Let's take a positive look at this and maybe suggest ways that it could be safe and sucessful. Why not make this an activity on the back side of the island in the lagoon? This is an area that is very under utilized.
Just for the sake of information - the pacific coast of the USA makes outside the reef on its roughest days - look like a lake.
AND it is COLD! At least when you take a spill here it feels good.

My daughter raced pwc in the Pacific Ocean for years and I don't remember hearing of any disasters.
The other thing to note is the tides. If you know your tides you can travel over the reef relatively dry - there is nothing like flying in on one big wave when the tide is with you.

Just do your research well and good luck.

Are there not crocs in the lagoon? I have avoided Kayaking back there for that reason. OR maybe they don't eat people on motorized PWC....

This is my problem with Belize trying to be everything for everybody and foreigners trying to find a way to live here and make a living. Belize has established itself as a premier flats fishing destination. The last thing it needs is PWC roaring over the flats.
Belize has spent time and money establishing it as a ecotourism, diving and fishing destination.
Look at the problems PWC have presented where they have become popular and the resulting laws and regulations placed on them to control their use. If you want to play on a PWC, go to a water world somewhere else.

What about Captains Licenses to operate a powered vessel?, I thought the rule was you had to have(in your possession while operating a powered craft)a BPA Boat Masters License. The requirements for that are proof that you own property, have a business, or are a resident or citizen. Are the rules different than this?

Licensing is the easiest thing to navigate. Making a profit will be the challenge. I love jet skis and would only suggest doing a little research in similar destinations. Cancun immediately comes to mind as I appreciate how they use the lagoon. It's calm and offer much less sea grass. Something to consider. They do have a few crocodiles in the lagoon as they do in the sea, and the sea has sharks. So? I swim in the lagoon, people fish in it, kayak in it, etc. Same thing in Cancun, just don't feed them. When I rent a jet ski, I head right back for the lagoon or the bay, awesome riding, less boats, water like glass, fun!

But those infernal machines shatter people's peaceful existence! And the noise really carries across and around the lagoons.

Skis make less noise than boats and planes and even those monster Polaris machines that are getting more popular with the expats, You can here them things coming from a mile away.

Yeah, I don't like those noises either!

The noise from the gas-powered Polaris machines is HORRIBLE. And there is a motor bike up our way that is even worse (not you Elbert) and goes fast enough to flatten dogs and kids with one easy pass. The drivers must have lost their hearing and their senses long ago.

Today i saw a brand new vehicle in town that looked like a dune buggy, what the hell is the traffic dept thinking when they let such types of vehicle on the island, it's wheel base is about twice the width of a golf cart. I think he will have trouble going through town with that thing. It is time for a new traffic office they have obviously lost their minds.