When it comes to starting businesses big or small, one area of the world that always seem to get the interest of a lot of people is Mexico. However, recently, the country has truly evolved when it comes to owners of small businesses, as incentives for new startup businesses have begun to appear. Furthermore, much of the red tape is disappearing and many business opportunities are being provided to United States citizens.
At first thought, it may seem rather complicated to try to start a small business in a country like Mexico; however, the process itself is actually rather simple.
Here are a few tips to make note of in order to help you get started.
*There are not many restrictions that you will have to face when starting a small business in Mexico, and it’s all thanks to NAFTA, or the North American Free Trade Agreement. You also do not need to be a resident of Mexico, nor do you have to actually travel to the country itself. It’s important to note, however, that areas such as the gas and oil industry are either highly restricted or completely off-limits.
*You will need to contact the Secretaria de Relaciones Exteriores in order to obtain official authorization to use the company name that you wish to use. This process can generally take about a couple of days to complete. You will then have to both sign and submit an incorporation deed, as well as apply to receive a tax identification number for your company.
*If you plan to hire employees, you will be required to register with the Instituto Mexicano de Seguro Social in order to establish pension accounts, as well as register for payroll tax with the local tax administration.
*Obtain any and all municipal permits that you may need to have in order to legally operate your business.
*Take the time to advise the local authorities regarding where exactly you plan to do business.
*In the event that you wish to physically work at your business, you will need to apply for an immigration visa.
Thank you for visiting the Lawyer From Mexico blog, a business lawyer in Mexico. We write to inform people about Mexican laws, news and events that can affect your business.