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The 1990 Export Processing Zone (EPZ) Act of Belize enables companies to operate within special or general export processing zones in the country. Special EPZs are enclosed one-factory operations and general EPZs are enclosed multi-factory operations. Belize's first EPZ, consisting of 28.5 acres and located just 8 miles from the Mexican border in the northernmost district of Corozal, was officially opened in July 1992.

The Commercial Free Zone (CFZ) Act of 1995 provides for the establishment and operation of CFZs within Belize to foster commercial trade and investment with neighboring countries. One of the features of the CFZ Act is that it establishes an autonomous body known as the Commercial Free Zone Management Authority (CFZMA) with full supervision authority of the CFZs in the country. However, the autonomy of the CFZMA board has been eroded as a result of amendments to the Free Zone Act, specifically the amendment which changed the composition of the board, from one previously controlled by zone investors to one controlled now by government-appointed representatives. The other two major amendments seek to impose a social fee of 1.5 percent on all imports and 10 percent on petroleum products in the zone and change the foreign exchange regulations. Business enterprises generally encouraged under the CFZ scheme include commercial offices, warehouses, manufacturing, insurance services, and financial services.

 

 

 

 

 

 

 

 

  Copyright By :  Kish Trade Promotion Center  2002