International business expansion is one of the main goals of any entrepreneur. When your business is already going pretty well within US borders, making one step further and obtaining international visibility might be one of your objectives. Considering the proximity involved, as well as other relevant details, you might have decided that Mexico is the ideal place to start up another branch for your business. The promising status of this idea might excite you, but the wide range of responsibilities involved can easily become overwhelming. For the process to go smoothly and you reach your professional goals in an optimal period of time, as well as reduce the potential inconveniences encountered, getting informed on the matter properly is a must. There are a few essential factors you need to look into first, and the following pointers will help you out:
Apply for visa
Doing business in Mexico luckily doesn’t demand you to be a Mexican citizen, but you are however required to be a Visa holder. Once the idea of starting a brand or moving your company to Mexico installs itself, send in your visa application. This needs to be done with sufficient time in advance, because the length of the process could vary, and you probably don’t want this detail to interfere with your other plans. You can opt for a non-resident, a resident visa, or both, depending on the specifics of your situation. Simply visit a Mexican consulate in your proximity and you’ll be provided with the guidance you need.
Learn the laws – get your permits
Before you are able to take any steps in this direction, a thorough and extensive research will be required. Because the laws and regulations regarding businesses are different than in your home country, you need to be well aware of what you need to do in order to legally start functioning as a business branch in Mexico. The rules you’ll need to adhere to are also different from an entrepreneur with Mexican citizenship, so be careful to not mix things. Company incorporation is the first obvious tasks involved – you can resort to a professional if you want to speed things up, and not overlook an important part of your business registration. The permits you will need to hold might vary,, depending on the nature of your enterprise, so find out what types of licenses you have to obtain and what compliance regulations you’ll need to cover. US businesses targeting Mexico usually collaborate with an agency that helps them tackle the legal facets of opening a branch in the country, so you are advised to do the same if you wish to benefit from a more convenient approach.
Regardless of the nature of your enterprises’ activities, you’ll probably be confronted with the need of shipping packages from the US to Mexico, at least in the beginning. The logistics implications that come with opening a branch in a foreign country can be often daunting, and because you need things to go as planned and not prolong the possibility of getting everything started, you’ll need to collaborate with a reliable logistics company. Search for a firm that understands our needs and is able to provide you with customizable solutions. Whether you are seeking promptitude, safe package transportation or affordable fees, pursue proper screening processes and rely on a logistics company that won’t fail to meet demands. Shipping from US to Mexico doesn’t; have to be time-consuming or complicated as long as you have established the right partnership. The logistics implications involved become even more relevant when you are faced with the need of shipping valuables or fragile packages, so don’t make your choice without research.
Contracting Mexican services
Regardless if you are hiring a team of people to remodel the building where you will be setting your company’s headquarters, or you are seeking a certain type of supplier, you need to know that in Mexico, collaborations are done a little different than in the US. You will not be forwarded an actual bill, but will be expected to cover the expenses. Service and product providers in Mexico expect payments to be done without further reminders or contact, so keep this detail in mind just so you don’t put yourself in an unpleasant position, and cause anyone offence. Just like everyone living in Mexico needs to go pay their taxes without actually getting a bill, the same principle remains viable for business collaboration as well.
Find a good accountant
Taxes and finance management are handled far differently in Mexico than within the US. There is a wide range of details that you could be difficult for you to understand just because you have been used of doing things in an entirely different manner. From numerous forms that need to be filled out, considering you are a foreign business owner, to adhering to strict tax laws that allow you to start off your professional practices, you will be overwhelmed with so many responsibilities that covering everything on your own will seem impossible. One of the most important decisions you will have to make is hiring yourself an accountant. They will be the person who can ensure you are functioning legally in the country from all points of view, and help you stay on top of your finance management. However, because this collaboration is so important for the future of your enterprise, hire someone you enjoy working with, who seems reliable and trustworthy and who has experience with foreign entrepreneurs.
So after analyzing the subject properly and doing extensive research on the business scene in Mexico, you have concluded that opening a branch there and pursuing an expansion would be a smart move to make. Well, despite the potential that may be laying ahead, in order for the outcomes of your decision to be the ones you expect and provide you with the desired gains, you’ll have to be aware of a few essential considerations. These suggested tips can have a crucial role in your Mexico business development process, so try to use the give information to your advantage.