Starting a business in a new country can be intimidating and confusing when you don’t know where to start. If you are looking to expand your company to Mexico or start a business in Mexico as a foreigner, here are some useful resources to help you enter the market successfully.
Starting a Business in Mexico as a Foreigner
When starting a business in a new country, there are a few things you need to pay attention to. For example, registering your business, tax information, business phone numbers, marketing to locals, and more.
Here are a few helpful steps to guide you when starting a business in Mexico as a foreigner.
1. Decide on a Company Name
First, choose a name for your company. Research local company names to get a sense of the way locals name their business. Then, find one that is most suitable for your business. Keep local slang in mind and consider the use of translation.
2. Create a Deed of Incorporation
Next, draw up a Deed of Incorporation; that is a deed for business entities. To do so, you will need a notary public. You may work with a Corredor Público, a type of attorney that specializes in deed formation. You can register your business as a:
- Sociedad Anónima de Capital Variable S.A. de C.V. — a regular corporation
- Sociedad de Responsabilidad Limitada S. de R.L. — an LLC
- Sociedad Civil, S.C. — an LLC or PC, or
- Asociación Civil, A.C. — a non-profit
When signing the Deed of Incorporation, ensure you have the following:
- All owners are present and mentioned in the Deed
- Owners’ Identification — official ID for Mexicans; passports and proof of legal presence for foreigners
- CURP number (like an SSN)
- RFC number (tax ID)
- Proof of address
3. Register the Business
You must register your business with the National Business Information Registry (SIEM). Then, register its address by obtaining a Domicilio Fiscal — a registered address. This is the location where you will receive notifications from the government and carry out your business operations. Lastly, you will also need to register with the Mexican Tax Authorities (SAT) through any of their local offices or online.
4. Register with the Foreign Investment Register
An important part of starting a business in Mexico as a foreigner is registering with the Foreign Investment Register. If the owner is a foreigner without a permanent address status, then they have to register here.
5. Get a Mexico Phone Number
Next on the agenda is getting a Mexico phone number. Virtual phone service providers like Global Call Forwarding can help you get Mexico virtual phone numbers so you can get started on your business from wherever you are located. We offer Mexico toll free numbers and Mexico local numbers for different locations within the country.
Mexico toll free numbers let local Mexican residents contact your business for free while local Mexico numbers charge callers local calling rates. You can have these calls forwarded to any number or location of your choice. This way, even before you open field offices in Mexico, you can start communicating with locals through these numbers by having calls forwarded to your office or smartphone wherever you are located.
6. Start Advertising & Marketing
Finally, once you have your business registered, you can start advertising and promoting your business and its products and services. You can use international SEO, paid advertising, social media advertising, as well as promoting your business in local directories, etc.
Get Mexico Numbers with Global Call Forwarding
We offer business phone numbers for companies looking to expand locally and globally. Our plans come with advanced virtual communication features that help with call management and improve productivity within the office. To learn more, speak with one of our experts today!