The Government of Belize has started the transformation of two business registries, one for domestic and one for foreign companies, into a single, fully digital system.
December 16, 2021. Belize, a country with only $0.09B foreign investments in 2019, is taking steps to increase the attractiveness of the country to overseas capital. The Government of Belize decided to improve the commercial conditions and strengthen its position in the region of South America by initiating a complete overhaul of Business registry practice and improving the business climate in the country.
Currently, Belize has two business registries: one for registering domestic businesses, and the other is dedicated to foreign companies. The government owns both registries, but they are administered separately and, essentially, compete with each other. The Government of Belize (GOB) decided to consolidate and modernize both registries into a unified business registry system, more in line with international standards.
“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. 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,” says Mr. Claude B.F. Haylock, Director General of the International Financial Commission Services of Belize.
To implement the project of registry modernization, the International Financial Commission Services of Belize, having oversight over both current business registries, has signed a contract with NRD Companies, an international provider of gov-tech services, IT solutions, and consulting, which has experience leading e-registry and digitization projects in more than 50 countries.
NRD Companies will assess the current structure of registries and create and implement a web-based solution that will facilitate all functions and requirements, integrate all users, streamline and standardize current processes.
Due to this modernization, the environment of commerce and services will change dramatically. A new, all-digital Belize Business E-Registry will ensure effortless collaboration of governmental entities and remove redundant manual paperwork in different institutions. But the most notable effect of this modernization will be ease of registering new firms: establishing a company will no longer demand in-person participation and signing documents in multiple institutions. The whole process will move online without restrictions on nationality or physical location of founders and should take several hours instead of days.
“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 the potential to radically improve the business environment in the region. It also indirectly propels quality of life for citizens in countries that have modernized their business governance,” says Mindaugas Glodas, CEO at NRD Companies.
The new business e-registry will be launched in 2022.
ABOUT THE INTERNATIONAL FINANCIAL COMMISSION SERVICES OF BELIZE
International Financial Commission Services of Belize is a premier regulatory body for the offshore industry in Belize and as the regulatory authority is responsible for the promotion, protection, and enhancement of Belize as an international financial services center and regulation of provision of international financial services. Its mission is to support the development of the financial services sector in Belize primarily through effective regulatory practices, market expansion, professional skills, and product enhancement.
ABOUT NRD COMPANIES
NRD Companies is a global IT and consulting group of companies, specializing in governance and economic digital infrastructure development. Headquartered in Norway, the group unites companies operating in Fintech, GovTech, and practice-based consulting areas in aiding countries to reach UN sustainable development goals. NRD companies have a successful track record of implementing projects, such as e-service delivery platforms, national post digitalization, tax administration platforms, and other digital solutions, in all 5 continents. The Group is a recognized leader in the industry and is controlled by the INVL Technology UTIB. NRD Companies is a parent company for the following subsidiary corporations: Norway Registers Development AS, NRD Systems, NRD Rwanda, ETRONIKA, Infobank Uganda. More information:www.nrd.no.