Belize free zones

Belize free zones

Belize free zonesBelize counts with two type of free zones, i) Export Processing Zones and ii) Commercial Free Zones.

There are currently 3 EPZs, one next to the border with Mexico and two next to Belize City, the commercial capital of the country; and 2 CFZ, the most famous being the Corozal Free Zone, also located next to Mexico.

Advantages

  1. Any type of enterprise can be registered in EPZ and a CFZ: i) LLC and ii) Branch Offices;
  2. Companies registered within the zone are exempt from the following taxes:
    • Capital gains tax;
    • Custom duties on import and export;
    • Exercise tax;
    • Export duties;
    • Property tax.

  3. Companies will be exempt from applying from import and export license and will not be subject to import/export quotas.

Registration

  1. Applications must include:
    • Corporate Documents;
    • Detailed Business Plan;
    • Bank references;
    • Commercial References;
    • Environmental Clearance from the Department of Environment.

  2. Companies are required to lease or purchase a property within the Free Zones areas;
  3. Applications must be submitted to the Export Processing Zones/Commercial Free Zones authorities.

Export Processing Zones

  1. Export Processing Zones are suitable for i) manufacturing ii) processing and iii) assembly;
  2. For sale to individuals and businesses within the Belize territory, i) export/import licenses should be secured, ii) the merchandise must be verified and iii) taxes may apply;
  3. Companies are exempt from i) income tax, ii) withholding tax, iii) capital gains tax and iv) corporate income tax for the first 20 years of activity within the EPZ;
  4. Dividends payed by companies are exempt from tax;
  5. Companies are allowed to hire foreigners to compose 15% of the total work force.

Commercial Free Zones

  1. Commercial Free Zones are suitable for the following activities:
    • Commercial office;
    • Warehouse;
    • Manufacturing;
    • Insurance services;
    • Financial services;
    • Banking services;
    • Offshore financial services.

  2. Merchandise warehoused within the CFZ may be sold without a license as retail or wholesale to:
    • Foreign diplomats;
    • Ships that sock at Belize ports and are destined at foreign ports;
    • Direct export by sea, air or land.

  3. For sale to individuals and businesses within the Belize territory, i) export/import licenses should be secured, ii) the merchandise must be verified and iii) taxes may apply;
  4. During the first 10 years, companies in the CFZ are exempt from i) Income tax, ii) capital gains tax and iii) corporate tax;
  5. During the first 20 years, companies are exempt from tax on dividends.

Contact us

For additional information on our free zone company registration services in Belize, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
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