# How difficult is it for a US person to open a business checking account in Mexico?



## magentawave (Nov 11, 2015)

I understand that FATCA has made it really difficult for US persons to open bank accounts outside the US. I live close to the US/Mexico border so I was hoping I could go into Tijuana for a few hours and open a business checking account.

*QUESTION: *Can someone tell me how a US legal permanent resident (with US green card) and a Canadian passport can open a business checking account in Mexico, please?

Thank you very much.


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## RVGRINGO (May 16, 2007)

Do you have a business legally registered in Mexico with Hacienda, an RFC, accountant, etc.?
I think those, and legal residency would be the basic requirements for such a peso account.


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## magentawave (Nov 11, 2015)

RVGRINGO said:


> Do you have a business legally registered in Mexico with Hacienda, an RFC, accountant, etc.?
> I think those, and legal residency would be the basic requirements for such a peso account.


No I haven't done any of that yet. I was just reading an article about a US couple that stays in Mexico on a visa and then leaves for the required 72 hours (or whatever it is) when the visa expires and then returns to start it all over again. Anyway, my point is that I'm pretty sure they said they have a Mexican bank account.

Are you sure that legal residency is required? How difficult and expensive is it to register a business in Mexico? I'm not a wealthy person by any means so I want to do this as cheaply as possible.

Thank you.


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## joaquinx (Jul 3, 2010)

Cross over to Tijuana and have a list of local banks with their addresses. Start at the top of the list and hit everyone until one of them says "Yes". Requirements vary with each bank and location. You'll need a passport, proof of Mexican address (electric bill is good), and your visa (FMM if nothing else). Plus a nice opening deposit.


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## Isla Verde (Oct 19, 2011)

joaquinx said:


> Cross over to Tijuana and have a list of local banks with their addresses. Start at the top of the list and hit everyone until one of them says "Yes". Requirements vary with each bank and location. You'll need a passport, proof of Mexican address (electric bill is good), and your visa (FMM if nothing else). Plus a nice opening deposit.


But aren't you talking about opening just a regular bank account? The OP wants to open a business account which would no doubt require more than a passport, proof of a Mexican address and a tourist card.


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## magentawave (Nov 11, 2015)

joaquinx said:


> Cross over to Tijuana and have a list of local banks with their addresses. Start at the top of the list and hit everyone until one of them says "Yes". Requirements vary with each bank and location. You'll need a passport, proof of Mexican address (electric bill is good), and your visa (FMM if nothing else). Plus a nice opening deposit.


I don't have a Mexican address. Any suggestions? I know someone that lives in Mexico but my name wouldn't be on his utility bill. Do mail drop companies in Mexico exist like they do in the US (Postal Annex, Mail Boxes, etc.)? And if they do, will banks accept an address from places like that?


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## Isla Verde (Oct 19, 2011)

Just curious - why do you need to open a business bank account in Mexico? Are you planning to run a business in Mexico?


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## joaquinx (Jul 3, 2010)

Your name doesn't have to be on the bill. It's more of a verificación that the address exists.


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## magentawave (Nov 11, 2015)

Isla Verde said:


> Just curious - why do you need to open a business bank account in Mexico? Are you planning to run a business in Mexico?


It is an online business that I can operate from anywhere in the world as long as I have internet.


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## magentawave (Nov 11, 2015)

joaquinx said:


> Your name doesn't have to be on the bill. It's more of a verificación that the address exists.


And would that fly when opening a business checking account?


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## joaquinx (Jul 3, 2010)

Reread RV's post on what is needed to open a business.


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## magentawave (Nov 11, 2015)

joaquinx said:


> Reread RV's post on what is needed to open a business.


I did read it but since I'm not a Mexican resident then I asked him for clarification but I haven't heard back from him yet. Are you saying that I must be a Mexican resident to open a Mexican business checking account or is it that you don't know for sure?


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## Isla Verde (Oct 19, 2011)

magentawave said:


> And would that fly when opening a business checking account?


The only way to find out is to ask at the bank. They have the final say.


