The locations of these businesses are called Free Trade Zones and the businesses operating in them are allowed preferential treatment in the area of taxes and duties. There are two official free trade industrial zones and, in addition, companies may now, under the Free Zones Law, establish their own free trade and industrial zones. In addition to Free Trade Zones, Guatemala has a law containing a number of different ways that businesses may get benefits for manufacturing products in Guatemala for export out or the Central American region, utilizing primarily foreign components. This is known as the Law of Promotion and Development or Export Activities and Drawback. Petroleum investors are eligible for tax free imports of certain goods for five years, suspension of duties without bond on items to be re-exported, and the maintenance of foreign currency deposits outside the country.
Mining operations are similarly eligible for duty-free imports.
Firms that carry out development projects in designated tourist zones can receive customs duty and real estate tax exemptions. Shipments of animal products must be accompanied by a general health certificate from a veterinary official or the country of origin. Government Monopolies and Other Businesses Restrictions Guatemala, under its constitution, owns all radio-electronic frequencies. This is interpreted to mean that the state telephone company has a monopoly on most telecommunication services. They have, however, contracted with foreign firms for some services.