Setting up of businesses in Belize and seeing them to success is not a straight forward task. There are some rules a businessman should adhere to as required by the law. Also there are some key points which an entrepreneur should give thoughts to before engaging in business.
Market or customer availability is one factor that should affect your decision of starting a business for instance. Many businesses fail due to lack of customers. Majority of entrepreneurs are intrigued by the idea of setting up businesses but within no time they begin to crumble due to lack of customers. When you are starting a company you should consider which people you are aiming at. As an example it is a bad idea to begin a car selling company in a location where majority of the population are poor
On dealing with the law, there are unavoidable steps you have to follow and missing even one could tamper with your operations. To begin the set up, you need to ensure that you do not share a name with another firm. This you can confirm with registry offices situated in Belmopan which is the capital of Belize.
Note that you cannot set up a firm that has the same name with another firm. The search takes a few minutes since it is a computerized process and it is also free of charge. You can also ask about this info through the phone or fax.
Next, you are supposed to register the name you have chosen and the business memorandum at the registration offices though at a costs determined by the registrars. You will also be asked to forward some important documents for example articles of association. After there you are to visit the city council for license application.
License application will push the city council to command an inspection officer to tour your business site. Note that you may be required to give a certificate of compliance that was given when you were doing registration. The license in many occasions is hand delivered once the licensing board approves you application.
The next part is paying for the license and making of a company seal. The seal is done at stationary stores at a certain fee which depends on if the seal is embossed or done with rubber. After all these it may seem like if the process is over but there is the taxation part which is also vital. One thing you would not want to do is to evade taxes because once you will be noticed, the government will hunt you down until you pay your dues with interests or even file a case against you.
You are supposed to go to the tax board before you start earning. Normally, tax numbers are given within one to two weeks after application. Register your employees too with social security boards. Make sure that you are in possession of all the required certificates and documents that are vital in application process of various items. After you precisely follow these steps and think of key factors in running a business, nothing will deter your businesses in Belize from succeeding.
Market or customer availability is one factor that should affect your decision of starting a business for instance. Many businesses fail due to lack of customers. Majority of entrepreneurs are intrigued by the idea of setting up businesses but within no time they begin to crumble due to lack of customers. When you are starting a company you should consider which people you are aiming at. As an example it is a bad idea to begin a car selling company in a location where majority of the population are poor
On dealing with the law, there are unavoidable steps you have to follow and missing even one could tamper with your operations. To begin the set up, you need to ensure that you do not share a name with another firm. This you can confirm with registry offices situated in Belmopan which is the capital of Belize.
Note that you cannot set up a firm that has the same name with another firm. The search takes a few minutes since it is a computerized process and it is also free of charge. You can also ask about this info through the phone or fax.
Next, you are supposed to register the name you have chosen and the business memorandum at the registration offices though at a costs determined by the registrars. You will also be asked to forward some important documents for example articles of association. After there you are to visit the city council for license application.
License application will push the city council to command an inspection officer to tour your business site. Note that you may be required to give a certificate of compliance that was given when you were doing registration. The license in many occasions is hand delivered once the licensing board approves you application.
The next part is paying for the license and making of a company seal. The seal is done at stationary stores at a certain fee which depends on if the seal is embossed or done with rubber. After all these it may seem like if the process is over but there is the taxation part which is also vital. One thing you would not want to do is to evade taxes because once you will be noticed, the government will hunt you down until you pay your dues with interests or even file a case against you.
You are supposed to go to the tax board before you start earning. Normally, tax numbers are given within one to two weeks after application. Register your employees too with social security boards. Make sure that you are in possession of all the required certificates and documents that are vital in application process of various items. After you precisely follow these steps and think of key factors in running a business, nothing will deter your businesses in Belize from succeeding.
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