Belize : Economy

Belize Specialties

Belize has a small and essentially agriculturally based economy. Sugar being the main crop accounts for nearly half of exports. The banana industry is Belize’s largest employer and the recent discovery of crude oil has presented new prospects for this developing nation. Belize’s biodiversity and similar climate to that of Mexico and Guatemala prompted oil companies to explore the petroleum industry further. Trade is a very important part of the Belize economy, the major trading partners are the United States, Mexico, the United Kingdom, European union and central America.

Business Environment

Belize’s legal system is based on the English Common law and local statute. The Belizean dollar is pegged to the U.S. dollar at a rate of two for one. Five main commercial banks can be found in Belize; the oldest and largest bank is Belize bank followed closely by Alliance bank of Belize. Formerly Belize’s business environment was mainly driven by the exportation of logwood and mahogany it soon became apparent however that the offshore industry would be vital to the survival and continuation of the development of the financial sector.

Belize Offshore Services

The development of offshore financial services was launched in 1990. The international Business Company (IBC) is a tax-free company incorporated under the laws of Belize but has to conduct all its profit-earning activities outside of Belize. Belize offshore companies can be used to lease or own property, for estate planning, tax optimization and are often created in connection to a Belize trust. The offshore companies have few requirements and offer many possibilities. Furthermore the Belize laws have provided provisions to make sure that the freedom of individuals and private commercial transactions remain possible.

Demography - Companies - Banking - Secure tax haven - Double tax agreements