In Mexico, it is necessary to open a Mexican bank account in order to set up a company or begin business operations. However, this process can be tedious and time-consuming. It is highly recommended to seek advice from a professional company to facilitate this important step. Here is a guide on how to open a corporate bank account in Mexico, including important documents and steps.
Requirements to Open a Bank Account in Mexico:
1. Register your company in the Federal Taxpayers Registry (SAT).
2. Have the company’s documents of incorporation and a current proof of domicile.
3. The legal representative of the company must present their official identification, such as the Elector’s Credential (INE), temporary/permanent residency visa, or Mexican passport.
4. If you are the legal representative, you must have a valid immigration document.
5. The company should have its commercial registration number registered with the Public Registry of Commerce.
Legal Notice of the Company:
It is important to quickly obtain the registration at the Public Registry of Commerce, as the bank may close the account if it is not obtained promptly.
Bank Account Opening Process:
1. Some companies choose to open a dollar account in addition to their peso account to facilitate operations with international customers and suppliers.
2. The bank’s legal division will make the decision to approve the application.
3. Once approved, the bank account opening process takes around a week and a half.
4. The bank will ask for a questionnaire regarding the company’s activities and general history, including the origin of capital and partner information.
5. The minimum amount required to open a bank account and the minimum monthly average balance vary depending on the bank.
6. Each bank has different policies regarding service and commission fees.
Common Questions when opening a corporate bank account in Mexico:
1. Can I open a corporate bank account online? No, physical attendance by the legal representative is required at the bank branch.
2. What documents do I need to open a company bank account? Typically, you will need the bank account application form, company documents, and identification for shareholders and legal representatives.
3. Who can have access to a company bank account? Only the registered legal representatives, although others can be assigned to operate the account through the online banking platform.
4. What is the best bank in Mexico for foreign companies? The choice depends on specific needs, but popular banks in Mexico include BBVA Bancomer, Santander, HSBC, CitiBanamex, and Scotiabank.
5. Why do companies open bank accounts in Mexico? Local bank accounts facilitate financial transactions and payroll processing for companies with operations in Mexico.
Biz Latin Hub can assist you with opening a corporate bank account in Mexico. We provide integrated market entry and back-office services in Latin America and the Caribbean. Contact us today for more information.
Please note that the information provided is for informative purposes and it is recommended to consult a professional for specific situations. Regulations and interpretations may change over time.
