Mexico client case studies

  • Australian listed inspection services company increases presence in South America with company setup in Mexico

    Background

    • Our Client is an Australian headquartered listed company providing laboratory testing, inspection, certification and verification solutions;
    • Having previously engaged Healy Consultants Group PLC in early 2018 and worked closely with Kunal Fabiani for the setup of an entity in South Korea in Q1 2018, our client advised they needed to setup their limited company in Mexico to fulfil a long term mineral inspection contract with a Client in Guaymas, Sonora and the company setup had to be completed by November 2018;

    Engagement planning

    • Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal and the formal invoice including the legal representative and domiciliation services. Our Client will not require accounting support as they were already working with local accountants to manage their Mexican payroll and bookkeeping;
    • Healy Consultants agreed for our Client to settle the engagement costs in two instalments and as usual, applied a discount for our Client’s repeat business within the same year;
    • To provide certainty re engagement timelines, Kunal prepared a detailed engagement project plan mapping out a step by step plan to engagement completion including possible delays by the Public Register of Commerce and Property or Tax Authority;

    Company registration and bank account opening

    • Kunal immediately liaised with Healy Consultants Mexico attorneys to draft the power of attorneys to register the company with the Economic Secretary on behalf our Client. Kunal email the same for our Client’s signature, notarization, apostille in UK and courier return to Healy Consultants’ Tijuana affiliate office;
    • Upon receipt of the original legalized PoA, within 1 week our Mexican attorney then completed the company deed comprising the constitution and articles of association;
    • The authorized attorney then scheduled a meeting with a local Notary Public to sign the incorporation documents and submitted the same to the Tijuana Public Register of Commerce and Property (RPPC). The review and confirmation of registration was issued within 5 weeks;
    • Within the following week, Healy Consultants submitted a tax registration application with Servicio de Administracion Tibutaria to secure the Federal Tax Code (RFC) for the Mexican entity. Within 3 weeks, the new RFC code is issued and Kunal immediately emailed our Client a scan copy of the same;
    • While awaiting RPPC to confirm registration of our Client’s company, Kunal communicated with various Mexico banks to open our Client’s MXN and USD bank accounts. Since our Client was an existing HSBC customer globally, Kunal advanced the process with HSBC Mexico and exchanged our Client’s KYC documentation and signed account opening contracts;
    • Within 7 weeks HSBC Mexico issued corporate bank account numbers. Before the new bank accounts were visible on our Client’s HSBCnet platform and online users were able to make any transactions, HSBC Mexico required the accounts to be funded with at least US$2,000;

    Engagement completion

    • When instructed by our Client, Healy Consultants Group PLC will compile a quality company kit comprising original notarized company deed and RFC certificate and courier the same to our Client’s preferred address in UK or to their payroll partner’s in Sonora. In the meantime, the original documents are kept at the Tijuana registered office address.
  • U.S.A. Bitcoin ATM operator establishes presence in Mexico

    Background

    Our Client is a Chicago based company that builds and operates a network of Bitcoin ATMs across 8 US States including Missouri, Texas, Ohio, Illinois, Pennsylvania and Georgia.

    As the ATMs facilitate the purchase of digital currency without the need of a bank account, debit card or credit card and the company saw huge potential for growth in Mexico, a country that is an advocate of cryptocurrency.

    Our Client approached Healy Consultants in June 2017 to determine the ultimate corporate structure to register their business. After expert analysis and deliberations with Kunal Fabiani, Healy Consultants’ Mexico business setup expert, our Client decided to register an SRL (Sociedad de Responsabilidad Limitada).

    Engagement planning

    • Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter and due diligence checklist;
    • Our Client promptly provided us with the due diligence documents and settled the first of two instalments;
    • Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a business plan to assist with corporate bank account opening in Mexico;
    • Kunal then scheduled a call with our Client to walk them through the whole process and highlighted where the engagement would be expecting delays by the Public Register of Commerce and Property or Tax Authorities.

    LLC registration

    • Healy Consultants Group PLC immediately reserved the preferred company name with the Economic Secretary;
    • Within 1 week, we then drafted and emailed our Client the power of attorneys for each foreign shareholder and director’s signature, notarization and apostille in Chicago and courier back to our Tijuana affiliate office;
    • Upon receipt of the original attested POAs, our Mexican attorney then drafted the constitution and articles of association and scheduled a meeting with a local notary public who would verify these documents before the same are signed by the attorney;
    • Within the following week, Healy Consultants submitted a tax registration application with Servicio de Administracion Tibutaria to secure the Federal Tax Code (RFC) for the Mexican entity. Within 3 weeks, the new RFC code is issued and Kunal immediately emailed our Client a scan copy of the same;
    • The last step before the company is legally incorporated is the registration of the notarized articles of association and declaration forms with the Public Register of Commerce and Property.

    Corporate bank account opening

    • With the registration complete, our client settled the second half of engagement fees. Healy Consultants Group PLC then approached several banks in Mexico including Santander, HSBC and Scotiabank;
    • Kunal and our Client finally agreed to advance account opening process only with Scotiabank and then prepared all the required bank due diligence documents and prefilled the corporate bank account application forms which were initially signed off by our attorney who was also appointed as the temporary legal representative;
    • The multicurrency account numbers were approved in just under 4 weeks of application submission. Before online banking tokens could be issued, our Client had to deposit the minimum amount to the MXN and USD accounts;
    • Further to add our Clients preferred US bank signatories as account users, Scotiabank also required signature verification forms to be signed in original and couriered back to Tijuana;
    • Healy Consultants couriered the internet banking token already issued to the Mexican legal representative, so our Client could access the account remotely while Scotiabank reviewed and issue additional banking token for the US based signatories. Within 4 additional weeks, our Client enjoyed online access to their new bank account.

    Engagement completion

    Scans of the complete company kit were emailed to our Client for their internal records and the original corporate documents were safely kept at the company’s Tijuana registered office, to enable Healy Consultants accountants and corporate secretary maintain the company in good standing until our Client appointed their own in-house legal director in Mexico.

Contact us

For additional information on our company registration services in Mexico, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
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