Opportunities for starting a business in Belize

Are you planning on starting an offshore business? If you are seeking jurisdictions that give you abundant incentives when starting a business, here is a suggestion: Belize, one of the most preferred jurisdictions in terms of offshore incorporation. Doing business in Belize is considered an ideal plan due to the business-friendly economic environment, attractive incentives and investment policies.

A strategic location in America

Belize is an independent country located on the Caribbean coast of Central America, with stunning natural beauty. Due to its strategic geographical location, Belize can easily export to the US as well as have direct flights to major states of the US, such as Texas, New York, California, Florida, and Georgia. This allows Belize to freely trade with both the US and Caribbean regions. Moreover, Belize has a free-market economy that is still evolving. Mineral fuels, fossil fuels, and electricity are all imported substantially from The US, the United Kingdom, China, Mexico, Curacao, Panama, and members of the Caribbean Community and Common Market.

Best businesses to start in Belize

Starting a business in Belize is a fantastic idea. Belize is still a developing country, therefore there are several prospects for tapping into new sectors. In addition, the Belize government offers several incentives to enterprises that intend to contribute to the country's economic development, including tax exemptions and free import/export duty. There are also many undeveloped areas, which are considered golden business opportunities in Belize to operate in manufacturing or agriculture in terms of cutting down expenses on laborers and rental.

Here is a list of the business opportunities in Belize as follows:

1. Tourism

Tourism is recognized as one of the best business opportunities to start in Belize. They receive a significant number of visitors throughout the year due to the well known as an ideal beach getaway. It also attracts visitors who love to spend their holidays with their families and friends at wildlife destinations since the land area is surrounded by a dense forest. As a popular tourist destination, investing in accommodation, restaurants, and touring are the best business opportunities in Belize since the demand is huge from both global tourists and locals.

2. Agriculture

Starting a business in Belize in terms of agriculture is considered the most efficient industry. Although forest vegetation accounts for 60% of Belize’s land, 20% of it is arable land with many formidable crops such as bananas, plantains, sugarcane, citrus fruits, rice, and papaya. Agriculture has proven to be the most profitable industry in the country, contributing about 20% of the country's overall GDP, as well as 25% of the country's workforce. As a result, this industry is the fastest growing and most profitable, indicating that investing in it may be a wise move. Therefore, astute investors may take advantage of the business opportunity in Belize by obtaining the necessary licenses to establish agricultural plantations that will cultivate and develop these commodities for both the domestic and export markets. Also, the investors can also choose to build agro-allied industrial cottages to turn these agricultural inputs into completed and semi-finished products for sale to other countries.

3. Consultancy

The business network in Belize is extensive, with various industries contributing to the country's economic development. Many investors are trading their money in the area as a result of the rapid development in visitor engagement with the country. To start a business, new companies may require a variety of services and assistance. Providing consultancy services like license help, tax services, financial references, and other administrative counsel might be a strategic way to make money. Many companies are unfamiliar with the procedures and jargon required in starting a business in Belize. Thus, consulting companies may be an excellent way to start a business and give help.

4. Real Estate

Starting a business in Belize in terms of investing in real estate is totally possible since more and more visitors come to Belize for vacations. Thus, providing housing facilities is considered a potential business opportunity due to the high demand in the industry. Although this is not a low-cost business concept, it may be capitalized on by a knowledgeable investor by supplying housing units built with local materials to suit this demand. The entrepreneur may provide customized homes to fulfill unique needs while also catering to the wider public.

5. Light manufacturing

Starting a business in Belize is a great choice to consider because it provides a competitive and stable environment for Light Manufacturing plants to thrive as well as a competent labor force, low labor costs, and strong government backing through incentive programs. The following is a list of opportunities in light manufacturing that you might be interested in starting a business in Belize, as below:

• Packaging Material: Bottles, Plastic Bags, Paper Bags,
• Assembly: Furniture, and Garment Industry
• Value-Added Agricultural Products: dried fruit, banana chips, cassava chips, meats such as beef, pork, and poultry, bottled fruit juices, and other beverages.
• Value-added Fisheries Products: Face Masks, Cosmetics, fertilizer production, Fish Feed, Livestock Feed