Workforce Payments Guide Belize
Last updated: Dec 17, 2023
Papapya Global is only able to support SWIFT payments. The funding currencies may be AED,AUD,CAD, CHF, kr DKK, EUR, GBP, HKD, NZD, kr SEK, SGD, USD. The payout may be in local currency as well as other currencies and the payment is completed in up to 3 days.
Papaya Global supports payments to contractors in Belize. The payout currency may vary based on the receiver bank account setup when receiving foreign currencies. it is advised for contractors to reach out to their bank to confirm how foreign currencies are handled
The Know Your Customer (KYC) process in Belize involves the following steps:
Identity Verification: A clear color copy of a valid and current passport, certified by a notary, lawyer, chartered accountant, consular officer, court officer, bank manager or a similar regulated professional or state official.
Address Verification: A document such as a utility bill, bank or credit card statement, mortgage statement, tax bill, correspondence from a government agency, home security services bill, home internet or cable services bill, or rental contract. The document must indicate the full name of the individual together with his residential address and must not be older than 3 months.
Reference Letter: One bank reference letter or a professional reference letter indicating the length of time for which the individual is known to the referer, being not less than three years and the nature of the relationship between the individual and the referer.
CV (Curriculum Vitae): A document summarizing your education, skills, and experience.
All of these documents must be received before any company formation or management orders can be completed.
The banking laws that impact cross-border workforce payments in Belize include:
Currency Controls: The Government of Belize has established currency controls. Foreign investors seeking to convert, transfer, or repatriate funds must comply with Central Bank regulations. Foreign investments must be registered at the Central Bank to facilitate inflows and outflows of foreign currency.
Labour Laws: The Belize Labour Act outlines the rights and responsibilities of employers and employees, which could impact cross-border workforce payments.
Opening a Bank Account
To open a company bank account in Belize, you need to prepare several documents:
- Company Documents: Certificate of incorporation, articles of association, memorandum of association, business license (if applicable).
- Personal Documents: Valid passport, proof of address (e.g., utility bill or bank statement), curriculum vitae (cv) or resume, professional reference letters, bank reference letter (if available), police clearance certificate, tax compliance certificate.
- Business Plan: A comprehensive business plan outlining your company’s objectives, operations, and projected transactions.
- Business Details: Nature of business, anticipated transaction volumes, countries and entities involved, expected average account balance.
The process typically takes between 3 to 7 days. However, this can vary depending on the bank and the specific circumstances of the company.
The major foreign banks that operate in Belize include:
- Atlantic Bank
- Heritage Bank
- National Bank
- Caye Bank
Major Local Banks
Belize Bank Limited (BB): This is the largest and oldest continuously operating bank in the country.
Local B2C Payments Tools
In Belize, there are several B2C payment tools available for businesses and consumers. Here are some of the major types of B2C payment systems:
- Credit and Debit Cards: By integrating a payment gateway into your ecommerce site, you can accept card payments from customers.
- Digital Wallets: Customers can store a variety of different credit cards and bank account numbers within an online wallet. Examples include services like PayPal, Apple Pay, and Google Pay.
- Bank Transfers: Also known as electronic funds transfers or direct debit payments, these payment systems allow customers to complete checkout by transferring money from their bank account to the retailer’s bank account.
- Mobile Payments: With this ecommerce payment method, the customer sends a payment request to the service provider via text.
- Belizing Payments: This is a platform for accepting credit card payments from customers quickly and securely in Belize.
Please note that the availability and usage of these payment tools can vary based on the specific requirements of the business and the consumer.
Belize does not appear to have any legislation that specifically regulates cryptocurrencies. However, there are online cryptocurrency exchanges operating in Belize, including Binance, Kraken, and Coinmama. These platforms allow you to buy and sell Bitcoin and other cryptocurrencies.
In 2023, the Financial Services Commission (FSC) of Belize, on behalf of the government, joined an international standard for automatic exchange of information between tax authorities in countries with active cryptocurrency markets – the Crypto-Asset Reporting Framework (CARF). This move suggests a growing recognition and regulation of cryptocurrency markets in Belize.