Belize has undergone a significant economic transformation over the last two decades, mainly due to the growing tourism industry and to the commercial oil discovery in 2005. Tourism and Agriculture are the main sources of income and employment.
Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.
Labor fact sheet
LABOUR ACT; REVISED EDITION 2003
This site provides a detailed summary of some of the labor regulations that would apply to local entrepreneurs wishing to hire workers, organize working schedules, improve job quality for workers, or make workers redundant for economic reasons in Belize.
The Laws of Belize allows for various categories of business ownership. The relevant legislation can be found at www.belizelaw.org.
This site provides a listing of business types. Almost all offshore or foreign businesses use the International Business Company or Trust forms, sometimes in combination.
Customs and Duty information from the Belize Trade and Investment Zone
This site provides key information on Belize’s participation in the WTO. Belize has been a WTO member since 1 January 1995 and a member of GATT since 7 October 1983.
The various trade agreements between CARICOM and its regional counterparts all mark another step in the widening process of trade and economic relations between CARICOM and the countries in the wider Caribbean and Central America.