Mexico employment visas
Healy Consultants assists our Clients to obtain a residency permit allowing them to work in the country following successful incorporation of their company. Our Mexico business formation support experts will prepare and submit the necessary documents and quality application forms to the Mexican Immigration Department on behalf of our Client.
Permanent residents of Canada, USA, Japan, the United Kingdom and countries making the Schengen area, as well as foreign nationals holding a valid US visa are permitted entry in Mexico without a visa application.
Different type of visas available in Mexico
- Entrepreneur visa
This type of visa is for foreign investors or entrepreneur looking to permanent residency which allows them to stay and run their business in Mexico.
- To be eligible for such type of visa, our Clients must have created a business in Mexico and invested at least US$150,000;
- The authorities can request higher amounts of investment capital to approve the visa application depending on type of business.
- Employee visa
Under this category an expat may apply for either a FM3 or FM2 visa. Employers can sponsor their foreign employees for a temporary residency permit, which will allow them to stay and work in Mexico and for the company for a period of up to one year.
- FM3 (non-immigrant) visa: This is the most common visa for expats looking to work in Mexico for a short period and is granted for one year, with possible on-year extensions;
- FM2 (immigrant) visa: This visa permits expats to stay and work in Mexico and is valid for one year, and is renewable annually. After four years, the sponsored individual will be eligible for a permanent residency permit.
- FMM (Multi-Purpose Form) visa
This visa is suitable for foreign nationals looking to visit Mexico for a shot span of time either for tourism or business purposes. The FMM visa is only valid for 180 days. The visa is only valid for the period the individual is in Mexico and must be surrendered at the point of exit when leaving the country.
Mexico corporate banking options
Healy Consultants project manages all the steps necessary for our Clients to open and operate a corporate bank account in Mexico. Thanks to our expertise, our Clients are usually not required to travel to Mexico for bank account openings. During the engagement, we will i) determine which banks offers the most tailored services to Client’s needs, ii) prefill bank account opening forms and iii) liaise with banks to minimize the due diligence requested.
Mexico banking sector
- BBVA Bancomer is the largest bank in Mexico with assets of 92.8 billion, this is followed by Banamex and Banco Santander. Other major international banks included in the top 10 are HSBC, Deutsche Bank and ING;
- For the best internet banking services and customer service, Healy Consultants recommend international banks such as HSBC Mexico and ING Mexico. If Clients prefer local banks, they may consider Banco Azteca and Bancomext;
- Clients should expect to wait up to 4 weeks to obtain a bank account approval and another 4 weeks for internet banking approval;
- There are three regulatory institutions for banks in Mexico. They are i) Banco de Mexico (central bank), ii) Comision Nacional Bancaria y de Valores (regulator of banks) and iii) Asociacion de Bancos de Mexico (banking trade association).
Steps to opening a corporate bank account
- Healy Consultants banking team will provide proof of company incorporation to the bank and receive the corporate bank account opening application and a list of supplementary documents;
- Our experts will complete the application form on behalf of our Client, and assist with preparing the supplementary documentations. These documentations will be sent to the Clients for their signature who will courier them to our Mexico affiliate office along with notarized copies of passports and proof of addresses for all directors and shareholders;
- Our experts will also prepare a detailed Business plan relating to our Client’s company to support the account opening application;
- Healy Consultants banking team will submit all the prepared documents to the bank. After we receive the approval from the bank, we will apply for the internet banking facilities on our Clients’ behalf;
- Lastly, our Client receives the i) bank account internet login and password information and ii) corporate cheque books and iii) corporate cards in a sealed letter.
List of documents required include:
- Letter to bank authorizing opening of new account;
- Articles of incorporation;
- Identification of directors;
- Corporate resolution or power of attorney;
- Certificate of incorporation;
- Proof of domicile.
Foreign exchange controls
- There are no exchange controls in Mexico on inward or outward investment;
- In Mexico, there are generally no restrictions on remittance of profits or on the repatriation of initial or subsequent investments; although the profits will be taxed accordingly to Mexico tax laws.
Repatriating funds from Mexico
- Since there are no foreign exchange controls and no restrictions on the import and export of capital, repatriation of funds out of Mexico is easy and payments can be made in any currency.
Frequently asked questions
Which banks should I consider for Mexico company formation?
Although several Mexico corporate banking options will be available for our Clients, Healy Consultants recommends internationally renowned banks such as HSBC and CitiBank. It takes approximately 7 weeks to obtain approval for a corporate bank account.
Can I access internet banking with my Mexico corporate bank account?
Yes. Corporate banking in Mexico provides our Clients several services including i) internet banking and telephone banking ii) checking accounts iii) savings accounts iv) debit and credit cards v) fixed term deposits and vi) wealth management.
I am thinking about forming a new business in Mexico but I do not want to travel to Mexico for a bank interview. What should I do?
There is a 50% probability the banks will request a bank signatory to travel for a one hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption.
How to open a bank account during formation of a Mexico company?
For opening a corporate bank account in Mexico, our Clients will have to submit some due diligence documents to Healy Consultants. Most banks in Mexico ask for the following documents i) certificate of incorporation from the Public Register of Commerce ii) copies of ID of company owners and officers and iii) proof of address.
I wish to form a company in Mexico and get a loan from a local bank. How should I proceed?
Healy Consultants will assist our Clients in this regard.Mexico banks are willing to provide finance to a resident company if the following conditions are meti) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT).