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Mexico: Annual legal compliance for Mexican companies – Act now, be compliant and avoid fines

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published on 1 April 2021 | reading time approx. 2 minutes

  

Following the rules set forth in the General Law of Business Entities (Ley General de Sociedades Mercantiles) and the Federal Tax Code (Código Fiscal de la Federación) Mexican entities need to carry out annually diverse corporate procedures in order to continue operating their business according to the Mexican Laws.

  

   
 

Annual Secretarial Services

1. Submission of annual and quarterly reports to the Foreign Investment National Registry of the Ministry of Economy

Mexican companies with foreign investments, likewise the permanent establishments registered in Mexico, shall submit an updated quarterly report (January–March 2021) to the National Registry of Foreign Investments in the event that the company has incurred in any of the following facts:

  • Changes in the corporate name, tax domicile or business activities;
  • Modifications in the company’s capital stock and/or shareholding structure under certain circumstances;
  • Movements at least in one of the following accounts, exceeding an amount of MXN 20,000,000;
    iv. New contributions and reserves or withdrawal of one of it, which does not affect the capital stock of the company;
  • Retained profits of the last fiscal year and disposal of retained profits;
  • Receivables or payable loans to: subsidiaries residing abroad, the head office, foreign investors residing abroad with ownership interest as shareholders or partners, and residents abroad which are part of the same corporate group.

 

2. Notification of the Mexican Companies’ Information System SIEM

All corporations are obliged to register themselves or update their information on a yearly basis in the Mexican Entrepreneurial Information System (“SIEM” in Spanish), which is managed by the government via the Mexican Ministry of Economy. We would like to remind you that not complying with this obligation may derive in a fine.

 

 

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