Miguel Moreno Tripp: Create partnerships

Miguel Moreno TrippMiguel Moreno Tripp Source: Courtesy

In the document “Doing Business in Mexico” from Crowe that supports fixed foreign investment, there is a section that gives a guide to create companies by foreigners but also applicable to nationals. These are some steps.

In addition to having a business idea -which product or service is going to be offered either to other businesses (in what is called “B to B” Business to business) or to the public (“B to C” Business to consumer ”) – you must find the resources to start it or perhaps have the support of an angel investor who provides seed capital.

If the business idea begins to germinate, then you have to think about creating a commercial society. The Commercial Companies Law was published in 1934. It includes 7 species of commercial companies, the most common being the Stock Company. Let’s start: you must have the approval of the Ministry of Economy for the name, have two partners and a minimum amount of social capital freely determined (previously they were Ps $ 50,000) but subscribed. You must go to a notary for its constitution with its corresponding articles of incorporation.

In addition, a constitutive assembly published in the electronic system of the aforementioned Secretary must be held and a commissioner must be appointed. You have to count on him Federal taxpayer registration (RFC), without which, basically there is no one (nor could I have a bank account).

Subsequently, it is registered in the public registry of commerce and if it is going to import or export, then it must be registered in the Register of importers and Exporters of the SAT. Then you have to register with the relevant Chamber of Commerce or Industry. Go to the IMSS, INFONAVIT and INEGI for their respective records. Additionally, it will be necessary tos local permits and even the SEMARNAT for manufacturing if it does not require special permits for environmental issues and even with the INAH if it were the case. For food, it is another series of requirements with the Secretary of Health. Follow the labor issue (contracts, registration with IMSS, etc.) for all companies.

The Administration of the company may be via a Board of Directors or Sole Administrator. There is increasing pressure on the issue of Corporate Governance and that is good, because it helps the permanence of the company. Later the ordinary or extraordinary assemblies will come.

On a day-to-day basis, you should have something like 11 types of accounting-financial records. You have to send the chart of accounts to the SAT and the famous monthly electronic accounting in addition to issuing invoices of the CFDI type (Digital Fiscal Invoice over the Internet) which is an XML document that has an authorized certification provider identifier and once it is received the deposit, a payment supplement is issued. The provisional declarations, the DIOT (Informative Declaration of Operations with Third Parties) and the annual one come monthly. There is still a little more to do. At the state level, you have to pay payroll tax, plus what is accumulated from procedures and no longer think about outsourcing.

All of the above is in addition to compete with other companies -national and foreign- for the company to grow, thinking about its future to see where the hare jumps. Paying taxes, of course.

Is this complaint or wish for pity? On the contrary, it is a source of pride to create jobs and to see the company fly very high.

An outdated ideology march harangued that employers need workers but workers do not need employers. “What are you waiting for”, create your own company and give work. Cooperatives have existed since 1934. Go!

This is an opinion column. The expressions used here are the sole responsibility of the person signing them and do not necessarily reflect the editorial position of El Financiero.