A Belize Local Company (LTD) is designed for business operations within the jurisdiction of Belize and are regulated under Chapter 250 of Belize Law. If, for example, a person runs or operates a property management company in Belize, a dive shop, restaurant or other local business activity, then it would be prudent for such a person to form a Local Company. Belize has flat corporate tax rates which range from a few percentage points to as high as 15% with no allowable deductions whatsoever. The system is quite straight forward and allows for the easy calculation of one’s profit and loss. Taxes in Belize are due on the 15th of the month for earnings made in the previous month and late payments incur stiff penalties of 10% on the amount owed if made one-day late. Additional business licenses may be required depending on the nature of the business, such as obtaining a hotel license from the Belize Tourism Board (BTB) if providing tourism accommodations etc.
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