Why Mexico is the Best Country to Start a Business
If you’re thinking about starting a business in another country but don’t know where to start, then click here. We’re discussing why Mexico is the best country to start a business, especially if you’re in a hurry.
Mexico has one of the largest economies in the world, the 15th largest to be exact.
With a GDP of over $1 trillion, it’s fast becoming the best country to start a business and more and more entrepreneurs are itching to get a piece of the action.
You may have a great business plan, but getting started is the tricky part. What do I need to do? Where do I need to go? What documents do I need?
Don’t worry, we’re here to help. So sit back, get a snack, and read on to find out everything you need to know about setting up a thriving business in Mexico.
The Best Country to Start a Business
Some may not know it, but Mexico is one of the best countries to start a business. The OECD has released stats showing that Mexicans are some of the hardest workers in the world, so you’d better have a similar work ethic!
You don’t have to be a Mexican resident nor do you even need to live there, but you can easily set up a business for just about anything (though there are a few restrictions).
It’s also super easy to do business in Mexico due to the easing of regulations and restrictions, and the proximity to the USA makes it easy to get stuff that may be hard to find or more expensive in Mexico.
One of the first things anyone needs to do when starting companies is to get it officially registered.
Making sure your company has a name is the first step, so you’ll have to get in touch with the Secretaria de Relaciones Exteriores to get it registered. Luckily, it only takes a couple of days to get approved.
Once this is done, your notary will draw up your corporation deed which will include shareholder details, your business’ aim etc.
You’ll also have to provide proof of ID and sign the document along with any business partners and boom, you’ve got a registered business!
Laying the Foundations
Okay, so there’s a lot of paperwork and admin that goes into setting up a new business abroad, but you knew that already.
Getting the right Visas, finding an accountant, commercial representation and recruitment are all part of the package. Luckily, this company can help with all of the nitty gritty and help get you up and running as quickly as possible.
Once you’ve got this stuff done, you can rest easy and start making your business a success.
Making it Work
So, you’ve got the money together to start up your business and it’s all registered, now what?
For a business to work, you have to be trustworthy and reliable to attract and retain clients.
Get to know your clients and suppliers, take them out for lunch and truly get to know about them. Mexicans are friendly people, so getting to know them as friends can take your business far.
It’s Not So Scary
Overall, it’s your business and your responsibility. You need to invest your own time, money and energy into it to make it work.
Setting up a business abroad can be scary stuff, but when you do it right it can flourish into a huge success and with Mexico being the best country to start a business, you’re getting off to a great start!
If you’re stepping into entrepreneurial shoes for the first time, check out our business section for some helpful tips.