Richard Price opened Premium Wines & Spirits in Belize in 1995, and today it’s the leading importer and distributor of a wide selection of wines and spirits in the country. In this Chat with an Expat, Richard shares what it was like to open the family business back then.
Wrobel & Co: When did you move to Belize and why did you choose to move here?
Richard Price: I moved to Belize in October 1986 for the opportunity to create my own business (a restaurant), with the original intention of staying for two years and then move back to the UK and do the same there. The cost to start my own business in the UK was simply too high for me. In addition to this, my father, who had served in the British Royal Air Force had moved to Belize in the mid-’70s, so I had visited a few times over a ten year period on holidays.
W & C: What did you do in the UK?
Price: I am from the UK originally, although I lived in different countries around the world due to my father being in the UK military. I was in the restaurant business in London, after graduating from University College Cardiff in 1982.
W & C: You’ve owned Premium Wines & Spirits since 1995, what was the process like setting up a business in Belize? What type of obstacles did you experience?
Price: I started PWAS on April 1st, 1995, exactly eight years to the day after opening my restaurant. The process was extremely easy as it was a sole proprietorship and required very little bureaucracy. A Trade License obtained from the City Council, as well as a liquor license and registering the business name was all that was required to get up and running. A very simple process to start what was then a very small business.
W & C: What would you have done differently?
Price: I’m not sure that I would have changed anything, to be honest. Learning is part of what makes being self-employed so much fun.
W & C: What are the major differences as it relates to opening and running a business in Belize versus opening and running a business in the UK?
Price: Everything is just a lot simpler and less complicated, not to mention significantly less expensive, especially since nearly everything can be done online now. Whilst contracts are obviously a necessity of business; I much prefer the old adage of a handshake and trust. Because Belize is such a small country, it does not take long to get to know most of the business community, and by extension, people and their businesses develop reputations, both good and bad, very quickly.
W & C: Do you recommend hiring a lawyer for business ventures in Belize?
Price: It’s definitely desirable to have knowledge of a solid and reliable lawyer who can help or guide on matters, whether business, property or immigration-related. Whilst residency and work permit applications can be done on your own; it will certainly be quicker and less stressful having a lawyer carry it out for you. It may also save you a lot of travelling to the Capital, Belmopan, where most of this sort of thing gets filed.
W & C: Why did you choose to open your store in Belize City?
Price: I chose to open my store in Belize City and whilst no longer the capital of Belize; it is still very much the business centre of the country. Being an importer of wines and spirits, the main port of the country is in Belize City, so this facilitates the process. It is also central for distributing to the north, west, south, and the islands of Belize. Since starting Premium Wines & Spirits, I opened a branch in Belmopan and another on the main tourist island of San Pedro.
W & C: Favourite animal in Belize?
Price: Howler monkey. It seems that wherever you go around the country of Belize, you can hear the distinct call of the howler monkey.
W & C: Favourite drink in Belize?
Price: Wine, naturally!
W & C: Favourite time of year in Belize and why?
Price: The best time of the year is around March to May when the weather is mostly dry, and there is nearly always a cooling wind coming in from the sea. This makes it perfect for boating, which I try to do most weekends, going out to the Cayes.
W & C: Where is your favourite place in Belize and why?
Price: I go to the Cayes every month, but in addition to that, especially through the last year of Covid 19, I have taken the opportunity to travel extensively throughout the country and visit resorts both inland and by the sea. They all offer excellent deals for residents.
W & C: Where can people go to learn more about you and what you do or about your business?
Price: We have a very active social media presence on both Facebook (@premiumwinesandspirits) and Instagram (@premiumwinessp), where we are always running specials on wines and spirits.
W & C: Can you elaborate on your interactions with Wrobel & Co. and more specifically, our managing partner Ryan Wrobel? Do you feel that our office has anything to offer your clients?
Price: I’ve known Mr Wrobel for many years now both in a social/friendship capacity and a business associate. We have both been active in the business community, including serving on the board of the Royal British Legion (Belize Branch).
W & C: What are some of the amazing things living in Belize has afforded you?
Price: The quality of life from living in Belize is amazing and unique. We have easy access to the sea and the Cayes, as well as the majesty and beauty of the jungle and Maya ruins.
Interested in retiring or relocating in Belize as Richard did? Contact Wrobel & Co, Attorneys-at-Law, and we’ll get you started on your Belize retirement or relocation journey today.
To learn more about retirement in Belize, visit our Belize Retirement FAQ page here.
This information was provided as a courtesy of Wrobel & Co. Attorneys-at-law. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel. Please click here for the full disclaimer.
