Mexico client case studies
U.S.A. Bitcoin ATM operator establishes presence in Mexico
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).
- 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.
- 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.
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.