How to Open a Bank Account in Mexico?

In Mexico, to set up a company or begin business operations, it is necessary to open a Mexican bank account. This is a somewhat tedious process that needs to be completed before a service contract can be signed. Therefore, it is recommended to seek advice from a professional company in order to facilitate this important step in the process of setting up a company in Mexico.

Opening a bank account is one of the steps companies must take to complete the incorporation process. It is necessary to facilitate business operations within the country as it allows the company to process local payments. If a company has employees in Mexico, opening a corporate account is necessary to ensure compliance with legal regulations.

This article will offer more information on how to open a corporate account in Mexico and explain the process step-by-step.

What is Required to Open a Bank Account in Mexico?

Once the company is registered in the Federal Taxpayers Registry, part of the Mexican Tax Authority (SAT), it is possible to begin the bank account opening process.  You will need to have the following documents to open your bank account:

1. The company’s documents of incorporation.
2. Public deed related to the Legal Representative’s POAs.
3. Only if applicable, public deeds related to the substantial changes in company (e.g. corporate name). 
4. Tax certificate (in Spanish “Constancia de Situación Fiscal” or “CSF” by its acronym).
5. E-signature certificate. 
6. Legal ID’s of shareholders (for individuals). 
7. The completed bank application/questionnaire.
8. Certain additional documentation from the Legal Representative (i.e. Tax ID, Certification Number, ID, etc.) and current proof of domicile (utility services bills usually accepted). 
9. Commercial registration number for the company.

During the bank account opening process, the bank will ask for a questionnaire to be submitted by the applicant in order to know the activities and the general history of the company. This can include the origin of the capital with which the company was founded and the general information of its partners.

The type of documentation required by the legal representative depends on whether the person is a Mexican citizen or a foreign national. For Mexican national acceptable forms of documentation include the Elector’s Credential (INE) and a Mexican passport. For foreigners, acceptable documentation is a temporary/permanent residency visa. Foreigners may be required by the bank to bring more than one ID. They may also ask for a driver’s license or another ID widely accepted in the country of origin. The legal representative of the company will also need to validate legal entrance into Mexico in order to open the bank account. However, this process can be facilitated by a professional legal services provider.

Companies acquire a commercial registration number when they register with the Public Registry of Commerce. This must be done during the incorporation process. If your company is newly formed, and waiting to complete registration, the public notary will issue you a document which indicates that the company is in the process of registration.

It is very important to take into consideration that the registration at the Public Registry of Commerce should be obtained as soon as possible, otherwise the bank may close the account.

7 Bank Options in Mexico for foreign companies:

Mexico offers a variety of banking options tailored to the needs of foreign companies looking to establish a presence in the country. Your ideal choice will depend on factors such as your business objectives and the specific services each bank offers. Here’s a selection of well-regarded banks in Mexico to help guide your decision-making process:

• BBVA Mexico.
• Banco Santander Mexico.
• Scotiabank Inverlat.
• Banco Mercantil del Norte (Banorte).
• HSBC Mexico.
• Banco Inbursa.
• Banco Nacional de Mexico.

Recommendation: We advise you to research each bank’s specific offerings and requirements to find the one that best suits your company’s needs.

Bank Account Opening Process: 5 Steb Guide

To open a corporate bank account in Mexico you must follow these 5 steps:

1. Step 1 – Bank’s team will share the account requirements.
2. Step 2 – Submit corporate docs for approval.
3. Step 3 – The company’s legal representative needs to sign the bank paperwork.
4. Step 4 – Fund the account.
5. Step 5 – Electronic banking started to operate. 

1. The Bank’s Executive Management Team will communicate the specific requirements for the account. 
   Account specifications may vary, as selected to satisfy the individual needs of the clients. In Mexico there are many different types of bank accounts companies can choose from. Furthermore, it is possible to open a US dollar account in addition to an account in pesos. This may be beneficial for companies by  facilitating their operations with customers and suppliers abroad. The dollar account can be opened in a parallel process. The list of requirements stated above is not exhaustive, depending on the account type you choose the bank will communicate its requirements to you. 
   
2. Once the account specifications are confirmed, corporate documentation is sent to the bank’s legal division for the approval of the application. 
   The company should prepare all the required documents and hand them over to the bank.
   
3. Afterwards, banks paperwork (ie. contracts, KYC) will be drafted, by the bank, for the signature of the company’s legal representative, (documents in wet ink). 
   The legal division of the bank is responsible for making the decision of whether or not the application is approved. Once approved, you can proceed to the formal opening of the bank account which will take approximately a week and a half.
   
4. Upon the bank’s confirmation, you will need to fund each account.
   Deposit the required minimum amount: The minimum amount required to open a bank account varies according to each bank; it can range from MX$10000 to MX$ 20000. This is also applicable to the minimum monthly average balance required by banks to keep the account active. In the case of US dollar accounts, the minimum opening amount and the minimum balance vary depending on the bank. The opening of the bank account is normally free, however, it must be noted that each bank has different policies in relation to what service and commission fees apply and may be deemed additionally to the minimum monthly average.
   
5. Finally, electronic banking will start to operate. 
   Electronic devices (ie. tokens) may be requested and provided by the bank. At this point, your account should be fully operational.

The entire process should take approximately 4 to 6 weeks to complete. 

Common Questions on Opening a Corporate Bank Account in Mexico

Based on our extensive experience these are the common questions and doubts from our clients when looking to open a company bank account in Mexico.

Biz Latin Hub can help you with opening a corporate bank account in Mexico

At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets.

Our unrivaled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations.

As well as knowledge about how to open a corporate bank account in Mexico, our portfolio of services includes hiring & PEO, accounting & taxation, company formation, bank account opening, and corporate legal services.

Contact us today to find out more about how we can assist you in finding top talent, or otherwise do business in Latin America and the Caribbean.

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