Belize

Ease of Doing Business in

Belize

This page summarizes Doing Business 2015 data for Belize. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.

Economy Overview

 
Region Latin America & Caribbean
Income Category Upper middle income
Population 331,900
GNI Per Capita (US$) 4,660
City covered Belize City
Doing Business 2015 Rank Doing Business 2014 Rank*** Change in Rank
118 119 down 1

Doing Business 2015 DTF** (% points) Doing Business 2014 DTF** (% points) Change in DTF** (% points)
58.14 57.96 down 0.18

Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2015 Rank 148 DB 2014 Rank*** 144 Change in Rank down-4
DB 2015 DTF** (% points) 72.38 DB 2014 DTF** (% points) 71.76 Change in DTF** (% points) up0.62

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

Indicator Belize Latin America & Caribbean OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

View methodology
Procedures (number)
9.0 8.3 4.8

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
43.0 30.1 9.2

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
41.4 31.1 3.4

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

View methodology
Paid-in min. capital (% of income per capita)
0.0 3.2 8.8
No. Procedure Time to Complete Associated Costs
1 Conduct a name search at the Companies’ Registry 1 day no charge
2 Register company statutes and memorandum and articles of association at the Companies’ Registry 2 days see procedure comments.
3 Submit application to City Council for a trade license 1 day no charge
4 Receive inspection from City Council inspector 20 days no charge
* 5 Pay for the trade license at the City Council 1 day (simultaneous with previous procedure) 25% of the annual rental value of the business premises
6 Make a company seal 2 days BZD 50-200
7 Register the company for business tax at the income tax department 10 days BZD 150
* 8 Register the company for general sales tax (GST) at the GST office 17 days on average (simultaneous with previous procedure) no charge
* 9 Register the employees with the Social Security Board 2 days (simultaneous with previous procedure) no charge
* Takes place simultaneously with another procedure.

**The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

***Last year's rankings are adjusted. They are based on 10 topics and reflect data corrections.

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