;
  • trading in foreign exchange;
  • trading in securities and financial derivative instruments;
  • international accounting services;
  • consulting or advisory services in the fields listed above.
Quick Facts  
Trade license For companies that will exchange goods or services for monetary gain.
Import/export license Mandatory. Certain requirements apply according to the types of imported/exported goods.
Banking license For banks and bank branches in Belize.
Licenses for other financial services In the case of non-banking services (investment funds, trust companies, securities investment businesses, etc.).
Accountants license As per the conditions set forth for this profession by the Institute of Chartered Accountants of Belize (ICAB)
Real estate license According to the conditions of the Association of Real Estate Brokers of Belize (AREBB)
Forest license Forest export, forest import, cutting permit, protected area or scientific permits, etc.
Fishery license For the export of fish, selling fish, sport fishing, etc.
Agriculture permit Issued for various types of activities by the Agricultural Health Authority.
Licenses for medical professionals Issued by the Belize Medical Council.
Dentist license Issued by the Medical and Dental Association.
Tourism license Issued by the Belize Tourism Board for tour guides or tour operators.
Hotel and accommodation license Also issued by the Belize Tourism Board
Pharmacy authorization Issued by the Ministry of Health & Wellness
Architect license A qualified architect in Belize must be licensed and registered by the Association of Professional Architects of Belize (APAB).

Apart from licensing with the International Financial Services Commission, foreign investors who open an offshore company in Belize have few requirements and enjoy a simple company setup process. These also include the step to open a bank account in Belize.

Our Belize company registration specialists can give you complete information about the licensed activities itemized above.

The trade license in Belize

The trade license in Belize is required for all companies that will be involved in trading activities, or the provision/sale of goods or merchandise, or other sold services.

All companies that will engage in trading activities within the City of Belize will need to apply for and obtain the license permitting these activities before they commence them.

An application for a trade license in Belize will:

  • State the nature of the business and the activities;
  • Clearly include the name and address of the company;
  • Provide proof of business license fee payment;
  • Be applied for after the business owners have completed the steps necessary to open a company in Belize.

For the purposes of the trade license in Belize, any company that provides a service is considered a trade. This means that supermarkets and grocery shops, fast food establishments, gas stations, warehouses, mechanics and other traders – businesses that sell certain types of services – will need this license.

The trade license is sensibly different from the financial license in Belize, for example. However, given the fact that the former has a broader scope, more businesses are expected to apply for it. Our team can help you with Belize company registration and with understanding the requirements for the trade license.

The following conditions apply to companies that operate under a trade license in Belize:

  • They can change their place of business, however, they must announce the authorities so that a new assessment of the location can be performed for the purposes of license compliance;
  • They cannot transfer a trade license without the approval of the authorities.

Carrying out a trade in Belize without a license is an offence and subject to a fine not exceeding $500. However, those who are found guilty of trading without a license in Belize will no longer be able to engage in trading activities (alone or in association with another party) for a period of two years from the date of the conviction.

Our team lists below some examples of trade license fees. Please keep in mind that these can be subject to change:

  • Peddlers: $300 per year;
  • Promoters: $200 per year (maximum);
  • Taxi operators: $1 per day (maximum).

The video below summarizes the requirements for special licensing in Belize:

Corporate law in Belize

The International Limited Liability Companies Act, the International Financial Services Commission Act and the International Insurance Act and the Offshore Banking Act are examples of relevant legislation for the financial sector in Belize. The banking regulations applicable here also stipulates what investors have to complete if they want to set up a bank account for a company in Belize

The offshore services sector is very well developed and investors in Belize are exempt from all local taxes, have no requirements for a minimum company capital, enjoy financial protection and the lack of foreign exchange control.

Other services offered by our team

We can also assist you with information about individual matters, in addition to the ones relating to licensed activities. If you are interested in knowing more about Belizean residency, we can give you information on how to first acquire temporary residence, followed by permanent residence. Conditions for your activities in Belize, your financial stability, and others apply.

We also provide assistance to foreign nationals who are already Belizean permanent residents and have completed the five-year minimum period of permanent residency toward being able to apply for Belizean citizenship. Other conditions apply in order to be able to acquire this status, so make sure to ask our team any questions concerning your situation before you decide to apply.

When you wish to make your relocation to Belize a permanent one, our team will answer your questions about immigration to Belize. Remaining in the country indefinitely is possible for foreign nationals, however, they will need to meet the aforementioned conditions for financial stability, among others. You can rely on our assistance during the application process for residency purposes.

Working with our lawyers in Belize is recommended to all investors, both local and foreign, who have questions about corporate and business law, licensing, liability and the business owner’s duties. We are a team practising in many areas of law, including real estate, employment, intellectual property law, contract law, debt collection, and more. You can reach out to us for more details about our services. 

Belize offers a wide range of investment vehicles, available to entrepreneurs and investors worldwide. If you would like to know more about this convenient location to do business, please contact our Belize company formation agents.