In our article Starting a Business in Mexico: A Guide for Foreigners we give an in-depth view of the incorporation of a company and provide different options to start operations in Mexico besides incorporating. Here's a summary of the steps.
1) Corporate Name
You need to choose up to five options for the company’s name. The Ministry of Economy (Secretaría de Economía) authorizes the Company’s Corporate Name. We ask you to choose five different options because, in some instances, they may get rejected.
2) Management Board
You need to choose the Governing Body of the Company. The Governing Body may be a Board of Directors with a minimum of two persons or a Sole Administrator. Typically, the Governing Body elected is a Board of Directors with a President, Secretary, and Treasurer.
Once elected, please provide the full names of the Sole Administrator (if applicable) or the Members of the Board.
3) Shareholders' Information
The company’s shareholders may be either natural persons or legal entities.
- Natural Person. If the shareholders are to be natural persons, we will only require their full names and passport.
- Legal Entities. If the shareholders are to be legal entities, we require the following documents:
- Certificate of Formation / Articles of Incorporation
- Certificate of Legal Standing
- Appointment of Signing Officer / Representative with Power of Attorney
- ID of Signing Officer or Representative with Power of Attorney
- TIN (Tax Identification Number
Please provide documents numbered i, iii, iii and iv, duly apostilled.
4) Legal Representatives
In the Incorporation Deed or a separate document, we may appoint managers or legal representatives who perform certain activities for the company or work for the company. Such power or powers are given to persons performing specific activities in Mexico. In our expertise, we recommend such an appointment is given in a separate document to keep the incorporation deed “clean.”
Such powers may involve the following activities: Collection, Administer, Labor Administration, Performing acts of Ownership, Opening Bank Accounts, Subscribing, Endorsing, and Guarantee all kinds of Negotiable Instruments and Gran General and Special Powers.
5) Signature of Incorporation Deed
Suppose the shareholders do not wish to travel to Mexico. In that case, they may grant us special and limited powers to incorporate the company in the representation of the shareholders.
To do so, and if desired, we can send the power of attorney for you to get duly apostilled and send it back to us.
6) Registered Address
Companies in Mexico, by law, need to have a registered address. So, to incorporate a company in Mexico, you need to register an address. This cannot be a "virtual location", When a company is going to open a physical location, this is not a problem. But some businesses, such as consultancy or e-commerce, don't really need a physical office, and it would be a waste of resources to spend a lot in an office so we recommend leasing an inexpensive office, however small it may be. We can help you find one that is the most cost-effective option.