LLC’s are formed after the Federal Mexican Ministry of Foreign Affairs approves the proposed company name. The Articles of Incorporation must have notarized signatures and state the purpose and types of business activities which the LLC will engage in.
What is the equivalent of an LLC in Mexico?
Answer: In Mexico, the two major types of companies are called the Sociedad de Anónima and the Sociedad de Responsabilidad Limitada. They are basically the equivalent of a Corporation and a Limited Liability Company in the United States.
How can a foreigner start a business in Mexico?
5 steps to opening a business in Mexico
- Get authorized. To use your desired company name, contact the Ministry of Foreign Affairs.
- Plan it out. You’ll create a Constitutive Act, which is an incorporation deed, and it must contain: …
- Get certified. …
- Get local. …
- Get employees. …
- Get paid.
How do I register a US company in Mexico?
Mexico: 5 Steps To Incorporate A Business In Mexico
- Choose the type of entity. The first step to incorporating a business in Mexico is deciding if the business will be a Mexican entity, a branch or a representation office. …
- Choosing a name. …
- Sending in documents and bylaws. …
- Get a Tax ID. …
- Get a bank account.
How do I register my business in Mexico?
Register the company for tax purposes with the Mexican Tax Authorities (SAT). This can be done at any local office of SAT. In other states the local offices of SAT will need to be contacted. This registration can only be done by someone with power of attorney (poderes), designated in the deed of incorporation.
What is a SAPI in Mexico?
In order to promote foreign and national investment into the Mexican economy, a vehicle called SAPIS (Sociedad Anonima Promotora de Inversion “SAPI” in singular and “SAPIS” in plural, also known as an Investment Promotion Corporation in English) were created and enacted into the Foreign Investment Law on December 2005, …
Is it hard to start a business in Mexico?
Opening your own business in Mexico is neither hard nor easy, according to The World Bank Group’s most recent ranking of 190 nations on Starting a New Business. Mexico ranked 93rd but did better in the Ease of Doing Business ranking, coming in 47th.
Is it safe to start a business in Mexico?
While there is crime throughout the country and there are places where crime is worse, overall, Mexico is a very safe place to visit for both personal and business travel. … Choose a safe location: This is, by far, the first and most important step when doing business in Mexico.
How much does it cost to set up a company in Mexico?
|Different Mexico entity types||Cost||Draft invoice|
|PLC company (Stock corporation)||US$19,603||View invoice PDF|
|Fast business setup solution||US$37,600||View invoice PDF|
|Fast business setup solution + 6 months tax reporting||US$53,100||View invoice PDF|
|Turnkey solution||US$29,075||View invoice PDF|
How long does it take to open a business in Mexico?
You can apply for both resident and non-resident visas at a number of Mexican consulates worldwide, or you can apply for a visa after arriving in the country through the Secretaría de Gobernación. The process normally takes around one month, depending upon the complexity of your individual circumstances.
Can a US company do business in Mexico?
Foreigners can own 100% of a Mexican corporation and open their business in Mexico. Mexico’s legal system and tax laws for businesses do not discriminate between foreigner business or Mexican National owned businesses.
Do you need a business license in Mexico?
Legal obligations and responsibilities
Some types of business in Mexico must obtain a permit to trade legally. If you’re serving the public directly (in a shop or restaurant for example) then you might also have to register your enterprise with the local government.