Business & Economy
SPTC hosts information session on new Trade License Regime
On Tuesday, October 8th, around 7PM, the San Pedro Town Council (SPTC) held an educational session in collaboration with the Ministry of Local Government to inform the public about upcoming regulations for trade licenses. These new rules will take effect from January 1st, 2025. The management of trade licensing in Belize will be governed by the revised Licensing Act, Chapter 66, and its associated regulations. The updated framework aims to enhance the business environment by incorporating essential principles and simplifying the application process to ensure predictability, accountability, transparency, revenue neutrality, and streamlined administration within the legal and regulatory structure.
Business & Economy
DFC established a Corporate Relations Department to support enterprise clients
On Tuesday, October 8th, the Development Finance Corporation (DFC) announced the creation of its new corporate relations department. This strategic initiative aims to improve service delivery to local enterprise clients, explicitly focusing on addressing more extensive client portfolios' unique needs. The decision to establish this department came after evaluating the customer base to identify those contributing the most significant portion of incoming revenue.
Business & Economy
Queen Conch Season officially opens; fishers report a bountiful first day
As of Tuesday, October 1st, the Queen Conch (Strombus gigas) season officially opened in Belize. As one of the country's main seafood staples and a leading export marine product, the opening of the conch season is a significant event for the local economy. Fishers in San Pedro Town, Ambergris Caye, welcomed the anticipated season. They headed out early and returned later in the day with plenty of conchs in their first catch of the season. The queen conch season will remain open until June 30, 2025, or until the seasonal production quota is met.
Business & Economy
Possible Hotel Tax increase in discussion
Following reports of a potential increase in the hotel tax from 9% to 12.5%, the tourism industry has expressed concerns. However, the Ministry of Tourism has clarified that this is part of a broader tax reform discussion, and no decision has yet been made.
Business & Economy
SIB releases mid-year consumer report: National Inflation rate up by 3.8%
The Statistical Institute of Belize (SIB) released its mid-year Consumer Price Index (CPI) report for July on August 28th, 2024. The report revealed that the CPI, which summarizes price levels across all consumer goods and services categories, rose to 118.9 from 114.6 in July 2023, resulting in a national inflation rate of 3.8%.
Business & Economy
What’s New: Belusa Consulting Ltd opens office in San Pedro Town
Belusa Consulting Ltd, a new consulting firm from the mainland, has expanded its services to San Pedro Town, Ambergris Caye. The branch opening was celebrated on August 23rd at the Farmhouse inside the Fidos Courtyard in downtown San Pedro. The company, based in Orange Walk Town in northern Belize, is well-recognized for its exceptional work in corporate services, land transactions, and title and escrow processes.
Business & Economy
San Pedro entrepreneurs win cash prizes via the National MSME Roadshow
During the roadshow organized by the Belize Trade and Investment Development Service (BELTRAIDE) to highlight Micro, Small, and Medium Enterprises (MSMEs) in San Pedro Town on August 17th, businesses participated in a pitch competition for a chance to win a cash prize. On Monday, August 27th, Brian Halliday and his business 'Nature Aid' and Guillermo 'Mito' Paz, who lead the island's Eco-Museum Belize project, were announced as winners. Each entrepreneur was granted $2,500 to invest in their business projects. Two local projects have recently received funding through the Inter-American Development Bank to support emerging businesses in Belize.
Business & Economy
Stakeholders want enforcement against businesses illegally soliciting at ports of entry
For the past few years, the issue of soliciting and traffic congestion near the ports of entry to San Pedro Town has been a constant challenge. The problem is mainly observed near the water taxi terminals and the John Greif II Municipal Airports, and affected stakeholders are asking local authorities to do something about it. They noted that it interferes with the activities of law-abiding businesses and, at peak times of the day, adds to the congestion in the downtown area. These stakeholders urge the San Pedro Town Council (SPTC) to enforce their regulations against this ongoing violation.