How to Start Doing Business in Mexico
If you want to start living, working, and doing business in Mexico, you don’t have to get a job with a multinational company; in fact, you can gain your residency permits if you invest in Mexico’s economy and start your own business in Mexico or by buying a business in Mexico.
To gain legal residency as an investor, the federal government requires that you invest up to 40,000 times the daily salary of a Mexican citizen. Depending on the exchange rate, this typically works out to between $50,000 and $75,000. If you wish to set up your own company and begin working in Mexico, the same investment amount also applies.
Much like the traditional job routes for foreigners, these measures are in place to ensure that all foreigners can support themselves when they first arrive in Mexico without help from the federal government. If you show the government that you have enough disposable income to invest in the economy, then you have enough to support yourself for a considerable amount of time when you first move to and begin working in Mexico.
Get Good Legal Advice Before Starting a Business in Mexico
If you are wanting to start a business or if you are buying a business in Mexico then permits must be filed with the proper governmental offices on the Federal, State and in some cases depending on the business activity a Local Municipality permit may also be required. In every instance be sure to retain good legal counsel to incorporate you in the proper type of company that fits your business purposes. You should also hire an accountant to file the monthly reports required by The Ministry De Hacienda (The Mexican IRS). These fees are very low if the business is small with not much activity. The practice to out-source these services is very common for most small Businesses Ownership in Mexico.
Doing Business in Mexico – Some Areas of Opportunity
For more ambitious business ownership in Mexico, like tourism and Mexico real estate development that bring foreign investors to buy real estate and retire in Mexico, the Mexican Government has many advantages for this type of business ownership in Mexico. These industries hire many Mexican workers in professional positions such as engineers, architects, and general labor as well as the staff to run these businesses after they are built. Some Americans and Canadians are investing in these types of businesses thinking that the buyers and end users would gravitate to a US or Canadian Developer for these retirement communities and in some cases they may be right.
Another area of growth is the high tech industry and manufacturing jobs and medical tourism. The Mexican Government has many incentives for starting a business in Mexico for these types of industries. The Mexican economy is growing and the opportunities to start new businesses in Mexico are abundant and some younger retiring boomers are looking at these opportunities as a way to have perpetual income while being mostly retired after selling their businesses in the USA and Canada.
Why Work If You Are Retiring in Mexico?
Some people retiring in Mexico are too young to really retire 100% are finding ways to make retirement pay them by applying their years of business expertise and finding businesses that are viable to invest in. These entrepreneurs are finding that the lower operating cost for management salaries, labor and benefits for employees and are a great way to invest and grow their retirement funds without having to work at it full time.
The end result of this type of business ownership in Mexico can also be very fulfilling to the business owner in the great satisfaction of furthering business opportunities for the local economy and changing the lives of hard working loyal Mexican citizens that will also be thankful and respectful for the opportunity to work in a company that would not have been there for them without the foreign investment.
I believe history will tell many stories of how the Boomer migration to Mexico will have a positive and everlasting social and economic impact on both sides of the border. The creation of jobs in Mexico has a positive impact on migrating illegal workers offering opportunities within Mexico for them that could lower the number of illegal immigrants coming to the USA. On the other hand the USA has become dependent on these illegal immigrants for jobs that is seems Americans do not want to fill more than the jobs being taken from them as some may think.
If you are interesting in working in Mexico – and not doing business in Mexico by starting a business in Mexico – then read some tips about working in Mexico.
Please contact us below for more information and services in helping you start a business in Mexico.