How to Setup a Mining Company – Mexico Mining Industry Facts
Mexico is globally known as one of the countries with great mining resources. Some facts regarding the Mexican mining industry are as follows:
- Mexico has 3.6% of the gold in the world
- Mexico has 15.4% of the silver in the world
- Mexico has 2.7% of the mining production of copper in the world
- Mexico is an open and attractive mining industry, drawing in investors in from all sides of the globe
Steps for Setting up a Mining Company in Mexico
Mexico is a very attractive destiny for foreign investors. However, the process to setting up a mining company can be complex. You have to complete 8 processes and ask for permissions and authorizations from an estimated 9 different authorities to set up a mining company in Mexico. In legal terms, the incorporation of Mexican mining company can be performed by a foreigner. However, it is strongly recommended that you engage the services of a local company that knows the regulations and can guide you through the complexities of setting up and mining company in Mexico. The main steps to establish a mining company are the following:
Ask the Secretaría de Relaciones Exteriores (SER) for permission to use a name (razón o denominación social) and to incorporate a company. After this, you have to attend a public notary in order to have the incorporation document registered.
- Registration of the company as a taxpayer in the Servicio de Administración Tributaria (tax authorities) to obtain the RFC number (tax ID for the company).
- Registration of the company in the National Registry of Foreign Investment (RNIE) and registration in the Ministry of Economy (SE) to obtain a mining concession.
- Ask for a consultation with the Servicio Geológico Mexicano (SGM) to get the all of the information required to complete the necessary research studies regarding the mining project the foreign investor is interested in.
- Ask for Secretaría del Medio Ambiente y Recursos Naturales (SEMARNAT) for an environmental impact study which has to include studies about specific activities such as exploration, exploitation and benefits of minerals.
- Ask for permission from the Comisión Nacional del Agua (CONAGUA) to use water resources.
- Inscription of the company as an employer company in Instituto Mexicano del Seguro Social (IMSS) to cover all the official requirements of social security for the mining employees.
- Obtain permission and authorization from the Secretaría de Energía (SENER).
- Obtain permission from the Secretaría de la Defensa Nacional (SEDENA) to use explosives.
At Mexico Business Services, as part of the Biz Latin Hub group, our group of experts will help with the incorporation/formation of your mining company in Mexico. Should you have any questions we’ll be glad to guide you through the steps and in the right direction, feel free to contact us now.