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Starting a business made easier after new legislation introduced by Briceño administration

Posted: Sunday, July 11, 2021. 1:30 pm CST.

By Aaron Humes: The House of Representatives now has before it amendments to existing laws which it is hope, will help to make it easier to start businesses in Belize.

Prime Minister and Minister of Finance John Briceno introduced an amendment to the Companies Act, seeking in part “to allow certain fees that are being imposed, to be imposed by order and published by the gazette.”

The effect of the amendment would be to reduce and combine four separate fees into one, reducing the cost from about $584 to $300. “Making it easier to do business in Belize means that we have to make it simpler, cheaper and more efficient,” the P.M. explained, as the current cost is 34 percent of per capita income.

He noted that according to the World Bank, Belize is “really in bad shape” on the index of ease of doing business, ranked 166th.

Micro, small and medium enterprises especially will benefit.

A connected amendment, to the Stamp Duties Act, will remove duty on documents necessary to form a business.

The bills were read a first time and sent to the House’s Finance and Economic Development Committee for examination, consideration, and report.


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