Aquaculture In Belize.
and pharmaceutical benefits.Many competitive advantages are available for future aquaculturists intend on investing in this industry in Belize.Such as a Sub Tropical climate ( dry and wet season ) which allows for year round production, wide ranging environments for many types of culture methods, a dependable and enthuastic labour market and a strategic geographical location providing easy routing to international market destinations especially the United States.
Other Motivating Factors
Belize have a strong stable democratic government , offers fiscal tax and other incentives,and provides corporate tax holidays and duty exemptions on equipment among other things.Renewed interests have been generated on aquaculture as it protects the delicate physical makeup of the natural fisheries in Belize.
The Belize Fisherman Cooperative Association Ltd.(BFCA) provides technical training to local labour force to create a skilled manpower base for the aquaculture industry needs.Currently the majority of investments in Belize aquaculture are in shrimp farming .Other species cultured here are Australian Red Claw Lobster and fin fish , namely Tilapia and Red Drum .
Investment Incentive Schemes.
The importance of private investment both by local and foreigner investors has been recognized as an effective instrument for promotion of economic development,particularly the export – oriented ventures in Belize.A healthy investment climate is being maintained to attract investors by the government.Several incentive schemes have been instituted to encourage and promote investment.The investment schemes are contained in the following legislation:
1) Fiscal Incentive Act, No 6 of 1990;
2) International Business and Public Investment Companies (IBC)
3) Mines and Minerals Act 1988;
4) Export Processing Zone (EPZ) Act 1990
5) Commercial Free Zone (CFZ) Act 1994
Fiscal Incentive Act 1990
The Fiscal Incentive Act ( No: 6 ) of 1990 is one of many schemes the government has initiated in order to attract investments into the country.The Act contains fiscal incentives and the rules and regulations governing the investment.
Tax Holidays and Duty Exemptions
The Fiscal Incentives Act 1990 clearly defines the benefits and conditions of the tax holiday period.The tax holiday period shall normally be 5 years duration from date of production.However
there is a provision that the Minister of Economic Development,
on application made by a company,in a fit and proper case ,can review the company’s operations and renew the tax holiday period for a further term not exceeding 10 years .In addition , there is an an exception to “normally in the same Section 6 (i) (b) which states that in the case of a company which is engaged in agriculture,agro industrial products ,mariculture etc,and the operation is strictly for export and highly labor intensive ,the tax holiday may be for a maximum period of 25 years.