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## michmex (Jul 15, 2012)

magentawave said:


> No I haven't done any of that yet. I was just reading an article about a US couple that stays in Mexico on a visa and then leaves for the required 72 hours (or whatever it is) when the visa expires and then returns to start it all over again. Anyway, my point is that I'm pretty sure they said they have a Mexican bank account.
> 
> Are you sure that legal residency is required? How difficult and expensive is it to register a business in Mexico? I'm not a wealthy person by any means so I want to do this as cheaply as possible.
> 
> Thank you.


RV is pretty much on target!!!!

From BBVA Banocmer Business Account Pesos (Other banks will have similar requirements (Banamex-Santander-Banorte)

Moneda Nacional | BBVA Bancomer

Translated By Google Translate

Requirements

Incorporation and if the Constitutive Act Amendments Notary seal registration with the Public Registry of Property and Commerce or notarized letter stating that the company is in process of registration

Tax Identification (RFC) or the last Fiscal Statement paid to RFC and homoclave Business

Proof of tax residence issued by the SHCP or Receipt: telephone (issued by Telmex or TELNOR), water, electricity or property tax, issued on behalf of the Company

Trade references

Name of reference
Address (street, neighborhood, city, state and zip code)
Lada and telephone number of the reference
Person to consult
Business Relationship referenced
Official identifications accepted:

Voter Registration Card (IFE)
Valid passport
Single Military Identity Card (Tuim) (Not the Primer is the credential that is given to the elements of the Army)
Professional Certificate with no older than 10 years
Commercial Bank or three references:

Banking references
Name of Banking Institution
Account number
Official identification and proof of address of the legal representative or agent of the Company and if Authorized to sign on the account

In case of foreigners:

Passport along with FM2 or FM3 immigration form or Matricula Consular force along with FM2 or FM3 immigration form (Note: Thes forms are now called Residente Temporal/Permanente)

Should the official identification submitted does not contain your current address must deliver any of the following proof *:

Property Tax Receipt
Light bill
Water bill
Telephone bill (excluding receipts for cell phones)
Statement issued by BBVA Bancomer your name
You should not have more than three months issued.

Prices

Master Account Business Rates Business

Check drawn Paid: $ 15.00.

Below the minimum balance: only if your monthly average balance is less than $ 15,000.00 we will charge $ 400.00 a month.

Attempted overdraft: $ 969.00.

Versatile Business Account Business Rates

Check drawn Paid: $ 15.00.

Below the minimum balance: only if your monthly average balance is less than $ 12,000.00 we will charge $ 299.00 a month.

Attempted overdraft: $ 969.00.

Business Rates Account Trade

Check drawn Paid $ 15.00.

Attempted overdraft: $ 969.00.


Deloite published a paper on Mexico circa 2014 that may answer some of your questions.

http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-mexicoguide-2014.pdf


I am not sure that adding a third country to your repertoire of residences would result in any real advantage unless you are actually doing business in Mexico and would certainly complicate tax compliance issues. Starting a formal business in Mexico can be complicated and quite expensive (see Deloitte's paper) not to mention the compliance issues (legal-tax-human resources) of maintaining a business here.

It would be much simpler to open a personal account in a Mexican bank or perhaps consider a country other than Mexico.


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## joaquinx (Jul 3, 2010)

I think it would be better to answer the OP's question, if we understood what he wanted to do with a business account and why that would be preferred over an ordinary one.


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## RVGRINGO (May 16, 2007)

Just keep your US banking arrangements and do everything online. It will be much easier.


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## sparks (Jun 17, 2007)

Isla Verde said:


> But aren't you talking about opening just a regular bank account? The OP wants to open a business account which would no doubt require more than a passport, proof of a Mexican address and a tourist card.


Have a legally registered business with RFC on a tourist Visa ???? ...... I really doubt it


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## magentawave (Nov 11, 2015)

joaquinx said:


> I think it would be better to answer the OP's question, if we understood what he wanted to do with a business account and why that would be preferred over an ordinary one.


If by "ordinary one" you mean a personal checking account, then no. I have a business so I will need a business account.


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## magentawave (Nov 11, 2015)

RVGRINGO said:


> Just keep your US banking arrangements and do everything online. It will be much easier.



I want to diversify.


