What You Need to Know Before Starting a Business in Mexico
Are you thinking of moving to Mexico and starting a business there? Before you pack your bags and book your flight, read this first! Here’s everything you need to know about starting a business in Mexico.
Starting a business is no easy task no matter where you go. But, it can be more beneficial to set up shop in some places over others. Many experienced business people and new entrepreneurs alike are recognizing this and going all over to work on their next project.
Some of them are going to Mexico – and for good reason. If you’re also curious about starting a business in Mexico, you need to do some research before you pack your bags and head across the border.
Here are three things you must do before setting up a business in Mexico.
1. Take Care of Your Paperwork First
In the same way that taking personal trips out of the country requires communication with your bank and other paperwork preparation like visas and passports, you have some forms to fill out before starting a business in Mexico.
The main things to take care of are your company registration and filing for permits. Without these things, you can’t really do much else. At least, not legally.
From there, you can start to figure out things like the hiring process and registering for payroll, as well as obtaining materials within Mexico or setting up shipments. For help with hiring, click to discover more.
2. Remember to Think About Taxes
Whether you’re running a one-man show or dreaming of building an entire empire, you need to think about taxes. Operating a business in Mexico comes with a 30% tax fee. That’s more than the United States’ tax, and it may be in addition to American tax if you plan to operate your business in both countries someday.
Think about taxes when you’re figuring out start-up costs and doing future projections, too. The last thing you want to do is have your whole budget squared away only to realize you forgot about one of the most important details.
3. Go Where Your Market Is
It’s one thing to go to Mexico to start a business and another to go to the right place in Mexico to set yourself up for success. This is a big country with all kinds of opportunities.
But, it does no good to start an oil company in a tourist town or a hotel in a city that’s mostly for locals. You have to take your research seriously in order to find the most ideal location to start your business in.
Take a visit to each of the areas you’re considering and get to know the people there. Look into everything from the costs of living to the city’s culture and the number of people living in it. This will provide you with all the information you need to make the best decision.
Starting a Business in Mexico and the United States
Whether you’re interested in starting a business in Mexico and staying there, or eventually expanding into the United States and beyond, you need to know what you’re getting yourself into.
Focus on the points mentioned above first, then start to think about things like your brand, your launch date, and the kinds of products/services you want to begin with. For help figuring out such matters and more, click here.