Opening a Business in Mexico: Getting Started
We have met many people who have moved to Mexico with the dream of opening their own business. Some have been incredibly successful, and some have been woefully unprepared. Mexico can be a challenging place to do business but with the right team on your side, you will be better positioned for success.
Building Your Team
The first member of your team should be a law firm that is experienced in corporate law and foreign investors. Your legal team will draft your articles of incorporation, ensure appropriate powers of attorney are in place, and ensure that as a foreign investor, you and your company are properly registered with the National Register of Foreign Investments. They will also register your corporation with SAT and obtain the corporation´s tax ID number.
Registering with SAT
While working with your lawyer on the articles of incorporation, it is highly advisable to select an accounting firm at that time so that appropriate powers of attorney can be given. You will want your accounting firm to have the ability to request a FIEL from SAT. A FIEL is an electronic signature that allows your accounting firm to access your files with SATand allows the corporation to issue facturas, official digital invoices that are registered with SAT. Facturas will be issued by you for all income received and by your suppliers for all expenses. All corporations must have FIEL.
Corporate Bank Accounts
A corporate bank account is required, and your accountant will help open your account. Once your business account is open, all income and expenses for the corporation must move through your corporate account. Accounts are typically opened in Mexican Pesos. If you also require a U.S. Dollar account, please inform your accountant.
If you plan on importing or exporting products, you must register with SAT and be listed on their Padrón de Importadores (Register of Importers). You must also hire a customs broker. Your accountant can register your corporation with SAT and coordinate with your customs broker to ensure the necessary documents are in place for appropriate accounting and taxation. We do not recommend using a commercial importer as it is unnecessary as long as you have previously registered with SAT.
Adding to Your Team
Finally, we recommend that you hire someone into your corporation with experience in business administration in Mexico who can help you with your day to day administration needs.
Please note, unless your corporation has gone through the appropriate immigration process to higher foreigners, any employee who receives a salary must be a Mexican national.
You should expect the entire process of incorporation, registration with SAT, and opening a bank account to take up to six weeks. If everything is handled properly, this time spent during these initial stages will help to ensure your dream of opening a business in Mexico is successful.
Mextax is ready to be a member of your team to ensure the success of your new business in Mexico. For more information or a quote for our services, please visit the contact us section of our websites.