Mexico provinces in 2023

MEXICO REGIONSFederal DistrictMexico StateNuevo LeónJalisco
Quick summary
Preferred city for incorporation of the company?Mexico CityToluca de LerdoMonterreyGuadalajara
Proximity to US border (km)?1,0501,029171960
Most popular business sector?FinancialAutomotiveManufacturingElectronics
Specific attractive Government incentives available?YesYesYesYes
Monthly warehouse rental (US$ per sq m)?1510125
Average skilled labour monthly salary (US$ per month)?2,0001,3002,7001,500
Average unskilled monthly salary (US$ per month)?900800800700
English spoken by what % of population?76496364
Literacy rate? (% of population)98.898.698.797.6
Proximity of sea port to the main city (in km)?379388391333
Proximity of airport to the main city (in km)?11183019
Local Municipality licensing body location?CDMXMTMDMPGG
Logistical considerations
Attractive Region for manufacturing business?NoYesYesYes
Number of free zones in this region?15312535
Attractive region for tourism business?NoNoNoNo
Attractive region for foreign manufacturing investment?NoNoNoNo
Quality of infrastructure?ModerateModerateModerateModerate
Attractive Region for an export-oriented business?YesNoYesYes
CBD monthly office rental (US$ per sq m)?32262921
Average electricity prices? (per Kwh)57535055
City airport with flights to USA, Europe and Asia?YesNoYesYes
Proximity of rail in kilometres to the Capital?067908845
Internet broadband download speed (in Mbps)?12.961212.0813.13
Total population? (in million)168.90.990.85
Business output market size? (in MXM billion)
Market size relative to the economy in %?17976
Corporate Banking and Finance considerations
Is the main city an industrial hub?YesYesYesYes
Is the main city an education industry hub?YesYesYesYes
How many global banks are based in the region?106105
How many Mexican banks with local branches?22222222
Recommended Bank for corporate banking?SantanderScotia bankBanorteBBVA
Client must travel for account opening?NoNoNoNo
Quality of bank customer services?ModerateModerateModerateModerate
Quality of online banking services?ModerateModerateModerateModerate
English e-banking platform available?YesYesYesYes
Does the Region have a reputable financial district?YesNoYesYes
Does the Region have a local Stock Exchange?YesNoYesYes
Are there Private Equity Funds/VCs in the Region?YesNoYesYes
Expatriate employment considerations
Average skilled labour monthly salary?2,0001,3002,7001,500
Average unskilled labour monthly salary?900800800700
Is there a large expatriate community in the main city?YesNoYesYes
What is the crime rate? (homicides in January 2017)9716544101
International schools for children of expats?YesYesYesYes
Mercer Survey Ranking for global cities, 2017?128N/A110N/A
Is the main city of the Region safe for expatriates?NoNoYesYes
Is the main city of the region polluted?YesYesNoNo
How many general hospitals in this region?6610714
Accounting and tax considerations
Monthly tax filing required?YesYesYesYes
Business incentives offered by the national government?YesYesYesYes

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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