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Best Practice for Establishing a Company in Mexico

Best Practice for Establishing a Company in Mexico

Mexico is a key business destination in Latin America, thanks to its strategic location, strong trade relationships, and flourishing market made up of innovating industries. With an immense local population of around 126 million (second in the region behind Brazil) and increasing average household wealth, the consumer population is highly responsive to new products and services. This regional powerhouse poses a highly advantageous platform for entrepreneurs looking to do business locally and across Latin America. We explore the best way to establish your business and become an integral part of the economy’s bright future. Establishing a Company in Mexico - Seven corporation types There are many legal aspects to consider in order to establish your company in Mexico. First and foremost, you must choose the legal entity (business type) you want for your commercial activities. According to article 1° of the Mexican General Corporations Law, there are 7 classes of corporations.  Four of these can be established with variable capital: Sociedad en nombre colectivo (collective company) Sociedad en comandita simple (simple limited partnership) Sociedad de responsabilidad limitada (limited liability company or LLC) Sociedad por acciones simplificadas (simplified stock company) Sociedad anónima (public company). The other two options available to business owners are: Sociedad en comandita por acciones (limited shares partnership) Sociedad cooperativa (cooperative company). The most common choices for foreign businesses in Mexico are Sociedad anónima and Sociedad de responsabilidad...

How to Hire an Employee or Contractor in Colombia

How to Hire an Employee or Contractor in Colombia

Once a company has been formed and established in Colombia, you will need to hire employees to help you boost your business and take it to the next level. Here we focus on how to hire an employee or contractor in Colombia. Hiring in Colombia - Can the Company Sponsor and Hire Foreign Nationals in Colombia? – YES! Foreign nationals have the same rights and obligations as Colombian nationals. One key difference that an employer or company has to take on board is, when a foreign national enters into an employment contract in Colombia, both the employer and foreign national must meet additional requirements imposed by the Ministry of Foreign Affairs (Ministerio De Relaciones Exteriores) concerning: Entry of the foreign national into Colombia Supervision of the foreign national's stay in Colombia Departure from Colombia If a foreign company hires an employee in Colombia and the contract is carried out in Colombia, the contract must follow the same rules as those that apply to domestic Colombian companies. Essentially, if the work takes places in Colombia, Colombian rules apply, regardless of the employer's origin and where the contract was executed. What If a Colombian Based Company Hires Employees to Work Abroad? Colombian labour law applies to employees if the company and services are rendered in Colombia, thus making the law inapplicable if the services are being delivered outside of the country, even if they are rendered by a Colombian national. What Are the Requirements and General Conditions for Hiring Employees in Colombia? Labor regulation in Colombia complies with the...

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