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Belize is modernizing its business registry into a fully digital online system

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Posted: Friday, December 17, 2021. 10:55 am CST.

By Rubén Morales Iglesias: As part of its commitment to make doing business in Belize easier, the Government of Belize through the International Financial Services Commission (IFSC) is shifting gears and has started the transformation of the business registry to convert it into a totally digital online system – the Belize Online Business Registry System.

To execute the digitization of the present registry system and convert it into a seamless online registry, the International Financial Commission Services of Belize has signed a contract with NRD Companies, an international provider of gov-tech services, IT solutions, and consulting.

NRD claims to have experience in leading e-registry and digitization projects in more than 50 countries.

The move is part of the government’s push to digitize its entire system so that doing business in Belize is easier. This strategy is expected to attract more local and foreign investors to boost the country’s economy.

“Vitality of business means vitality of the country. The transformation of our business registries will make Belize more attractive to foreign investors and local entrepreneurs,” said Claude B.F. Haylock, Director General of the International Financial Commission Services of Belize in a press release issued by NRD.

“It is also a foundation for increasing foreign investment, new jobs, higher tax income, savings of public funds and, consequently, more, higher-quality public services.”

At present domestic businesses are registered under the Belize Companies and Corporate Affairs Registry and foreign companies under the Belize International and Corporate Affairs Registry. The modernization project will merge the two registries under the International Financial Services Commission in line with international standards.

The new Business Registry, which will be launched at the end of 2022, will implement an online system that will deliver services and products digitally.

“NRD Companies will assess the current structure of registries and create and implement a fully online web-based solution that will facilitate all functions and requirements, integrate all users, streamline and standardize current processes,” said the statement.

According to NRD, this transformation will strengthen Belize’s position globally and should “increase the attractiveness of the country to investors and provide growth opportunities to Belize’s economy.”

NRD said the modernization will eliminate paper and will change the environment of commerce and services dramatically.

“A new, all-digital fully paperless Belize Online Business Registry System will ensure effortless collaboration of governmental entities and remove redundant manual paperwork in different institutions. It will also transform the way the public interacts with those public and private institutions involved in starting a business by reducing repeated information sharing and secure and enhance data verification,” said the NRD release.

“We are excited to support Belize in this transformation leading to a new chapter of development of the country. Our experience shows that implementing modern, fully digital business registries has potential to radically improve the business environment in the region,” said NRD CEO Mindaugas Glodas.

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