Global PEO in Belize
Situated on the eastern coastline of North America, Belize has emerged as a high growth and profitable investment region. The country has also managed to maintain a low cost of living, which coupled with its easy-going lifestyle, it’s easy to see why people go there for vacation and never leave.
In today’s world of remote work, it’s not unlikely that countries like Belize will fill up with expats that are also skilled professionals. The same could be true for your own employees looking for a permanent vacation.
Thanks to professional employer organizations (PEOs) like Skuad, holding onto those employees or finding new candidates to fill open roles on your team is easier than ever.
A PEO in Belize allows businesses to onboard, pay, and hire remote employees in the country — and everywhere else in the world — as if they were hiring from their own city.
Want to learn more about what a PEO can do for you? Then keep reading!
What is a PEO?
A professional employer organization is essentially a human resources (HR) service provider offering all the essential administrative, legal, compliance, and employee management tasks that businesses require. PEOs take on the HR responsibilities for companies — such as managing payroll and curating competitive benefits packages — while ensuring that your business remains compliant at all times with local labor laws.
With the help of a PEO, your business can build an international team of talent from virtually any country in the world, including Belize. Your PEO provider will take on the laborious administrative tasks so you can focus on things like growth and productivity. They’ll also keep you updated on the ever-evolving labor laws to ensure you don’t end up with any violations.
If you’re thinking about using PEO services in Belize or elsewhere, you can get in touch with a Skuad team member today to discuss the details.
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What are the benefits of using a PEO provider in Belize?
Working with a PEO in Belize can open up new opportunities for your business. As you’ll see below, there are tons of benefits of working with a PEO:
Hire from the best of the Belizean and global talent pool
The best person for the job won’t always be nearby. The age of remote work has unlocked a world of potential allowing employers to look beyond their hometown or country to find the candidates that will become valuable team members.
With more and more private investors taking interest in the region. Belize’s economy has seen significant growth in the last few years. This kind of attention is what enables a country to grow and reinvest in its people, which equates to better education and training to develop more skilled professionals.
Using a PEO means you can tap into this emerging pool of skilled professionals as well as the skilled professionals relocating to the country.
Become a globally competitive employer
When you become an international employer, you become internationally recognized. This means you won’t just have to source employees on your own because they’ll start coming to you.
A professional employer organization in Belize will know which statutory benefits employees are entitled to while also helping you go beyond the minimum as an employer to attract and retain your company’s future assets.
Save on unnecessary costs
Without a PEO in Belize, you’re looking at some significant expenses when it comes to hiring from the country. Even most enterprise-level corporations who have adequate capital for setting up a business in Belize will opt for a PEO instead.
Because it’s the wiser and cheaper alternative.
Without PEO services in Belize, you’ll need to hire an in-house team to manage your HR needs as well as a legal team that understands employment laws in Belize. These aren’t just one-time costs either — we’re talking about ongoing salaries and retainer fees.
Get in touch with the Skuad team to hear more about our highly competitive pricing.
Gain in-depth insights into new global markets
All of Central America is emerging thanks to its prime location and the interest of private investors. It’s also right in the middle of a few strong markets, including South America, the United States, and Canada. Not to mention, these markets have efficient connections with Europe and its surrounding markets.
Taking on Belizean employees is a great way to gain a unique insight into these markets, which will prepare you to expand your business in the future.
Avoid setting up your own legal entity in Belize
Setting up an international business in Belize is both time-consuming and expensive. That’s because, without a PEO in Belize, you would have to set up your own legal entity. Incorporation can take months and requires a team of lawyers who specialize in Belizean law.
You’d also have to physically be there for the incorporation, which means funneling extra funds for travel and accommodation.
Using PEO services in Belize allows you to forgo setting up a legal entity within the country because PEOs have their own legal entities established — and they’re meant for businesses like yours to use.
Become culturally aware
If you plan to hire internationally, then you should plan to become familiar with the cultural customs and work culture around the world. As your partner organization, a PEO in Belize will ensure that you’re well-informed on the various cultural practices as a global employer.
For example, Belize is home to a mixed culture with influences and people from Kriol, Maya, East Indian, Garinagu (Garifuna), Mestizo, Mennonite, and many more. This means there are several customs and cultural traditions you’ll want to be aware of.
Your PEO in Belize can help you remain culturally aware and respectful. Get in touch with a team member at Skuad to learn more about how!
Remain compliant with Belize employment laws
Every country has its own rules and regulations regarding what an employer must provide to employees. Being found non-compliant with these rules and regulations can cause you to incur expensive fines and even face business pans.
Compliance references everything from managing payroll to covering the proper statutory benefits and even allocating the correct amount of paid time off.
Here are the basics of employment laws in Belize:
- Belizean employees are paid in the Belize dollar (BZ$).
- Salaries for skilled professionals vary based on industry and profession, but the average salary is BZ$800 per month (around USD $400).
- Probationary periods typically only last two weeks.
- Bonuses are not mandatory in Belize, however, holiday pay is typically double the employees’ hourly or daily rate.
- Employee termination in Belize will require notice depending on the duration of the employment. Severance pay is mandatory for employment durations of five years or more with the same employer.
- Typical working hours are up to 45 hours per week or 6 days per week with paid overtime at a 150% rate of the employee’s salary.
Taxes and employer contributions
- Belize’s income tax for employees is set at 0% for income thresholds of BZ$26,000 and under. For BZ$ 26,000.01 and over, the income tax rate is 25%.
- Employers in Belize must make social security contributions according to the rate of the employee’s pay and up to 7.31% of their gross salary.
- Employees in Belize must make social security contributions according to their pay rate and up to 3.91% of their gross salary.
- All employees are entitled to 16 days of paid sick leave each year based on their rate of pay.
- All employees are entitled to two weeks of paid vacation each year.
- Eligible employees are entitled to 14 weeks of paid maternity leave.
Learn more about what Skuad’s PEO services in Belize can do for you by booking a demo today.
What does it cost to build a team in Belize?
Setting up a business in Belize means paying the price of Belize’s company registration, incorporation, legal fees, and much more.
Incorporation costs in the first year will cost around US$1,800 and US$1,100 in the second year. However, that’s not including engagement amounts which depend entirely on the type of business entity you wish to form. This could cost you anywhere between US$7,000 and US$30,000.
That’s not including travel and accommodations. Or the cost of a local legal team.
PEO services in Belize
Doing business in Belize works out at a fraction of the cost when you partner with a PEO.
Of course, PEO service fees will vary depending on the provider and the packages they offer. But Skuad makes it simple by allowing you to get started for free to see if the service works for you. You can also cancel at any time, no questions asked.
To start onboarding and paying international employees right away, our PEO service packages start at just $19. We also offer custom pricing for enterprise-level companies looking for both a PEO and an employer of record (EOR) in Belize. All you have to do is work out the details with our sales team!
When you’re ready to expand your business internationally to Belize or anywhere else in the world, we’ll be here to help. Book a demo now to see what Skuad’s global PEO solutions can do for you.