How to start a business in Mexico as a non-resident

Mexico has the 12th largest economy on the planet,¹ powered by a population regularly ranked as one of the hardest working in the world. So it’s no surprise that many overseas entrepreneurs choose to set up a new business in Mexico - including many company owners from the UK.

If you're thinking of moving to Mexico to start a new enterprise, then you'll need to know a few basics to get started.

In this guide for UK entrepreneurs, we’ll cover all the essentials you need to know, including company structures, the registration process and info on your legal obligations as a Mexican business owner.

And while you start the process of expanding overseas, make sure to check out Wise Business - a powerful multi-currency account, which could help you manage company finances in Mexico, the US, the UK and worldwide.

What types of corporate entities are there in Mexico?

There are several different options when it comes to establishing your business in Mexico. With very few exceptions, all of these corporate structures can be used by foreigners as well as Mexican citizens²:

• Sociedad Anónima (S.A.) - this is a limited liability stock corporation, a legal entity separate from its owners which requires a board of directors (or sole administrator). This company type comes with various legal and regulatory requirements, as well as tax obligations.
• Sociedad de Responsabilidad Limitada (S. de R.L.) - a company type similar to an LLC in the UK, where liability of partners is limited to their capital contributions. Forming this company requires between 2 and 50 partners, but governance and management requirements are more flexible than with an S.A. However, there are still some tax and legal obligations.
• Sociedad por Acciones Simplificada (S.A.S.) - a relatively new company type in Mexico, which aims to streamline the formation process for SMEs, startups and individual entrepreneurs. Unlike other company types, you can form an S.A.S. with just one shareholder. Legal and regulatory compliance requirements are less burdensome than other company types, but an S.A.S. is still subject to corporate tax.

You can also set up as a Persona Física con Actividad Empresarial, which is the Mexican equivalent of a sole trader. Or you can open an overseas branch office for a business based elsewhere.

Choosing your company structure is an important step, and it’s a good idea to take legal advice to make sure you make the right choices for your enterprise.

Things to know before getting started

Before starting the process of launching your new business in Mexico, there are a few key things you should bear in mind:

• Registering a business in Mexico requires several separate stages, and there are fees to pay along the way (we’ll cover these in just a moment). Expect to have to present yourself and your documents in person to several different authorities.
• Because all documents and submissions will be made in Spanish, it can be easier to have an agent work with you during the registration process, or ask your notary to support the full process.
• As your notary will be a very important ally in the process of setting up your business, be sure they're someone you trust and who you work well with. Take some recommendations from others before choosing the right notary for you.
• Before you can register a business, you’ll need to apply for a tax ID number and open a corporate bank account.

What’s the company registration process in Mexico?

Exactly how you go about opening your business in Mexico depends on the type of structure you select. But to give you an idea what to expect, here’s a general overview of the process:

1 - Choose a business structure and reserve a company name

The first step is to get some professional advice and then choose a legal structure for your new company that best matches its profile. It’s also a good idea to keep an eye on the future, as you may want to expand or develop the business later on.
You can also choose and register a company name, checking that it’s not already in use by another Mexican business. You can do this at the Ministry of Economy (Secretaría de Economía).

2 - Find a notary and draft your business documents

You’ll need to appoint a notary to help you draw up and certify the most important documents for your new business.

This includes the deed of incorporation, which will be prepared in Spanish. This document holds all the important details of your business, such as the names and addresses of shareholders, the business you intend to carry out, and the company name.

All of the company founders will then need to sign the deed of incorporation in front of the notary. Each will provide:

• Proof of ID and right to be in the country (such as a passport and valid visa)
• Proof of address (usually a recent utility bill)

3 - Register the business

Either you or your notary will then register the business with the local authorities, including the Public Registry of Commerce (Registro Público de Comercio). It’s important to retain a copy of the deed of incorporation for reference.

4 - Get a tax number

One of the final steps is to register with the Mexican tax authorities and get an RFC (Registro Federal de Contribuyentes).

How much does it cost to start a business in Mexico?

There are quite a few fees and costs involved with registering a new business in Mexico.

These will vary depending on your business type and which professional services you use to help you. But here’s a quick overview of the kind of costs to expect:³

You should also budget for insurance, fees related to setting up a business bank account in Mexico, and professional services such as legal and accounting.

Don’t forget that you can also use multi-currency business accounts such as Wise Business to manage company finances in MXN. It could be extremely helpful to have a low-cost way to send and receive MXN payments while you get started in Mexico, at least until your Mexican bank account is open.

Legal obligations and responsibilities

As the owner of the business, you or another one of the named directors will need to register with the tax authorities - the Servicio de Administración Tributaria or SAT.

This can be done at your local office, where you must present your photo ID and visa, a certified copy of the deed of incorporation, and proof of the address of your business (such as a utility bill).

Some types of business in Mexico must obtain a permit to trade legally. If you’re serving the public directly (in a shop or restaurant for example) then you might also have to register your enterprise with the local government.

If you intend to employ people in your business, you’ll have to register with the Mexican Social Security Institute IMSS and the National Workers Housing Fund (INFONAVIT).⁴ This can be done in the branch of the IMSS closest to the place your business is registered. Once you’ve registered, you can use the IMSS online systems to conduct most of your business with them online. However, the website is provided only in Spanish so you may need to find a friend or translator to help you.

Where can I find help to start my business in Mexico?

There's help on hand if you're starting a business in Mexico.

Chambers of Commerce which are working to promote links between your home country and Mexico are a great place to start. Here you'll find others who have already taken this path and who can help with connections and recommendations. Alternatively, an organisation such as Startup Mexico might be helpful to you.

One of the most important things you can do to promote your business is get out and meet people. Once you’re in Mexico and ready to get going, look for local networking events on sites such as Meetup and Eventbrite. Here you can meet like minded people, start growing your network and build your customer and business contact book.

With some planning, and a little help from your new network and friends, your new business in Mexico will get off to a flying start.

Grow your business in Mexico with Wise Business

While having a corporate bank account may be an essential for starting a company overseas, you can also use Wise Business to help grow your business in Mexico.

Open a Wise Business account and you can manage your company’s finances in 40+ currencies all in one place, including MXN, USD, EUR, GBP and all other major currencies. You’ll be able to pay suppliers and staff in their own currency, as well as receiving payments in multiple currencies.

Wise payments are fast and secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get the mid-market exchange rate.

With Wise Business, you’ll also benefit from the following features:

• Issue business debit and expense cards for you and your team
• Cashback on eligible card spending
• Generate invoices and payment links to receive money easily from customers
• Access accounting integrations, batch payments and a powerful API
• Wise Interest - which lets you earn returns on balances held in GBP, USD and EUR. Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

With a truly global account, you’ll be all set to grow your business worldwide.

Get started with Wise Business✈️

Sources used in this article:

Sources last checked on date: 01-Sept-2025