Posted: Friday, December 17, 2021. 10:55 a.m. CST.
By RubÃ©n Morales Iglesias: As part of its commitment to making doing business in Belize easier, the Government of Belize, through the International Financial Services Commission (IFSC), is stepping up a gear and has begun the transformation of the business registry to convert it. into a fully digital online system – the Belize Online Business Registry System.
To carry out the digitization of the current ledger system and convert it to a transparent online ledger, the Belize International Financial Commission departments signed a contract with NRD Companies, an international provider of government technology services, IT solutions and advice.
NRD claims to have experience leading electronic recording and digitization projects in over 50 countries.
This move is part of the government’s drive to digitize its entire system to make doing business in Belize easier. This strategy is expected to attract more local and foreign investors to stimulate the country’s economy.
âThe vitality of business means the vitality of the country. The transformation of our business registers will make Belize more attractive to foreign investors and local entrepreneurs, âsaid Claude BF Haylock, Director General of Services at the Belize International Financial Commission in a press release issued by NRD.
“It is also a basis for increasing foreign investment, new jobs, higher tax revenues, savings in public funds and, therefore, more and better public services.”
Currently, domestic companies are listed in the Belize Companies and Business Register and foreign companies are listed in the Belize International Business and Companies Register. The modernization project will merge the two registers of the International Financial Services Commission in accordance with international standards.
The new business register, which will be launched at the end of 2022, will implement an online system that will deliver services and products digitally.
âThe NRD companies will assess the current registry structure and create and implement a fully online web-based solution that will facilitate all functions and requirements, integrate all users, and streamline and standardize current processes,â the release said.
According to NRD, this transformation will strengthen Belize’s position globally and should “increase the country’s attractiveness for investors and provide growth opportunities for Belize’s economy.”
NRD said modernization will eliminate paper and radically change the environment for commerce and services.
“A new fully digital and fully paperless Belize online business registry system will ensure effortless collaboration of government entities and eliminate redundant manual documents in different institutions.” It will also transform the way the public interacts with public and private institutions involved in starting a business by reducing the repeated sharing of information and by securing and improving data verification, âthe NRD statement said. .
âWe are delighted to support Belize in this transformation leading to a new chapter in the country’s development. Our experience shows that the implementation of modern, fully digital business registers has the potential to radically improve the business environment in the region, âsaid Mindaugas Glodas, CEO of NRD.
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