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## Isla Verde (Oct 19, 2011)

magentawave said:


> If by "ordinary one" you mean a personal checking account, then no. I have a business so I will need a business account.


Then I would imagine that you will need to set up a business legally in Mexico, something I have no idea how to do. Hopefully, other forum members will have some suggestions as to how you should proceed.


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## Kimpatsu Hekigan (Sep 12, 2009)

Rolly Brook's site still has good info about starting a business in Mexico:

Starting a Business in Mexico (last update: 21 June 2014)

HTH,

-- K.H.


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## sparks (Jun 17, 2007)

magentawave said:


> I did read it but since I'm not a Mexican resident then I asked him for clarification but I haven't heard back from him yet. Are you saying that I must be a Mexican resident to open a Mexican business checking account or is it that you don't know for sure?


Yes you need a resident Visa. A tourist is a tourist ..... not a Mexico business owner


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## ojosazules11 (Nov 3, 2013)

sparks said:


> Yes you need a resident Visa. A tourist is a tourist ..... not a Mexico business owner


I'm not sure about this in terms of starting a business in Mexico. From what I am reading, foreigners CAN start and own a business in Mexico. They will need to apply for a visa for this purpose (to invest or establish a visit) but don't necessarily need a Resident Visa. Here is a link to a Mexican Govt website outlining the steps. 

http://www.promexico.gob.mx/en/mx/pasos-invertir-mexico/_rid/9?language=en&lng_act=lng_step2


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## RVGRINGO (May 16, 2007)

But, they will also need an RFC, CURP, local accountant, local address, utility bills, etc., etc.


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## sparks (Jun 17, 2007)

ojosazules11 said:


> I'm not sure about this in terms of starting a business in Mexico. From what I am reading, foreigners CAN start and own a business in Mexico. They will need to apply for a visa for this purpose (to invest or establish a visit) but don't necessarily need a Resident Visa. Here is a link to a Mexican Govt website outlining the steps.


_A visa is required by foreign citizens who enter into Mexico with the purpose of looking for investment options, making an investment or supervising it, representing foreign companies or doing commercial transactions. The General Law on Population (LGP) and it's By-laws (RLGP) regulate this matter in Mexico._

That sure sounds like a resident Visa to me

Other parts of that link say there are any number of government agencies you would have to deal with before even thinking of going to a bank. I think the original question was *how difficult is it*


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## ojosazules11 (Nov 3, 2013)

sparks said:


> _A visa is required by foreign citizens who enter into Mexico with the purpose of looking for investment options, making an investment or supervising it, representing foreign companies or doing commercial transactions. The General Law on Population (LGP) and it's By-laws (RLGP) regulate this matter in Mexico._
> 
> That sure sounds like a resident Visa to me
> 
> Other parts of that link say there are any number of government agencies you would have to deal with before even thinking of going to a bank. I think the original question was *how difficult is it*


I agree that it still is not simply a matter of opening a business bank account and starting a business. First the business has to be started and registered with all the t's crossed and i's dotted. But I don't think the foreign investor needs to actually become a Resident to do this. I haven't had time to follow the links to get details about what specific visa is required, but I read several websites that referred to Foreign Direct Investment in Mexico which the government seems to be encouraging, and they were not indicating a requirement to actually immigrate.


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## tcreek (Sep 13, 2010)

Open a PayPal account for Mexico. Transfer the money to the US account to withdraw.


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## ClinSpan (Feb 26, 2016)

First, you will need to decide if you run your business as a sole proprietor (Persona Fisica) or a partnership (Persona Moral). The first is fairly easy and cheap (if not free) to achieve. The second requires a notary public and about 10,000 M.N. pesos.

You need to speak to a banker about a PYMES account (Pequeñas y Medianas Empresas). But first, you'll need to get registered with Hacienda ( Servicio de Administración Tributaria ) for an RFC number (sort of like TAX ID number) and establish the scope of your business. They may also ask for the CURP number, which is a totally different process.

I'd recommend asking at the banks first, as to what their requirements are. But keep in mind, if it's a business account that you're after, you'll most likely need to prove that such a business exists and is registered to operate in Mexico.


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