Opening a bank account for a new company in Mexico is more time consuming and requires more documentation than in the U.S.  The following is a list of the actions generally required to open a bank account in Mexico for a new company.  The requirements of each bank are often different so readers should check with their banks before relying on this list.

  1. Original or copy of document issuing the tax identification number (Registro Federal de Contribuyentes – RFC) to the company.
  2. Original of the registered public deed and bylaws (escritura constitutiva y estatutos sociales) of the company.  If the public deed is pending registration with the Public Registry of Commerce in the state of organization (e.g., the Federal District), then a letter from the notary public explaining this fact is generally accepted in lieu thereof.
  3. Original of the registered public deed showing the powers of attorney (poderes) granted to the person opening the bank account on behalf of the company (this person is called the company’s representante legal or legal representative).  This legal representative must appear at the bank in person to open the bank account.  To the extent possible, the attorneys for the company should plan ahead when forming the company to make sure the powers of attorney for bank account management are granted to the appropriate people in the bylaws of the company upon its formation to avoid having to prepare separate powers of attorney after formation, which will add expense and time to the process.  The powers of attorney for bank account management can be drafted creatively to limit the legal representative’s authority to act on behalf of the company (e.g., to open and close bank accounts and to grant, sign, and negotiate credit instruments on behalf of the company up to the value of MX$100,000 acting alone or in unlimited amount if acting with Juan Valdez).
  4. Original of the proof of the company’s tax domicile (domicilio fiscal).  Often this is a lease agreement or a utility bill issued to the company showing the tax domicile.
  5. Original official identification of the legal representative.  If the legal representative is a foreign national, then he/she must have a valid FM-3 visa that shows the name of the company on behalf of which the bank account will been opened and that the foreign national is authorized to act on behalf of such company. 
  6. Document proving place of residence of the legal representative.
  7. Initial deposit to open the account (generally MX$5,000-MX$10,000).
  8. List of the individuals who will be authorized to perform transactions under the account (i.e., additional legal representatives).  Each such individual must provide an original official identification and must meet the FM-3 visa requirements set forth in #5 above if they are foreign nationals.
  9. Once all of the information above (and any additional information required by a particular bank) has been supplied, the bank will generally take three-five business days to open the account.

The legal representative should make at least one copy of all of the documents referenced above in case they are requested by the bank.