MSME’s Enhancement Program (MEP)
In order to assist the growing number of Micro, Small Medium Enterprises (MSMEs) in Belize, the Belize Trade and Investment Development Service (BELTRAIDE), the Economic Development Council, the Customs and Excise Department, and other relevant public agencies have launched MSME Enhancement Program (MEP) that is designed to provide MSMEs with waivers of Customs and Import Duties for a specified list of packaging and labeling materials.
The MEP caters specifically to companies that are categorized as an MSME, meaning that the company cannot have, for example, more than 51 employees, or an annual sales of BZD$1.5 million. The emphasis on MSMEs is based on the well established impact that this class of businesses have on the economies of developing countries, with estimates placing their contribution at minimum at 60% of GDP and 70% of employment.
The program is also designed to incentivize companies in the informal sector to formalize, as adequate registration at entities such as the Companies Registry—another partner agency—and the General Sales Tax Department are required.
The principals of the initiative have assured that the current MEP is a first step that has the possibility of being expanded as data is collected from the initial phase.
