One of the steps that must be taken in the process of expanding a business to Mexico is to open a bank account in Mexico in the name of the company. Opening an account in Mexico is a simple process, but it can become a confusing process if you do not have all the necessary information.
What are the steps to follow to open a bank account in Mexico?
When the decision is made to create a company in Mexico or when the business seeks to expand into the Mexican market, it is necessary, in the first place, to decide the legal form. Then, in order to be able to make the relevant capital contributions and start the economic activity, a bank account must be opened in the name of the company.
Steps to obtain this account in Mexico:
- You must establish who can act on the account you are going to create. This is written in a draft corporate resolution.
- You have to submit a photograph of each person who can operate with this account and present their passport.
- You need to submit the NIF.
- You need to submit the documents of the incorporation of the company. The most important part of these documents is where the number of shares of the company is shown.
- Your bank may ask you to show the corporate seal. The corporate seal has established the name of the company, the date of foundation, etc.
Once you have completed all these steps, you will be ready to open your bank account in Mexico and start developing your economic activity. It is advisable that before opening the account, you also get well informed about the banking entities in Mexico, and the options of services and products that each entity offers to its clients such as: protection against theft or fraud with your card, commissions or charges for the use of each service such as opening, issuing checks, transfers, withdrawals at ATMs in the network or abroad, etc.
How do I find the best option to open an account in Mexico?
There are many options for opening company, business or SME accounts in Mexico, but as usual, there is no one option that is better than the others, you will have to take into consideration your needs and evaluate your preferences in order to choose the most convenient account. Therefore, the secret is to look for an account, financial product or banking product that suits your business needs, regardless of whether they are immediate or medium-term. Below, we will explain everything you should take into consideration before opening an account in Mexico for your company.
Why open an account in Mexico for your company?
The main reason for deciding to open an account in Mexico for a business is usually access to financing. A business that opens a bank account in Mexico will be able to obtain credit from the bank where the account is held.
Access to credit in Mexico is somewhat restricted for medium sized businesses and even more so for micro businesses, there are not only banks as financial entities where business accounts can be opened. There are also the following companies: Savings and Loan Cooperative Societies (SCAPS), Popular Financial Societies (SOFIPOS) and Multiple Purpose Financial Societies (SOFOMES).
What do banks offer to companies?
Banks, along with their business account services, offer packages of services such as: payroll administration, investments, checking account, access to business electronic banking, corporate credit card, employee debit cards, insurance, financing, tax payments through the electronic portal, etc.
Contracting these packages has the advantage that you only pay a membership or monthly fee for these services. These packages reduce the payment of some commissions and in general other expenses that would be incurred if each service were contracted separately.
What do the different financial institutions offer for businesses?
The interesting thing about SCAPS, SOFIPOS and SOFOMES is that they are generally the entities that offer micro credits to their clients seeking financing, therefore if you are an entrepreneur or have a medium, SME or micro enterprise and you know that you will need access to credit, these companies would be your best option since their small credits have more accessible rates than those of the banking entities.
Who can open an account in Mexico?
Any person authorized by the partnership can carry out this procedure. That is to say, it does not necessarily have to be carried out by the founding partner. The procedure does not require any complexity, but it is essential for your company to start its economic activity.
In summary, before opening an account in Mexico for your company, you must first study what your company requires and find out about the cost of the services you require and the interest you will be charged in each place.
Starting from scratch a business in Mexico is not easy, if you need a legal and tax advisor for your company, you can count on Delvy Law & Finance and our soft landing service in Mexico. We are lawyers specialized in companies and we have a new office in Mexico. You can contact us through our contact form, or through our email.