The dynamical response of axially moving, partially supported, stretched viscoelastic belts is investigated analytically in this paper. The Kelvin-Voigt viscoelastic material model is considered and material, not partial, time derivative is employed in the viscoelastic constitutive relation. The string is considered as a three part system: one part resting on a nonlinear foundation and two that are free to vibrate. The tension in the belt span is assumed to vary periodically over a mean value (as it occurs in real mechanisms), and the corresponding equation of motion is derived by applying Newton's second law of motion for an infinitesimal element of the string. The method of multiple scales is applied to the governing equation of motion, and nonlinear natural frequencies and complex eigenfunctions of the system are obtained analytically. Regarding the resonance case, the limit-cycle of response is formulated analytically. Finally, the effects of system parameters such as axial speed, excitation characteristics, viscousity and foundation modulus on the dynamical response, natural frequencies and bifurcation points of system are presented.