Starting my own business

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Starting my own business

Special qualifications include jobs that require specific managerial, technical or language skills.

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For example, a resort in Cancun may offer employment to a foreigner who is bilingual and has international training in hospitality management.

The majority of Mexicans are self-employed in some enterprise, either formally or informally. Some are multinational corporations, such as Wal-Mart or General Motors.

Foreign manufacturers have moved some of their operations to Mexican factories, called maquiladoras. Individual entrepreneurs start various kinds of businesses, such as opening a small hotel, managing a real estate agency, operating a tour company or simply renting their vacation home.

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Others work for foreign employers, using the Internet to telecommute to the office. Regardless of the business you conduct in Mexico, however, any income earned while physically in Mexico is subject to Mexican taxation, whether the income is from a foreign or domestic source.

Not that long ago, the laws were rarely enforced and foreigners were tempted to ignore them. Those who do so today are taking the unnecessary risk of losing their business investment. Business Activity There are some business activities in which foreigners are not allowed to participate.

Starting my own business

Only the Mexican Government can operate a business involved with oil exploration, extraction or distribution. Some business activities require that all or some of the stock holders or members of the company be Mexican citizens.

The mining and transportation industries are among these. But most business activities pursued by foreigners are not restricted. If you are unsure if your proposed business activity is restricted, contact us for clarification.

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Work Visa The first step in starting a business in Mexico is to obtain the correct visa. Resident visas with provisions that allow the visa holder to earn income in Mexico are mandatory. The requirements for obtaining one of these visas are straightforward, and if the requirements are satisfied, approval is routine.

To learn how to apply for a resident visa, read our article: FM3 and FM2 Visas.

Starting my own business

For comprehensive information about immigration laws and procedures, download our Immigration Guide. If you form a company in Mexico, actions taken by a foreigner as an officer of the company without proper visa status will have no legal effect.

While the process of obtaining proper visa status is pending, major acts or transactions may be conducted on behalf of the company by a special delegate appointed specifically for such purposes by a member meeting in the case of a Limited Liability Company or by a shareholders meeting in the case of a corporation.

Tax Identity There are two types of tax identities in Mexico. A persona fisica is an individual taxpayer. A persona moral is a business entity, such as a corporation. If you work as an individual and earn income directly from clients, or if you work for a Mexican company and receive income or dividends, you are required to pay taxes as a persona fisica using your personal tax identification number.

If you establish a Mexican corporation or Limited Liability Company, the business entity is required to pay income taxes as a persona moral using its tax identification number. Business Structure The business structure you choose will depend on your business activity, level of expected income, type of capital equipment, number of employees, legal liabilities and many other factors.

Independent Contractor If you are an individual providing your services to clients and are willing to accept personal liability, then you can probably conduct business and pay taxes as a persona fisica and not establish a Mexican business entity.

This kind of worker is generally referred to as an independent contractor. These jobs include lawyers, doctors, translators, photographers, massage therapists and consultants, to name a few. As an independent contractor, you can issue formal invoices called facturas to clients that require them, and these clients will withhold and pay your taxes.

Income received from these clients is called honorarios. If you receive income that is not reported by your clients, you are personally liable for the withholding taxes and they must be paid by you through a Mexican tax accountant. Foreigners who want to perform certain activities, such as legal or medical services, will need to validate their credentials according to Mexican legal criteria for their specific field.

However, there is a sole-ownership form of company called Actividad Empresarial. There can be only one shareholder and the individual is liable for any and all aspects and activities of the business, and his personal assets are at risk. Neither can the corporation own real assets.

But it can employ others, issue facturas and pay taxes as a business entity.Advice, insight, profiles and guides for established and aspiring entrepreneurs worldwide.

Home of Entrepreneur magazine. Absolutely Spot on with this article. I have had a similar experience in IT sales, a competitor implemented a project for their customer under “Best Practices” standards and left the project after a year, we came in utilizing continuous improvement and were able to win the customer over and continue to do business .

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How to Start Your Own Business (with Pictures) - wikiHow

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