Mexico - registering business practical data
Although there is a way any company may open a business in Mexico without necessity of physically travelling to Mexico (you can contract one of many companies that are in charge of opening and establishing companies in Mexico for foreign investors), it is highly recommended to be locally present in Mexico and supervise each steps of the procedure.
Regardless of should you decide if to register a company remotely or with your local presence, you will need to contract an attorney and most likely a person who will take care of financial issues (accountant). Due to many traps and gaps in law it will be necessary to use such services that have an expertise in those fields locally. Practically, many times, even if you attend on your own to governmental institutions in order to get an information, you might not be told about all hidden tricks, gaps and the every-day practice regarding such operations, therefore if you want to be sure, you are legally and financially safe, it is necessary to invest in such services.
The process might not be so clear, transparent and easy to understand specially of companies coming from European Union or Northern American countries.
The steps to start and register business in Mexico::
1. Hiring a local accountant that will lead you with legal-financial issues
2. Issuing FM3 visa in Immigration Office (this will allow you to perform lucrative activities and all issues connected with activities in Mexican banks)
3. Registering company:
i. Registering company under chosen name in Hacienda (fiscal authority)
ii. Establishing Company Status with the presence of local lawyer and legal representative – usually connected with holding a Shareholders Assembly which establish all necessary points required for defining company status
iii. Registering Shareholders Assembly (if such took place) books prepared by lawyer
iv. Obtaining permission in "Secretaria de Relaciones Exteriores"
v. Opening bank account
vi. Registration in "Secretaria de Hacienda" and "Credito Publico"
vii. Registration in "Instituto Mexicano del Seguro Social"
viii. Registration in "Tesoreria" in the state that the company is being established
In a case of importing activities there is also required registration of:
ix. Padron General de Importadores (Aduanas SAT)
x. Padron Sectorial de Importadores (Aduanas SAT)
The process of registering a company in Mexico is not very simple therefore it is recommended to use services of local company that are providing all complex services for foreign investors of setting up a local company.
Costs (2008):
1. Hiring a local accountant - around 600 USD per
2. Issuing FM3 visa - around 150 USD
3. Registering company (for all services and registering fees) - around 3000 USD
