How to Open a Business Bank Account in Mexico

Before you open a business bank account, you will need to legally establish your business in Mexico. Generally, the steps include:

Step 1: Business Incorporation

     1.  Choosing a Business Structure: Decide on a suitable business structure (e.g., S.A., S. de R.L.).  Click for more Info
     2.  Notary Public: Get in touch with a notary public to facilitate the incorporation process.  Click for more Info
     3.  Business Name: Register your business name with the Mexican Institute of Industrial Property.
     4.  Tax Identification Number (RFC): Obtain a Federal Taxpayers Registry Number (Registro Federal de Contribuyentes, RFC) from the Tax Administration Service (Servicio de Administración Tributaria, SAT).
    5.  Permits and Licenses: Acquire necessary business permits and licenses from local and federal government entities.

Step 2: Gathering Necessary Documents to Open a Business Bank Account, you would typically need to gather several documents, including:

    1.  Proof of Identity: Government-issued identification for all account signatories (e.g., passport, Mexican Residency Card, INE card).
    2.  Proof of Shareholder Address: Recent utility bills to provide proof of business address. (REGISTRO PÚBLICO DE LA PROPIEDAD)
    3.  Incorporation Documents: Legal documents proving the establishment of the business, including the articles of incorporation. (ACTA CONSTITUTIVA)
    4.  RFC Certificate: The RFC certificate issued by SAT. (CONSTANCIA DEL SAT DE LA EMPRESA)

May also need:
    >>  Foreign Investment Registration: If applicable, register as a foreign investor and obtain the necessary ID or permits.
    >>  Depending on the bank, they may require a signed authorization to check the shareholders in the Mexican Credit Bureau
    >>  Power of Attorney: If someone else will be opening the account on behalf of the business, a power of attorney document may be needed.

Step 3: Choosing the Right Bank and Account Type

Before you proceed, research different banks and account types available in Mexico to find one that suits your business needs. Consider factors such as fees, accessibility, services offered, time to open the account, and the reputation of the bank.

The time to open an account will vary from bank to bank, from between 3 weeks to 2 or more months.

Initial deposits will vary from bank to bank, from between $5,000 Pesos to $25,000 Pesos.  Also, some banks debit annual $5,000 Pesos “insurance” from the balance to protect the account.

Step 4: Application Process

    >>  Bank Appointment: Schedule an appointment with the chosen bank.
    >>  Application Form: Complete the business bank account application form provided by the bank.
    >>  Document Submission: Submit all the necessary documents mentioned in step 2.

Step 5: Verification and Account Approval

Once you have submitted the application form and all the necessary documents, the bank will review your application and conduct a verification process. This may include background checks on the business and its signatories.

Step 6: Account Activation

Once your application is approved, you will be notified by the bank, and you can proceed to activate your account, set up online banking, and other relevant services.

Step 7: Maintaining Compliance

After the account is set up, ensure to maintain compliance with the bank’s policies and Mexican regulations, and follow the Mexican Accounting practices to prevent any issues with your account in the future.