Mexico provinces in 2024

MEXICO REGIONS Federal District Mexico State Nuevo León Jalisco
Quick summary
Preferred city for incorporation of the company? Mexico City Toluca de Lerdo Monterrey Guadalajara
Proximity to US border (km)? 1,050 1,029 171 960
Most popular business sector? Financial Automotive Manufacturing Electronics
Specific attractive Government incentives available? Yes Yes Yes Yes
Monthly warehouse rental (US$ per sq m)? 15 10 12 5
Average skilled labour monthly salary (US$ per month)? 2,000 1,300 2,700 1,500
Average unskilled monthly salary (US$ per month)? 900 800 800 700
English spoken by what % of population? 76 49 63 64
Literacy rate? (% of population) 98.8 98.6 98.7 97.6
Proximity of sea port to the main city (in km)? 379 388 391 333
Proximity of airport to the main city (in km)? 11 18 30 19
Local Municipality licensing body location? CDMX MT MDM PGG
Logistical considerations
Attractive Region for manufacturing business? No Yes Yes Yes
Number of free zones in this region? 15 31 25 35
Attractive region for tourism business? No No No No
Attractive region for foreign manufacturing investment? No No No No
Quality of infrastructure? Moderate Moderate Moderate Moderate
Attractive Region for an export-oriented business? Yes No Yes Yes
CBD monthly office rental (US$ per sq m)? 32 26 29 21
Average electricity prices? (per Kwh) 57 53 50 55
City airport with flights to USA, Europe and Asia? Yes No Yes Yes
Proximity of rail in kilometres to the Capital? 0 67 908 845
Internet broadband download speed (in Mbps)? 12.96 12 12.08 13.13
Total population? (in million) 16 8.9 0.99 0.85
Business output market size? (in MXM billion) 2.3 1.2 0.99 0.85
Market size relative to the economy in %? 17 9 7 6
Corporate Banking and Finance considerations
Is the main city an industrial hub? Yes Yes Yes Yes
Is the main city an education industry hub? Yes Yes Yes Yes
How many global banks are based in the region? 10 6 10 5
How many Mexican banks with local branches? 22 22 22 22
Recommended Bank for corporate banking? Santander Scotia bank Banorte BBVA
Client must travel for account opening? No No No No
Quality of bank customer services? Moderate Moderate Moderate Moderate
Quality of online banking services? Moderate Moderate Moderate Moderate
English e-banking platform available? Yes Yes Yes Yes
Does the Region have a reputable financial district? Yes No Yes Yes
Does the Region have a local Stock Exchange? Yes No Yes Yes
Are there Private Equity Funds/VCs in the Region? Yes No Yes Yes
Expatriate employment considerations
Average skilled labour monthly salary? 2,000 1,300 2,700 1,500
Average unskilled labour monthly salary? 900 800 800 700
Is there a large expatriate community in the main city? Yes No Yes Yes
What is the crime rate? (homicides in January 2017) 97 165 44 101
International schools for children of expats? Yes Yes Yes Yes
Mercer Survey Ranking for global cities, 2017? 128 N/A 110 N/A
Is the main city of the Region safe for expatriates? No No Yes Yes
Is the main city of the region polluted? Yes Yes No No
How many general hospitals in this region? 66 10 7 14
Accounting and tax considerations
Monthly tax filing required? Yes Yes Yes Yes
Business incentives offered by the national government? Yes Yes Yes Yes
Average customs duty of export products? 10
Computer literacy rate? (% of population) 95
Minimum monthly wage for local employees? 4.4
Average customs duty for imported products? 7.5
Local VAT rate, %? 16
Number of international tourists? (in million, 2016) 11.4
Average annual inflation rate, %? 5.29
Average unemployment rate, %? 3.9
Corporation tax rate for local companies, %? 30
Corporate tax for manufacturing companies, %? 30
Corporation tax rate for foreign companies, %? 30
Withholding tax on dividends to overseas shareholders, %? 10
Average pension and insurance benefits (% of salary)? 15
Mandatory labour unions? No
Minimum notice to dismiss employees? None
Minimum redundancy indemnity? (for tenure of 1 year) 3 months’ salary
Time zone? (ahead of GMT) UTC-06:00
Considerations when dealing with nationals/government institutions
Government institutions open which days of the week? Mon - Fri
Government body in charge of issuance of business licenses? Public Registry of Commerce
Business documents can be provided in English? Official translation
Does businesses shut down during Easter and Christmas? Yes

Contact us

For additional information on our company registration services in Mexico, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
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